Financial Intelligence Centre Freezes Richard Nii-Armah Quaye’s Accounts Amid Investigati
Ghanaian business mogul Richard Nii-Armah Quaye, the Chief Executive Officer (CEO) of Bills Micro-Credit, is currently under investigation by the Financial Intelligence Centre (FIC). Multiple reports emerged on Monday, March 24, 2025, indicating that his bank accounts had been frozen. Initial reports suggested that the Ghana Revenue Authority (GRA) ordered the freeze due to alleged tax inconsistencies. However, mrwoode.com has confirmed that the FIC, Ghana’s leading anti-money laundering institution, was responsible for the action.
According to sources at the FIC the directive to freeze Quaye’s bank accounts was issued on Friday, March 22, 2025, as part of an ongoing investigation. It is important to note that the freezing of his accounts does not automatically imply any wrongdoing. Instead, it forms part of a broader probe that has been underway for months.
On Monday, March 24, 2025, Richard Nii-Armah Quaye accompanied by his legal team and other officials was interrogated by officials from the FIC and the Bank of Ghana. As of now neither Quaye nor his representatives have publicly commented on the situation.
Richard Nii-Armah Quaye is a well-known entrepreneur with business interests in over 29 companies. His microfinance institution, Bills Micro-Credit, plays a crucial role in supporting numerous Ghanaian businesses.
Interestingly just a day before the account freeze directive Quaye was at the center of a grand birthday celebration on Saturday March 22, 2025. Despite the ongoing investigation his business empire remains operational, and his legal team is expected to respond to the FIC’s actions in due course.
As investigations continue, financial analysts and business stakeholders are closely monitoring the situation. The FIC’s probe is expected to determine whether there were any financial irregularities requiring legal action or if the freeze was purely procedural.
For now, the public awaits an official statement from Richard Nii-Armah Quaye or his legal team regarding the matter.