The founder of Bills Micro-Credit, Richard Nii Armah Quaye, has been issued an interim personal income tax assessment of at least GH₵30 million, with the possibility of the amount increasing as investigations by the Ghana Revenue Authority (GRA) continue.

As part of the inquiry, it has been revealed that Mr.Quaye settled an import duty of GH₵11.4 million on a vehicle he acquired. However, the investigation into his unpaid personal income tax remains ongoing.

In a separate development, the Financial Intelligence Centre (FIC) has frozen the accounts of Bills Micro-Credit, Quick Credit, and Investment Micro-Credit. The personal accounts of Mr. Quaye and the CEO of the company, Romeo-Richlove Kweku Seshie, have also been frozen. This action, carried out under Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), was implemented on March 21, 2025, pending further investigation.

The tax assessment and account freezes come shortly after Mr.Quaye’s high-profile 40th birthday celebration, which attracted widespread attention on social media. It remains unclear whether the decision to launch the investigation was linked to the event.

Bills Micro-Credit has since issued a statement clarifying that its operations are separate from Mr.Quaye’s personal financial matters. The company emphasized that it is an independent legal entity, with no involvement in funding Quaye’s personal expenditures, including his birthday celebrations. It also reaffirmed that Quaye does not serve as the company’s CEO, despite being its founder and majority shareholder.

The ongoing regulatory scrutiny highlights the authorities’ commitment to ensuring tax compliance, with the investigation into Quaye’s financial dealings continuing.

Source:TheDotNews