Bills Micro Credit Disowns Richard Nii-Armah Quaye Amid Lavish Lifestyle Scandal
Bills Micro Credit Limited, a prominent microfinance institution in Ghana, has publicly distanced itself from its founder and majority shareholder, Richard Nii-Armah Quaye, as concerns mount over his extravagant lifestyle and the potential for a government-led lifestyle audit.
In an official statement released on March 21, the company reaffirmed its independence, making it clear that Quaye’s personal finances and lavish expenditures are entirely separate from its operations.
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“We categorically affirm that Bills Micro Credit Limited has not funded, sponsored, or facilitated any of [Quaye’s] personal events or acquisitions,” the statement read.
The declaration follows increasing public scrutiny over Quaye’s wealth, which has reportedly financed high-profile events and luxury purchases that appear disproportionate to his known sources of income. Seeking to reassure clients and stakeholders, the company emphasized its dedication to corporate governance and financial transparency.
The controversy comes amid discussions about a proposed lifestyle audit initiative under President John Dramani Mahama’s administration. The National Anti-Corruption Programme aims to crack down on unexplained wealth, with the Ghana Revenue Authority intensifying efforts to recover unpaid taxes from individuals suspected of financial misconduct. As speculation grows, high-profile figures like Quaye face increased pressure to account for their financial dealings.
Bills Micro Credit’s CEO, Kwesi Seshie, reinforced the institution’s commitment to its clients and ethical operations. “Our priority remains serving our clients and maintaining the trust they place in us,” Seshie stated. The company also clarified that it did not finance Quaye’s recent birthday celebration, which drew public attention for its opulence.
The firm’s move has sparked debate across Ghana, with some applauding its proactive stance while others question the timing and intent of the dissociation. As lifestyle audits gain traction as a tool for accountability, the scrutiny surrounding Quaye—and potentially other influential business figures—is unlikely to fade anytime soon.
