Accra, Ghana — The bitter divorce battle between Ghanaian businessman Richard Nii Armah Quaye and his ex-wife Joana Quaye has escalated dramatically, with Mrs Quaye filing a fraud lawsuit at the Commercial Division of the High Court in Accra, seeking a 10% share of profits from Bills Micro-Credit Limited — the flagship company at the heart of her former husband’s estimated $800 million business empire.
The writ, filed on June 10, 2026, by lawyers Dame & Partners — led by former Attorney-General Godfred Yeboah Dame — names Richard Nii Armah Quaye (widely known as RNAQ), business associate Kobbina Awuah, Bills Micro-Credit Limited, and the Office of the Registrar of Companies as defendants.
At the core of the lawsuit is Mrs Quaye’s allegation that her 10% shareholding in the company — originally 100,000 shares out of one million issued shares at incorporation — was fraudulently transferred to Mr Awuah without her knowledge or consent.
‘A fake deed of transfer’
According to court documents, Mrs Quaye claims she co-founded the company with RNAQ in 2011, when it was originally named Quick Credit and Investment Money Lending Company Ltd. She says the company’s name was subsequently changed unilaterally by her ex-husband — first to Quick Credit and Investment Micro-Credit Company Ltd, and later to Bills Micro-Credit Ltd — in what she describes as “an artful and fraudulent scheme to change the identity of the company formed and usurp the rights of the plaintiff.”
Mrs Quaye, who says she actively contributed to the business by pursuing debtors for loan repayments while entrusting day-to-day operations to her then-husband, told the court she was shocked to discover during cross-examination in their divorce proceedings on March 13, 2024, that RNAQ had transferred her shares to a third party.
Her investigations, including records obtained from the Registrar of Companies, confirmed that the shares had been transferred to Mr Awuah.
In her statement of claim, Mrs Quaye provides detailed particulars of fraud, alleging that she never agreed to any transfer of her shares, never signed any instrument authorising such a transfer, and received no consideration for the purported transaction. She further alleges that RNAQ executed a transfer through “a fake deed of transfer” involving “the falsification of the plaintiff’s signature.”
Unlawful removal as director
The lawsuit also challenges what Mrs Quaye describes as her unlawful removal as a director of Bills Micro-Credit. She states that she and RNAQ were the company’s only directors at incorporation, but records were later altered to delete her name. She claims there was no shareholder resolution authorising her removal, and that she never resigned.
A bitter divorce battle
The legal action is the latest chapter in a protracted and public divorce saga. On January 20, 2026, Justice Kofi Dorgu of the High Court dissolved the marriage, awarding Mrs Quaye GH¢300,000 as financial provision, a one-third share of the matrimonial home in Dansoman, two Jaguar vehicles, and GH¢5,000 monthly for the upkeep of their three children. The judge rejected her GH¢50 million demand, stating the court did not want divorces pursued for financial reasons.
Mrs Quaye has since filed an appeal, arguing the trial court misapplied Ghanaian law on marital property. In May 2026, RNAQ reportedly offered to increase the settlement to GH¢2 million, along with additional properties and vehicles, in an effort to resolve the dispute out of court.
What Mrs Quaye is seeking
Through the new commercial court action, Mrs Quaye is seeking 14 reliefs, including:
· A declaration that she remains the legal and beneficial owner of 10% of the issued shares of Bills Micro-Credit Ltd
· A declaration that the purported transfer of her shares to the 2nd defendant is null and void
· An order compelling RNAQ and Bills Micro-Credit to account for all profits made since December 2011
· An order for payment of her share of those profits, with interest at the prevailing bank rate
· A declaration that her removal as a director was unlawful
· An order expunging from the Registrar of Companies’ records all entries showing the 2nd defendant as a shareholder and all purportedly appointed directors
· General damages against all defendants and damages for fraud against RNAQ
Background
Richard Nii Armah Quaye, founder of Bills Microcredit and RNAQ Holdings, is one of Ghana’s most prominent entrepreneurs. His journey to wealth began in 2009 when he founded Quick Credit and Investment Micro-Credit Ltd at age 24, which grew into a major player in Ghana’s lending space. The company has reportedly disbursed over GHC 7.5 billion in loans to customers since its inception.
Bills Micro-Credit has also been the subject of regulatory scrutiny. In March 2025, the Financial Intelligence Centre froze accounts linked to the company as part of an anti-money laundering probe, though Quaye was later cleared of wrongdoing. The Ghana Revenue Authority has also assessed his personal income tax at no less than GH¢30 million.
The defendants have reportedly been served with the writ and statement of claim.
This is a developing story.
READ FULL STATEMENT BELOW:
JOANA QUAYE v. 1. RNAQ 2. BILLS MICRO CR.pdf
Page 1
1. RICHARD NII ARMAH QUAYE 2. KOBINA AWAUH 3. BILLS MICRO CREDIT LIMITED 4. OFFICE OF THE REGISTRAR OF COMPANIES … Defendants All of Accra (Plaintiff will direct service)
AN ACTION having been commenced against you by the issue of this writ by the above-named Plaintiffs
JOANA QUAYE nee JOANA COFFIE
YOU ARE HEREBY COMMANDED that within EIGHT DAYS after service of this writ on you inclusive of the day of service you do cause an appearance to be entered for you.
Page 2
A. A declaration that the plaintiff is and remains the legal and beneficial owner of 100,000 shares representing 10% of all the issued shares of Bills Micro-Credit Ltd, 3rd defendant herein, at the time of incorporation (now being 900,000 of the current issued shares of the company).
B. A declaration that the purported transfer of the plaintiff’s shares in Bills Micro-Credit Ltd, 3rd defendant herein, by the 1st defendant to the 2nd defendant is null, void and of no effect.
C. An order directed at the 4th defendant to expunge from its records the purported instrument of transfer of the plaintiff’s shares in Bills Micro-Credit Limited, and all entries in the records of the 4th defendant showing the 2nd defendant as holder of any issued shares in Bills Micro-Credit Limited.
D. An order compelling the 1st and 3rd defendants to account to the plaintiff for all profits made since the establishment of Bills Micro-Credit Limited, 3rd defendant herein, from December, 2011 to date of judgment.
E. An order compelling the 1st and 3rd defendants to pay to the plaintiff her share of all profits made since the establishment of Bills Micro-Credit Limited, 3rd defendant herein from December, 2011 to date of judgment.
F. Interest on all profits due and owed the plaintiff since the establishment of Bills Micro-Credit Limited, 3rd defendant herein from December, 2011 to date of final payment at the prevailing bank rate.
G. A declaration that the purported alteration of the records of the 3rd defendant to remove the plaintiff as a director, is null, void and of no effect.
H. A declaration that the purported appointment of all directors of Bills Micro-Credit Limited, 3rd defendant herein, without the participation of the plaintiff herein as a shareholder or without the convening of a general meeting of all members including the plaintiff, is null, void and of no effect.
I. An order directed at the 4th defendant to expunge from its records the purported appointment of all directors of Bills Micro-Credit Limited, 3rd defendant herein, without the participation of the plaintiff herein as a shareholder or without the convening of a general meeting of all members including the plaintiff.
J. General damages against the 1st, 2nd, 3rd and 4th defendants for the unlawful removal of plaintiff as a shareholder of Bills Micro Credit Limited, 3rd defendant herein.
Page 3
K. Damages for fraud against the 1st defendant.
L. General damages for the unlawful removal of plaintiff as a director of Bills Micro Credit Limited, 3rd defendant herein.
M. Costs of litigation.
N. Any other orders as this Honourable Court may seem meet.
DATED AT DAME & PARTNERS, 55A KAKRAMADU LINK, CANTONMENTS, ACCRA THIS 10TH JUNE 2026
image[415, 340, 707, 408]
GODFRED YEBOAH DAME
Solicitor’s Licence No: eGAR04164/26
DAME & PARTNERS
Chamber Reg. Licence No: ePP00296/26
Lawyer for Plaintiff
THE REGISTRAR
HIGH COURT
COMMERCIAL DIVISION
ACCRA
Page 4
1. RICHARD NII ARMAH QUAYE 2. KOBBINA AWAUAH 3. BILLS MICRO-CREDIT LTD (originally named Quick Credit and Investment Money Lending Ltd) 4. OFFICE OF THE REGISTRAR OF COMPANIES … Defendants All of Accra (Plaintiff will direct service)
STATEMENT OF CLAIM
1. Plaintiff is a citizen of Ghana and the legal and beneficial owner of 100,000 shares representing ten percentum (10%) of the issued shares in the 3rd defendant company at the time of incorporation.
2. Plaintiff incorporated the 3rd defendant company with the 1st plaintiff and together, the two were not only the original shareholders at incorporation but also the first two directors of the company.
3. 1st defendant is also a citizen of Ghana, ex-husband of the plaintiff and the holder of 900,000 shares representing ninety percentum (90%) shares in the 3rd defendant company at incorporation.
4. 2nd defendant is a citizen of Ghana and the purported transferee of issued shares in the 3rd defendant company amounting to 10% of the total issues, which lawfully belonged to the plaintiff herein, same having been unlawfully transferred to the 2nd defendant by the 1st defendant without the knowledge, consent or authorisation of the plaintiff.
5. The 3rd defendant is a company limited by liability duly incorporated under the laws of the Republic of Ghana by the plaintiff and 1st defendant herein.
Page 5
7. Plaintiff says that in the year 2011, after the plaintiff and 1st defendant had gotten married, they decided to form the 3rd defendant company. The company was originally called Quick Credit and Investment Money Lending Company Ltd.
8. The name of the 3rd defendant was subsequently unilaterally changed by the 1st defendant from Quick Credit and Investment Money Lending Company Ltd to Quick Credit and Investment Micro-Credit Company Ltd and then to, Bills Micro-Credit Ltd by the 1st defendant.
9. Plaintiff says that all these changes effected by the 1st defendant 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.
10. Plaintiff says 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 pursuit of debtors of the 3rd defendant company for repayment of monies lent to them which was the core of the business of the 3rd defendant, whilst in good faith entrusting the day to day running of the company to the 1st defendant, her then husband.
11. Plaintiff further says that the shares held by her in the 3rd defendant company are her personal property and cannot be lost under any circumstance except in accordance with law.
12. Plaintiff was thus surprised when in the course of matrimonial proceedings, the 1st defendant stated under cross-examination on 13th March, 2024, in the matrimonial cause entitled Joana Quaye vrs. Richard Nii Armah Quaye (SUIT NO DM/0569/2021) that he had transferred the plaintiff’s shares to a third party.
13. Plaintiff’s investigations disclosed that the 1st defendant had transferred her shares in the 3rd defendant company to the 2nd defendant herein. Records obtained by the plaintiff from the 4th defendant (Office of the Registrar of Companies) confirm this fact.
14. In yet another dishonest move, records of the 4th defendant indicated that the 1st defendant had unilaterally increased the issued shares of the company and allotted 8,100,000 shares to himself and 900,000 shares to
Page 6
15. Plaintiff says that the steps taken by the 1st defendant referred to in the preceding paragraph are clearly unlawful as same were devoid of any resolution duly passed in accordance with the company laws of Ghana.
16. Plaintiff avers that the purported transfer of her shares in the 3rd defendant company to the 2nd defendant effected by the 1st defendant is the product of fraud.
Particulars of fraud
a. It is not in doubt that plaintiff was the owner of 100,000 shares (10%) of the shares in Quick Credit and Investment Moneylending Company Limited.
b. The plaintiff has never agreed to a transfer of her shares to anybody. Neither has she received any consideration for the purported transfer.
c. The 1st defendant executed a transfer of the plaintiff’s shares through an instrument which was not the act or deed of the plaintiff.
d. The plaintiff has never signed any instrument or document transferring her shares to anybody including the 2nd defendant.
e. The 1st defendant, without any lawful authorisation by the plaintiff or excuse, made an instrument by which he assigned the shares of the plaintiff to the 2nd defendant.
f. The purported transfer of the plaintiff’s shares was neither pursuant to any resolution stipulated by the Companies Act of Ghana nor in fulfilment of any of the requirements of Ghanaian law.
g. The purported alteration of the records of the company through the unlawful transfer of her shares and the unlawful entry of the 2nd defendant as a shareholder occurred as a result of a fake deed of transfer made by 1st defendant and the falsification of the plaintiff’s signature.
17. Plaintiff says that the development shows a complete desecration of the proprietary rights of the plaintiff by the 1st defendant as a member of the 3rd defendant company since as a shareholder, her rights continue under Ghanaian law until she has validly transferred the shares or any of the prescriptions by section 33(6) of Act 992 has taken place.
Page 7
18. The plaintiff has never agreed to a transfer of her shares to anybody. Neither has she received any consideration for the purported transfer.
19. The entry of the 2nd defendant into the records of the 3rd defendant company as a result of the fraudulent transfer of the plaintiff’s shares is unlawful and ought to be expunged by the 4th defendant.
20. Plaintiff avers that the 1st defendant has run the affairs of the 3rd defendant company in a manner most oppressive of the rights of the plaintiff as a shareholder and director. Throughout the subsistence of the marriage between the parties, the plaintiff failed to exercise her full rights as a bona fide shareholder and director for the sake of preserving peace between the parties.
21. In another fraudulent and oppressive move, the 1st defendant unlawfully altered the records of the 3rd defendant to delete the plaintiff as a director of the 3rd defendant company. This came to light under cross-examination on 13th March, 2024, in Joana Quaye vrs. Richard Nil Armah Quaye (SUIT NO DM/0569/2021).
22. There has been no proper resolution of shareholders passed at a general meeting duly convened by the parties authorising the removal of the plaintiff as a director. Neither has plaintiff ever resigned as a director.
23. Plaintiff says that the general conduct of the defendants – 1st defendant being the brain behind the atrocious violations of the rights of the plaintiff as a shareholder and director in the 3rd defendant company, the 2nd defendant in being the dishonest recipient of shares illicitly transferred and the 4th defendant in unlawfully purporting to recognise the illegal and dishonest transfer of shares as well as unlawful alteration of the records of the company to delete the plaintiff as a director – is in contravention of Ghanaian company law and practice, and ought to be declared null, void and of no effect.
24. Plaintiff has suffered enormous injury as a result of the reproachable conduct of the defendants.
25. Defendants will not, unless otherwise ordered by this Honourable Court, remedy the harm and injury caused by their actions.
WHEREFORE the plaintiff claims against the defendants as follows:
A. A declaration that the plaintiff is and remains the legal and beneficial owner of 100,000 shares representing 10% of all the issued shares of Bills
Page 8
Micro-Credit Ltd, 3rd defendant herein, at the time of incorporation (now being 900,000 of the current issued shares of the company).
B. A declaration that the purported transfer of the plaintiff’s shares in Bills Micro-Credit Ltd, 3rd defendant herein, by the 1st defendant to the 2nd defendant is null, void and of no effect.
C. An order directed at the 4th defendant to expunge from its records the purported instrument of transfer of the plaintiff’s shares in Bills Micro-Credit Limited, and all entries in the records of the 4th defendant showing the 2nd defendant as holder of any issued shares in Bills Micro-Credit Limited.
D. An order compelling the 1st and 3rd defendants to account to the plaintiff for all profits made since the establishment of Bills Micro-Credit Limited, 3rd defendant herein, from December, 2011 to date of judgment.
E. An order compelling the 1st and 3rd defendants to pay to the plaintiff her share of all profits made since the establishment of Bills Micro-Credit Limited, 3rd defendant herein from December, 2011 to date of judgment.
F. Interest on all profits due and owed the plaintiff since the establishment of Bills Micro-Credit Limited, 3rd defendant herein from December, 2011 to date of final payment at the prevailing bank rate.
G. A declaration that the purported alteration of the records of the 3rd defendant to remove the plaintiff as a director, is null, void and of no effect.
H. A declaration that the purported appointment of all directors of Bills Micro-Credit Limited, 3rd defendant herein, without the participation of the plaintiff herein as a shareholder or without the convening of a general meeting of all members including the plaintiff, is null, void and of no effect.
I. An order directed at the 4th defendant to expunge from its records the purported appointment of all directors of Bills Micro-Credit Limited, 3rd defendant herein, without the participation of the plaintiff herein as a shareholder or without the convening of a general meeting of all members including the plaintiff.
Page 9
J. General damages against the 1st, 2nd, 3rd and 4th defendants for the unlawful removal of plaintiff as a shareholder of Bills Micro Credit Limited, 3rd defendant herein.
K. Damages for fraud against the 1st defendant.
L. General damages for the unlawful removal of plaintiff as a director of Bills Micro Credit Limited, 3rd defendant herein.
M. Costs of litigation.
N. Any other orders as this Honourable Court may seem meet.
DATED AT DAME & PARTNERS, CANTONMENTS, ACCRA THIS 10TH DAY OF JUNE, 2026.
image[424, 391, 724, 456]
GODFRED YEBOAH DAME
Solicitor’s Licence No: eGAR04164/26
DAME & PARTNERS
Chamber Reg. Licence No: ePP00296/26
Lawyer for Plaintiff
THE REGISTRAR HIGH COURT COMMERCIAL DIVISION ACCRA
AND TO THE ABOVE-NAMED DEFENDANTS.
—
JOANA QUAYE SUES RNAQ FOR FRAUD.docx
JOANA QUAYE SUES RNAQ, AWUAH AND BILLS MICRO-CREDIT FOR FRAUDULENT TRANSFER OF SHARES
JOANA QUAYE CLAIMS OWNERSHIP OF SHARES IN BILLS MICRO-CREDIT IN FRESH SUIT AT COMMERICAL COURT
FRAUDULENT TRANSFER OF SHARES IN BILLS MICRO-CREDIT NULL AND VOID — JOANA QUAYE SUES RNAQ, AWUAH AND COMPANY
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 Quaye 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 pursuing 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 Quaye 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 Quaye 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.
