Ghanavoicerport.com has discovered evidence showing a joint establishment of Quick Credit and Investment Money Lending Limited, in 2011 by self-touted billionaire businessman, Richard Nii Armah Quaye, with his ex-wife, Joana Quaye. The evidence is in the form of exhibits attached to the affidavit in support of an application for interlocutory injunction filed by Mrs. Joana Quaye in an Accra High Court seeking to restrain Richard Nii Armah Quaye, his agents and assigns from transferring or disposing of shares in a company jointly established by the couple.
Public claims made by Richard Nii Armah Quaye on widely watched television programme, the Delay Show, generated intense public interest about the alleged “sole establishment” of the company by the prominent businessman and his ex-wife’s non-involvement in his sprawling business empire. However, these claims have since been heavily disputed by the newly surfaced records filed in court and records obtained from the Office of the Registrar of Companies.
While Richard Quaye suggested on the Delay Show that his ex-wife, Joana Quaye, made no contributions to the company, official documents from the Office of the Registrar of Companies, attached to Joana Quaye’s motion for injunction as Exhibit JQ6, tell a different story. According to a “Response to Request for Information” presented by the Registrar of Companies, when the company (now renamed Bills Micro-Credit Ltd) was incorporated on December 9, 2011, Joana Quaye was a “First Shareholder” holding 100,000 shares, alongside Richard Quaye’s 900,000 shares. Company records detailing the “Old Shares Allotment” further confirm this initial 100,000 to 900,000 share split.
The stark contradiction between the official company origins and Quaye’s public narrative is now at the center of an appeal filed by Joana Quaye against the judgment of the High Court in the high-stakes divorce and property settlement battle.
Revelations from the cross-examination of Richard Nii Armah Quaye in court
A further examination of the documents filed as evidence of Joana Quaye’s part-ownership of Bills Micro-Credit Ltd, attached to the application for injunction against the shares of the company, reveals that during the trial at the High Court in March 2024, Richard Quaye admitted under cross-examination that his wife, owned 10% of the shares in Bills Micro-Credit Ltd. He however attempted to explain away his ex-wife’s shares, claiming that Joana’s inclusion as a shareholder was merely a “formality” to satisfy Bank of Ghana (BoG) requirements, which he claimed dictated that a single individual cannot own a 100% stake in a financial institution. He alleged that they agreed to use her name until a “third-party” could be found to buy the shares.
Quaye also admitted to removing Joana as a director of the company, without her knowledge, claiming the BoG “immediately requested educational certificates” and disqualified her because she only held a secondary school certificate, whereas he claimed a “first degree” is required to be a director of a financial institution.
On the ownership of shares in the company jointly set up by the couple, the trial judge Justice Dorgu refused to rule on whether Joana Quaye was entitled to an equitable share in the company and entreated her to commence a fresh action. This, the new lawyers for Joana Quaye, Dame & Partners, contend was wrong since according to them, shares in a company are personal property which forms part of marital assets to be distributed equitably upon the dissolution of the marriage.
A Secret Removal from the Boardroom?
In the sworn affidavit filed by Joana Quaye’s legal counsel, the prominent law firm Dame & Partners, Joana asserts that the company was set up jointly by the couple in 2011, and that her inclusion as a shareholder and director was a demonstration of their intention to jointly acquire and own properties in the marriage. In cross-examination, Joana’s former lawyer challenged Richard’s timelines in court, showing that she remained a director for over ten years until she was secretly removed.
Crucially, Joana claims she was kept entirely in the dark about being stripped of her stake in the highly lucrative business. In her affidavit, she states that Richard Quaye altered the company records around 2017 to unlawfully remove her as a shareholder, and later proceeded to remove her as a director around 2021. She maintains that she only became aware that her shares had been transferred behind her back when Richard admitted to it under cross-examination.
Origins of Bills Micro Credit Ltd/Quick Credit Money Lending Ltd
Joana Quaye’s affidavit traces their relationship back to 2002, just after secondary school. She claims she dropped out of her own diploma program to work multiple jobs, including at Frankies and On the Run Restaurants, to financially support Richard’s ambitions.
She further alleges that in 2008, the couple cashed out a joint Databank investment worth GH 10,151.17 to fund Richard’s travel to the UK for further education. When he returned in 2009 unemployed, Joana claims she withdrew her personal savings from her job at Unibank to serve as the seed money for the initial Quick Credit enterprise.
High Stakes and Injunctions
The wealth generated from the Quick Credit foundation is immense. Dame & Partners has filed an application for an injunction pending appeal, seeking to restrain Richard Nii Armah Quaye from transferring, disposing of or alienating a vast portfolio of assets including shares in numerous companies (Quick Angels, Waterfall Engineering, Tigon Entertainment), multiple properties including a 5-bedroom house in Trasacco Estates, and a fleet of luxury vehicles including a Rolls Royce Phantom, a Bentley Coupe, a Mercedes Benz G-Wagon, and multiple Range Rovers.
In January 2026, the trial judge issued “Final Orders” awarding Joana Quaye only one-third of a house in Dansoman, a GH 300,000 financial settlement, and GH 5,000 a month for child upkeep. Joana’s legal team at Dame & Partners is fiercely appealing this decision, describing the award as “unconstitutional, unlawful and inequitable” given her foundational contributions to a marriage and business partnership that spanned nearly two decades.
As the appeal heads to the higher courts, the documentary evidence of Joana’s initial 100,000 shares, which were tendered at the trial but ignored by Justice Dorgu, may prove to be the critical linchpin in determining who truly owns the Quick Credit empire.
