Accounts of Businessman Richard Nii Armah Quaye frozen by FIC
By DL News
Published
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Additionally, personal accounts belonging to Mr. Quaye and the company’s Chief Executive Officer, Romeo-Richlove Kweku Seshie, have also been frozen.
The Financial Intelligence Centre (FIC) has ordered a freeze on all bank accounts associated with three micro-credit firms—Bills Micro-Credit, Quick Credit, and Investment Micro-Credit—owned by Ghanaian entrepreneur Richard Nii Armah Quaye.
Additionally, personal accounts belonging to Mr. Quaye and the company’s Chief Executive Officer, Romeo-Richlove Kweku Seshie, have also been frozen.
According to a memo, the FIC invoked Section 56(1) of the Anti-Money Laundering Act, 2020, as the legal basis for the action.
The FIC’s letter, which was sent to several financial institutions, instructed them to immediately freeze the affected accounts and provide detailed information on the transactions linked to them.
GRA Examines Tax Compliance
Meanwhile, the Ghana Revenue Authority (GRA) has commenced an income tax review of Mr. Quaye’s finances. The audit, part of the authority’s broader compliance checks, aims to ensure the businessman's accurate tax declarations.
Contrary to media reports, GRA sources clarified that they have not frozen Mr. Quaye’s accounts. Rather, they are working with him to settle any outstanding tax obligations.
Following a recent customs assessment, one notable outcome of this collaboration is the payment of import duties on Mr. Quaye’s luxury Bugatti Chiron.
Officials familiar with the case have described the GRA's audit as part of routine procedures carried out for high-profile clients with a history of consistent tax payments. The goal is to enhance voluntary compliance and bolster national revenue collection.
These financial investigations come shortly after Mr. Quaye’s highly publicized 40th birthday celebration held at Accra’s iconic Black Star Square. The event, tagged #RNAQ40, drew an elite crowd from Ghana’s business and entertainment circles, including notable figures like Dr. Osei Kwame Despite and Dr. Ernest Ofori Sarpong.
The party featured live performances from African music stars such as Davido, Sarkodie, and Stonebwoy, turning the square into a vibrant celebration of Mr. Quaye’s accomplishments.
