The legal tussle between self-styled billionaire businessman, Richard Nii Armah Quaye (RNAQ) and his ex-wife, Mrs. Joana Quaye, has taken an interesting dimension with Mrs. Quaye suing the businessman, a partner of the businessman, Mr. Kobbina Awuah, the company Bills Micro-Credit Limited, and the Office of the Registrar of Companies at the Commercial Division of the High Court, Accra over an alleged unlawful and fraudulent transfer of Joana Quaye’s shares in Bills Micro-Credit Limited to the said Kobbina Awuah.
The writ filed on 10th June, 2026 by lawyers for Joana Quaye, Dame & Partners, seeks as many as 14 reliefs, including, a declaration that the plaintiff (Joana Quaye) is and remains the legal and beneficial owner of 10% of all the issued shares of Bills Micro-Credit Ltd, a declaration that the purported transfer of Joana Quaye’s shares in Bills Micro-Credit Ltd by RNAQ to the said Kobbina Awuah is null, void and of no effect, and, an order directed at the 4th defendant (the Office of Registrar of Companies) to delete from its records the instrument of transfer of Joana Quaye’s shares in Bills Micro-Credit Limited fraudulently signed by RNAQ, as well as all entries in the records of the Office of the Registrar of Companies showing Kobbina Awuah as holder of any issued shares in Bills Micro-Credit Limited.
Joana Qauye also seeks an order compelling RNAQ and Bills Micro-Credit to account to her for all profits made since the establishment of Bills Micro-Credit Limited from December, 2011 to date of judgment as well as an order compelling payment to her of her share of all profits made by Bills Micro-Credit Limited since its establishment in December, 2011 to date of judgment. She claims interest on all profits due and owed her since the establishment of Bills Micro-Credit Limited in December, 2011 to date of final payment.
Basis for action
Explaining in her statement of claim what led to the new action, Joana Quaye stated that in the year 2011, after she gotten married to RNAQ, they decided to form a company originally called Quick Credit and Investment Money Lending Company Ltd. The name of the company was subsequently unilaterally changed by RNAQ to Quick Credit and Investment Micro-Credit Company Ltd and then to, Bills Micro-Credit Ltd. Those changes effected by RNAQ, according to Mrs. Quaye, “were unlawful, in violation of the Companies Act and in furtherance of an artful and fraudulent scheme to change the identity of the company formed and usurp the rights of the plaintiff”.
Joana Quaye further claimed that in addition to being a shareholder on record, whilst performing her duty as a loyal and responsible wife, she actively contributed to the growth of the business, particularly, in the area of pursung debtors of the company for repayment of monies lent to them which was the company’s core business, whilst in good faith entrusting the day to day running of the company to RNAQ, her then husband. She told the High Court that the shares held by her in the company are her personal property and could not be lost under any circumstance except in accordance with law. She was therefore surprised when during divorce proceedings with RNAQ at the High Court, RNAQ stated under cross-examination on 13th March, 2024, that he had transferred her shares to a third party, Kobbina Awuah, 2nd defendant to the action.
Mrs. Quaye claimed that her investigations, including records obtained by her from the Office of the Registrar of Companies, confirmed the fact that RNAQ had transferred her shares in the company to the said Kobbina Awuah. Mrs Quaye asserts that the actions taken by RNAQ are clearly fraudulent and unlawful as same were not supported by any resolution duly passed in accordance with the company laws of Ghana.
To support her allegation of fraud, Joana Qauye states that she has never agreed to a transfer of her shares to anybody. Neither has she signed any instrument authorising a share transfer nor received any consideration for the purported transfer. RNAQ, without any lawful authorisation by her, or excuse, made a false instrument by which he assigned Joana Quaye’s shares in the company to Kobbina Awuah. The purported alteration of the records of the company through the unlawful transfer of her shares and the unlawful entry of Kobbina Awuah as a shareholder occurred as a result of a fake deed of transfer made by RNAQ.
Directorship of Bills Micro-Credit
Through a similar scheme of fraudulent alteration of records and false entries, Joana Quaye claims that she has been unlawfully removed as a director of Bills Micro-Credit. She states that at the incorporation of the company, together with RNAQ, they were the only directors of the company. However, it came to light in the divorce proceedings that, RNAQ had unlawfully altered the records of Bills Micro-Credit to delete her name as a director of company. Again, there has been no resolution of shareholders passed at a general meeting duly convened authorising her removal as a director. Neither has she ever resigned as a director.
Joana Qauye claims that the general conduct of RNAQ being the brain behind the atrocious violations of her rights as a shareholder and director of Bills Micro-Credit, and Kobbina Awuah being the dishonest beneficiary of the illegal actions, ought to be declared null, void and of no effect. In respect of the directorship, she claims from the High Court an order expunging from the records the purported appointment of all directors of Bills Micro-Credit Limited, without her participation as a shareholder or without the convening of a general meeting of all members including herself. She finally claims general damages against the defendants for the unlawful actions as well as damages for fraud against RNAQ.
Information indicates that RNAQ, the company and the other defendants have been served with the writ and statement of claim.
