FIC freezes accounts of businessman, Richard Nii Armah Quaye

The Financial Intelligence Centre (FIC) has frozen accounts linked to Bills Micro-Credit, Quick Credit, and Investment Micro-Credit. All these companies belong to Richard Nii Armah Quaye.

The FIC also froze the personal accounts of Mr. Quaye and CEO Romeo-Richlove Kweku Seshie. This action follows Section 56(1) of the Anti-Money Laundering Act, 2020.

A confidential document from the FIC states that all related accounts must be frozen. Financial institutions received a letter directing them to comply with this order.

In another development, the Ghana Revenue Authority (GRA) is conducting an Income Tax Assessment on Mr. Quaye’s accounts. This audit aims to check his tax compliance as a businessman.

However, the GRA has denied freezing Mr. Quaye's financial accounts. Sources say discussions are ongoing for him to settle all tax obligations.

Additionally, the GRA assessed import duty on Mr. Quaye's luxury Bugatti Chiron, which he paid. This contradicts reports claiming that his accounts were frozen.

According to the GRA, this is a routine tax administration exercise for clients with good payment records. After assessment recommendations, Mr. Quaye must fulfill tax obligations on imported goods.

A source told Joy Business that this situation is positive for both parties involved in increasing tax revenue this year.

These events follow a lavish celebration for Mr. Quaye’s 40th birthday at Black Star Square in Accra. The star-studded event featured local and international dignitaries and business elites.

Dubbed #RNAQ40, the celebration included influential figures like Dr. Osei Kwame Despite and Dr. Ernest Ofori Sarpong. Their presence highlighted Mr. Quaye’s connections within Ghana’s elite circles.

Government officials and industry leaders also attended to honor his achievements over the years. Performances by Nigeria's Davido and Ghana's Sarkodie thrilled guests while Stonebwoy energized the crowd with Afro-dancehall music.