Bills Micro Credit distances itself from founder amid fears of lifestyle audit

Bills Micro Credit, a prominent microfinance company, has issued an official statement dissociating itself from its majority shareholder and founder, Richard Nii-Armah Quaye, following concerns about his extravagant lifestyle.

The company, seeking to protect its reputation, emphasized that it is not responsible for financing Mr. Quaye’s luxurious displays of wealth, which have garnered significant public attention.

The statement comes in the wake of growing discussions about a potential lifestyle audit initiative under President John Dramani Mahama‘s administration. According to government sources, this audit will be part of the National Anti-Corruption Programme aimed at scrutinizing individuals who flaunt unexplained wealth. This move could lead to far-reaching consequences for businesses associated with individuals under investigation, as authorities seek to combat corruption and recover unpaid taxes.

Mr. Quaye, who is billed to celebrate his 40th birthday with grand festivities, has been the focus of public scrutiny after sharing videos of the preparations on social media. The celebrations was heralded by the acquisition of a custom-branded private jet and a Bugatti Chiron, raising concerns about the source of his wealth. The event, set to take place at Independence Square on March 22, attracted widespread attention, especially after the lavish invitation packages sent to guests, which included access cards and gold medals.

The extravagant displays have triggered discussions in both social and traditional media, prompting Bills Micro Credit to publicly distance itself from its founder’s personal lifestyle. Operating in a highly regulated financial sector, the company is keen to avoid any association with questionable wealth that could tarnish its reputation or lead to regulatory challenges. It stated that “We categorically affirm that Bills Micro Credit Limited has not funded, sponsored, or facilitated any of his personal events or acquisitions”

The government’s plans to introduce lifestyle audits have the potential to significantly shift Ghana‘s approach to combating corruption. Lifestyle audits involve a detailed investigation into an individual’s standard of living, assessing whether it aligns with their declared income. If a person’s assets and expenditures significantly exceed their known income, authorities may suspect illegal activities such as money laundering, tax evasion, or embezzlement.

In many countries, conspicuous displays of wealth often lead to investigations, and in some cases, legal consequences, including jail sentences. Ghana, however, has not yet widely adopted this approach. President Mahama‘s administration appears to be making lifestyle audits a key tool for enhancing accountability and transparency, with the Ghana Revenue Authority reportedly under pressure to recover unpaid taxes from individuals engaged in dubious financial practices.

Source:thehighstreetjournal.com