Kwadwo Twum-Boafo, the CEO of Financial Intelligence Centre (FIC), has said Ghanaian businessman Richard Nii Armah-Quaye should not have drawn attention to himself.
According to the FIC CEO, his agency looked into the operations of Richard Nii Armah-Quaye operations businesses and taxes and noted the former BILLs CEO shouldn’t have attracted attention.
In a post on X shared by CDR Africe, the FIC CEO has stated, “We did a thorough investigation into Richard Nii Armah-Quaye’s operations, businesses and taxes, and we found that perhaps what he shouldn’t have done was attract attention”.
Kwadwo Twum-Boafo’s remarks follow, the FIC clearing both Daniel McKorley, popularly known as McDan, and Richard Nii Armah-Quaye of any wrongdoing.
The two Ghanaian businessmen have been cleared following detailed investigations into their financial transactions.
It will be recalled that the Financial Intelligence Centre (FIC) in March 2025 froze the accounts of the two entrepreneurs as part of a wider inter-agency probe into alleged financial irregularities.
According to FIC, the decision was taken in accordance with Section 56(1) of the Anti-Money Laundering Act, 2020.
After months of scrutiny, the FIC has unfrozen the accounts, restoring their full access to funds.
This was revealed by the Chief Executive Officer of the FIC, Kwadwo Twum Boafo, in an interview with Accra-based GHOne television.
Ing. Kwadwo Twum Boafo, in an interview with GHOne TV, stated, “McDan’s issue has been resolved. That is why I keep saying we don’t do personal vendettas. You can speak with him… His accounts are unfrozen.
“The accounts of Richard Nii Armah-Quaye were frozen, but they have been unfrozen now because there was a determination that there was no need for it to go forward,” Ing. Boafo said.
Ing. Kwadwo Twum Boafo detailed that both men cooperated fully with investigators during the process.
He explained, “He came here, sat down with us and gave a thorough explanation of what he does, and there was no problem. We deal with people fairly, there are no personal vendettas”.
He further detailed that the probe into the two Ghanaian businessmen was not politically motivated or targeted at specific individuals but was guided strictly by evidence and due process.
According to him, the agency is mandated to protect Ghana’s financial system from abuse, not to persecute citizens or businesses.
The FIC boss highlighted that such investigations form part of Ghana’s ongoing commitment to strengthening its anti-money laundering framework and also promoting transparency within the financial sector.
Ing. Kwadwo Twum Boafo echoed the agency’s commitment to strengthening Ghana’s anti-money laundering regime.
He further urged citizens to trust state bodies to act fairly and individually.
Meanwhile, some Ghanaians have reacted to the FIC CEO’s statement, saying, “He’s been like this for over 12 years, you guys didn’t care until his birthday party”.
“Some of us knew something’s gonna brew in the future and sooner than later”, another netizen added.
One more netizen added, “WHAT NONSENSE IS THIS??? ALL BECAUSE HE THREW A VERY EXPENSIVE PARTY AND SO HE BECAME A SUSPECT OF NOT PAYING HIS TAXES!!!”
See the post below:
🇬🇭We did a thorough investigation into
— CDR AFRICA (@cdrafrica) November 10, 2025
Richard Nii Armah-Quaye's
operations, businesses and taxes and we found that perhaps what he shouldn't have done was attract attention.
– Kwadwo Twum-Boafo,
CEO, Financial Intelligence Centre. pic.twitter.com/e00Fj0uABV