Ghanaian businessman and self-acclaimed billionaire Richard Nii Armah Quaye (RNAQ) has been hit with fresh legal trouble after he was sued for fraud by his ex-wife, Mrs Joana Quaye.
Reports suggest that Mrs Joana Quaye, the ex-wife of Richard Nii Armah Quaye (RNAQ), has filed a new writ in court over her 10 per cent shares in Bills Microfinance.
According to the information gathered, Mrs Joana Quaye’s 10 per cent shares have been fraudulently given to someone else without her knowledge or consent.
Speaking in a viral TikTok video, TikToker identified as Wilberforce on his show ‘thebriefwithwiberforce’ stated, “A fresh case in respect to Joana versus RNAQ and Bills Microfinance, whoever took those shares from Joana, the 10 per cent shares that Joana originally had in the company. Joana never transferred those shares, and shares are private property, so you cannot give away a person’s shares without their consent.
That is what the new case is about. The case is about the fact that evidence from the Registrar of Companies shows that Joana had 10 per cent shares at the onset. It was only in 2024, under cross-examination, that even Joana herself realised that her shares had been given away without her consent in the middle of the trial”.
He further narrated, “She is sitting in court, and she is amazed that the 10 per cent stake in the company has been given away without her knowledge, and the signature does not even resemble her signature, but it has been given away as if she gave them away.
The lawyers in the new writ aside are asking for the 10 per cent they are seeking damages for fraud. Fraud is both criminal and civil. Lawyers for Joana are at liberty to pursue the civil angle, and that is happening right now. Her shares were watered down, and the 10 per cent was given to somebody. This is a very serious case”.
The TikToker also refuted claims made by RNAQ over Joana’s Directorships, saying, “RNAQ states that Joana was removed as director because the Bank of Ghana came with a directive that you have to have a first degree, without which you cannot be a director of a company. That is false. The Lawyers for Joana are also saying the same exact thing that there is no written law, policies or directive anywhere at the time that said Joana at the time did not have a first degree, so she cannot be a director of the company, she was removed without any just cause, and her shares were transformed without her consent”.
In related news, Mrs. Joana Quaye, the ex-wife of Ghanaian businessman and self-acclaimed billionaire Richard Nii Armah Quaye (RNAQ), has filed an application for injunction at the Divorce and Matrimonial Division of the High Court in Accra seeking to restrain him from selling, transferring, disposing of or in any way alienating shares in a long list of companies, luxury vehicles, and expensive properties until an appeal over their divorce settlement is finally determined.
The embattled ex-wife of RNAQ is asking the court to temporarily ‘freeze’ the disputed assets and shares owned by the couple in various companies acquired during the course of the marriage in order to prevent the businessman from disposing of them before the Court of Appeal decides whether she is entitled to a larger share of the wealth acquired during their marriage.
Contribution to formation of business
In an explosive affidavit in support of an application filed on her behalf by Dame & Partners, her new lawyers, Joana Quaye narrates a relationship stretching back to 2002 when both parties had just completed secondary school, eventually culminating in marriage in 2010. She claims she sacrificed her education, worked multiple jobs, and financially supported Richard Nii Armah Quaye’s studies and early entrepreneurial ambitions including funding that contributed to the birth of Quick Credit Company Limited, now Bills Micro-Credit. Relying on documents she had earlier tendered at the trial as exhibits, Joana Quaye indicated that in anticipation of their marriage, she opened a joint account with RNAQ at SG-SSB Ltd and subsequently, jointly invested the funds from that account in an investment transaction operated by Data Bank Ltd. This investment matured and was redeemed by the couple in 2008 and was given to RNAQ who utilised it to fund his travel to the United Kingdom in 2008 to pursue further education in Accounting.
According to Joana Quaye, when RNAQ returned from the UK the following year in 2009, he was unemployed. They started exploring means of setting up a business for him. She closed her personal bank account by withdrawing all her savings and they used same as seed money to start a micro-finance enterprise in 2010 – the same year in which they got married – which the couple named Quick Credit, within six months after the Respondent had returned from the UK. Joana Quaye
History of ownership of shares in companies
Joana Quaye further stated that a year after they had gotten married, in 2011, they jointly set up a company called Quick Micro Credit and Investment Limited (unilaterally renamed Bills Micro Credit by RNAQ subsequently). Together with RNAQ, she was an original shareholder in Quick Micro Credit and Investment Limited. She was also, together with RNAQ, the only two directors of the company. According to Joana Quaye, without her knowledge or consent, RNAQ altered the records of the company by removing Joana Quaye as both director and shareholder of the company around 2021. Mrs. Quaye alleges that RNAQ admitted this under cross-examination in the course of the trial of the divorce case. In her view, therefore, the “conclusions of the learned judge were arbitrary, discriminatory and a complete departure from the principles governing the equitable distribution of marital property upon the dissolution of marriage”. According to her, all assets acquired in the subsistence of marriage, including shares in companies, are martial property liable to be “distributed equitably, irrespective of whether there was an agreement between the parties or not.”
The application lists an eye-popping catalogue of disputed assets, including shareholding interests in Quick Credit, Quick Angels, Waterfall Engineering, Tigon Entertainment, Ridge Medical Centre, CEQA Foods, and several other companies. Also named are luxury homes at Trasacco Estates, East Legon, Dansoman, and Mamprobi, alongside a fleet of high-end vehicles including a Rolls Royce Phantom, Bentley Coupe, Mercedes Benz G-Wagon, Range Rover Vogue, Range Rover Velar, and Lexus 4×4. Joana Quaye argues that these assets were acquired during the subsistence of the marriage and therefore ought to be equitably distributed. She seeks to restrain RNAQ from disposing or transferring them before the final determination of her appeal.
Watch the video below:
@thebriefwithwilberforce Richard Nii Armah Quaye (RNAQ) vrs Joana Quaye! The saga continues… #ghanatiktok🇬🇭 #fyp #viral #foryoupage❤️❤️ #creatorsearchinsight ♬ original sound – thebriefwithwilberforce
