RNAQ Admits Joana Quaye Was Original Quick Credit Director

Fresh details have emerged from the ongoing divorce battle between Ghanaian businessman Richard Nii Armah Quaye (RNAQ) and his ex-wife, Joana Quaye, after proceedings at the High Court in Accra.

The hearing took place on March 13, 2024, before Justice Justin Kofi Dorgu at the Divorce and Matrimonial Court “2.” The proceedings focused heavily on the ownership structure and directorship of Quick Credit.

Court documents presented during the cross-examination of RNAQ revealed disagreements over company ownership, shareholding, and alleged changes to official records.

One major revelation came after RNAQ admitted that both he and Joana Quaye were listed as the first directors of Quick Credit when the company became a limited liability company in 2011.

“Yes, her name was on the document, including myself as the initial directors of the company,” RNAQ told the court.

He, however, insisted that Joana was later removed after the Bank of Ghana requested educational qualifications for directors of financial institutions.

Lawyers for Joana Quaye later presented documents from the Registrar General’s Department which appeared to show that her name remained among the listed directors years after the company was formed.

One document dated August 11, 2021, reportedly listed Richard Quaye, Joana Quaye, Abigail Quartey, Romeo Seshie, and Emmanuel Lamptey as directors of the company.

Joana Quaye’s legal team argued that the records contradicted claims that she had been removed shortly after registration.

The hearing also focused on the ownership and shareholding structure of Quick Credit.

During cross-examination, RNAQ admitted that Joana’s name was included in the company’s registration after the business changed from a sole proprietorship into a limited liability company.

According to him, the arrangement became necessary because the Bank of Ghana did not allow one person to own 100 per cent of a financial institution at the time.

“It was a requirement by the Bank of Ghana that a single individual cannot own 100% stake in a financial institution, so as a formality, we agreed to put her name for the initial registration,” he said.

Joana Quaye’s lawyer challenged that explanation and presented additional records which appeared to show she still held shares in the company years later.

One document dated August 30, 2017, reportedly listed Joana Quaye with 100,000 shares, while Richard Quaye held 2.9 million shares under a section titled “new shares allotment.”

Her legal team argued that the records weakened claims that she never had a genuine ownership interest in the company.

The hearing also introduced allegations of forgery and unlawful changes to company records.

Lawyers for Joana Quaye alleged that changes to her shares were made without the involvement of any third-party investor, contrary to earlier explanations by RNAQ.

The legal team further claimed that signatures on some share transfer documents filed at the Registrar General’s Department may have been forged to remove her interest in the company.

The case remains one of Ghana’s most closely watched divorce disputes because of the business interests involved and the high-profile nature of the parties.