Connect with us

Business

FIC freezes Bills Micro-Credit Founder and CEO’s personal and company accounts

Published

on

All company accounts of Bills Micro-Credit and Quick Credit and Investment Micro-Credit have been frozen by the Financial Intelligence Centre.

Fresh details emerging also indicate that all 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).

A confidential letter sighted by Citi News revealed that the directive was issued on March 21, 2025, and took immediate effect – pending further directives and information gathering.

This comes after the Ghana Revenue Authority on Monday, March 24, confirmed that the founder of Bills Micro-Credit, Richard Nii Armah Quaye, was undergoing a personal income tax assessment.

The assessment pertains to outstanding personal income tax amounting to more than GHS 30 million which remains unsettled.

The action is part of routine regulatory oversight to ensure that the entrepreneur complies with his tax obligations.

Citi News has also gathered that an import duty was previously levied on one of his vehicles at GHS 11.4 million — a matter that has since been resolved.

The assessment by the tax officials comes just days after the business magnate’s widely publicised 40th birthday event which gained traction on social media.

It is however unclear whether the decision to probe Richard Nii Armah Quaye was made before or after the lavish celebration.

Recently, Bills Micro Credit Limited formally clarified that its business operations are entirely separate from the personal financial dealings of its Board Chairman, Richard Nii Armah Quaye.

The company stressed that it operates as an independent legal entity and does not finance or support Mr. Quaye’s private purchases or events.

The statement further clarified that Richard Nii Armah Quaye does not hold the position of CEO at Bills Micro Credit Limited. .

This clarification came in response to recent public discourse linking the company to Mr. Quaye’s personal affairs, including his birthday celebrations.

While recognizing Mr. Quaye as its founder, chairman, and majority shareholder, the company firmly dismissed any financial ties to his personal expenses.

Source: Citi Newsroom

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

NEIP and MoFA Partner to Boost Poultry Agribusiness Under Adwumawura Programme

Published

on

The National Entrepreneurship and Innovation Programme (NEIP) has signed a Memorandum of Understanding (MoU) with the Ministry of Food and Agriculture (MoFA) to scale up support for agricultural entrepreneurs through the Adwumawura Programme.

 

The partnership seeks to strengthen Ghana’s agribusiness sector by combining MoFA’s technical expertise with NEIP’s entrepreneurship training initiatives.

 

As part of the agreement, MoFA will provide high-quality poultry feed and deliver technical and field support to programme beneficiaries. NEIP, on the other hand, will equip entrepreneurs with practical business training and essential resources, including hen coops, to help them establish and expand their poultry ventures.

 

At the signing ceremony, officials from both institutions emphasized that the collaboration is tailored to empower small-scale poultry farmers, especially “nkoko nketenkete” entrepreneurs, to create jobs, grow agribusinesses, and contribute to sustainable economic development.

 

The initiative falls under NEIP’s broader Reset Agenda, which is focused on driving innovation, supporting small enterprises, and positioning agriculture as a central pillar of Ghana’s economic transformation.

 

Continue Reading

Business

Commercial Transport Operators Threaten Strike Over Soaring Spare Parts Prices

Published

on

Commercial Transport Operators have issued a stern warning to government, demanding immediate action to reduce the high cost of spare parts or risk facing major disruptions in the transport sector.

 

In a statement dated September 9, 2025, the operators said they felt “compelled” to call on the Ministry of Transport, Ministry of Trade and Industry, Ministry of Finance, and the Parliamentary Select Committees on Trade, Industry, and Transport to swiftly intervene.

 

They recalled that in March 2025, during engagements with spare parts dealers and government officials, a promise was made to bring down spare parts prices, but nothing had been done since.

 

“Unfortunately, this promise has not been fulfilled, and the prices remain exorbitant,” the operators lamented.

 

The statement further warned: “If immediate action is not taken, we fear that the situation will escalate, and we may be forced to take drastic measures that could disrupt transportation services. We cannot continue to operate under these unsustainable conditions.”

 

They urged the relevant ministries and parliamentary committees to ensure that spare parts dealers adhere to their commitments, stressing that the survival of the transport industry—and by extension, the economy—depends on swift action.

 

“Failure to address this pressing issue will have severe consequences for our industry and the economy as a whole,” the statement concluded.

Continue Reading

Business

GoldBod Unveils Bold Reforms to Transform Ghana’s Mining Sector

Published

on

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, has announced sweeping reforms and strategic initiatives to position Ghana’s mining sector as a globally competitive and sustainable industry.

 

Speaking at the maiden edition of the Mining and Minerals Convention at the Kempinski Gold Coast Hotel, Mr. Gyamfi said the GoldBod was driving a paradigm shift from raw mineral extraction to value retention, with the goal of maximising national benefit from Ghana’s mineral wealth.

 

Between January and August 2025, small-scale gold exports facilitated by GoldBod reached a record 66.7 tonnes valued at $6 billion, surpassing the entire 2024 figure of 63 tonnes worth $4.6 billion. For the first time, small-scale gold exports outperformed large-scale mining exports over the same period.

 

Key reforms announced include:

 

Aggressive licensing reforms to promote responsible sourcing.

 

Scrapping of the 1.5% withholding tax on unprocessed small-scale gold.

 

Introduction of a nationwide traceability system to ensure transparency and compliance.

 

Partnerships requiring large-scale miners to supply 20% of their output to the Bank of Ghana for reserve accumulation.

 

 

To combat illegal mining, the GoldBod has pledged ₵5 million and five Toyota Hilux pickups to enforcement agencies, alongside a program to reclaim 1,000 hectares of degraded forest reserves beginning November 2025.

 

On value addition, Mr. Gyamfi announced plans for a state-owned gold refinery and an ISO-certified Assay Laboratory at Kotoka International Airport. Discussions are also underway to establish a “Gold Village” as a continental hub for jewellery production.

 

Calling for stronger investment, he urged local banks, pension funds, and financiers to channel resources into mining, stressing Africa’s need to transition from raw exports to beneficiation, from middlemen to tech-driven trade, and from youth as labourers to youth as innovators and owners.

 

“Ghana is resetting and Africa is rising. The GoldBod is ready. All we need now is courage and capital. Let us fund the minerals and mining sector differently. Let us transform it together,” Mr. Gyamfi concluded.

 

Continue Reading

Trending

Copyright © 2025 KPDOnline. Powered by AfricaBusinessFile