Bills Micro-Credit founder’s income tax assessment exceeds GH?30M

The personal income tax assessment of Bills Micro-Credit Founder, Richard Nii Armah Quaye, has been valued at no less than GH?30 million.

However, this is an interim amount and could increase as officials of the Ghana Revenue Authority (GRA) continue their investigations.

The import duty on a car acquired by Mr. Quaye was valued at GH?11.4 million, which he has already settled.

It has also emerged that all company accounts of Bills Micro-Credit and Quick Credit and Investment Micro-Credit have been frozen by the Financial Intelligence Centre.

The personal accounts of the companies’ Founder, Richard Nii Armah Quaye, and CEO, Romeo-Richlove Kweku Seshie, have also been frozen.

The action was taken by the FIC in accordance with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).

The directive was issued on March 21, 2025, and took immediate effect – pending further directives and information gathering.

The tax assessment concerns unpaid personal income tax that has yet to be settled.

Authorities initiated the review as part of standard regulatory procedures to ensure the entrepreneur meets his tax obligations.

This evaluation by tax officials comes shortly after the businessman’s highly publicized 40th birthday celebration, which drew significant attention on social media.

However, it remains uncertain whether the decision to investigate Richard Nii Armah Quaye was made before or after the extravagant event.

In a recent statement, Bills Micro-Credit Limited emphasized that its operations are entirely separate from the personal financial matters of its Board Chairman, Richard Nii Armah Quaye.

The company reiterated that it functions as an independent legal entity and does not fund or support Mr. Quaye’s private expenditures or events.

Additionally, the statement clarified that Richard Nii Armah Quaye does not serve as the CEO of Bills Micro-Credit Limited.

This response follows growing public discussion linking the company to Mr. Quaye’s personal finances, including his birthday festivities.

While acknowledging him as its founder, chairman, and majority shareholder, the company firmly denied any financial involvement in his private expenses.

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