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A preliminary income tax assessment by the Ghana Revenue Authority (GRA) has valued the tax liability of Ghanaian billionaire businessman and founder of Bills Micro-Credit, Richard Nii-Armah Quaye, at over GH₵30 million.
However, this figure remains provisional and may increase as investigations progress.
According to a report by Citi News, the import duty on a vehicle acquired by Mr Quaye was assessed at GH₵11.4 million, an amount he has already settled.
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FIC Freezes Accounts
Meanwhile, in a related development, Citi News further reports that the Financial Intelligence Centre (FIC) has frozen all company accounts belonging to Bills Micro-Credit and Quick Credit & Investment Micro-Credit.
Similarly, the personal accounts of the companies’ founder, Richard Nii Armah Quaye, and CEO, Romeo-Richlove Kweku Seshie, have also been frozen.
The FIC’s action is in accordance with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).
The directive was issued on 21st March 2025 and took immediate effect—pending further directives and ongoing investigations.
The tax assessment pertains to unpaid personal income tax that remains outstanding. Authorities initiated the review as part of standard regulatory procedures to ensure the entrepreneur meets his tax obligations.
This tax evaluation comes shortly after the businessman’s highly publicised 40th birthday celebration, which generated significant attention on social media.
However, it remains unclear whether the decision to investigate Richard Nii Armah Quaye was made before or after the extravagant event.
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Bills Micro-Credit Clarifies CEO Position
Meanwhile, in a statement dated 20th March, Bills Micro-Credit Limited clarified that the company, as a distinct legal entity, operates independently of the personal acquisitions, financial decisions, and activities of its board chairman, Richard Nii Armah Quaye.
The statement noted:
Furthermore, we emphasise that Richard Nii Armah Quaye is not the CEO of Bills Micro-Credit Limited. Romeo-Richlove Kweku Seshie is the Chief Executive Officer, and the company has a management team overseeing all operational and financial matters.
This latest development remains a matter of keen public interest.