Joana Quaye
Details have emerged about an evidence showing a joint establishment of Quick Credit and Investment Money Lending Limited, in 2011 by businessman, Richard Nii Armah Quaye (RNAQ), with his ex-wife, Joana Quaye.
This new evidence is contained in exhibits attached to the affidavit in support of an application for interlocutory injunction filed by Ms. Joana Quaye which seeks to restrain RNAQ, his agents and assigns from transferring or disposing of shares in a company jointly established by the couple.
This evidence clearly contradict claims made by RNAQ on the widely watched Delay Show about the alleged “sole establishment” of the company and his ex-wife’s non-involvement in his vast business empire.
This evidence is backed by official documents from the Office of the Registrar of Companies, which show that 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.
Further information in the application for injunction indicate that Mr. Quaye admitted under cross-examination during the divorce proceedings 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.
RNAQ 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.
This notwithstanding, the trial judge, Justice Kofi 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, her new lawyers from 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.
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 RNAQ 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.
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.
Joana Quaye, who had been married to the businessman for sixteen (16) years, resulting in three children, is challenging the court’s judgment delivered by Justice Kofi Dorgu, granting to her only GH¢300,000 out of the well-known “vast fortune” she built with the rich businessman over the years.
The impugned judgment was delivered in January 2026 after four years of protracted legal battle culminating in “final orders” issued by the court, which is the subject of the appeal.
A Daily Guide Report