FIC clears Nii Armah Quaye and McDan; unfreezes bank accounts after investigations

The Financial Intelligence Centre (FIC) has officially exonerated prominent Ghanaian businessmen, Daniel McKorley, widely known as McDan, and Richard Nii Armah-Quaye, after comprehensive investigations found no evidence of financial misconduct.

The two entrepreneurs had earlier been subjected to scrutiny when their bank accounts were frozen as part of an inter-agency investigation into alleged financial irregularities. However, following months of detailed analysis, the FIC has lifted all restrictions, granting them full access to their funds.

READ MORE: GRA confirms it's investigating Richard Armah, denies freezing bank account

Confirming the development in an interview with GHOne TV on October 29, 2025, the Chief Executive Officer of the FIC, Kwadwo Twum Boafo, stated that the decision was based on clear findings that neither businessman was involved in any illicit activity.

“McDan’s issue has been resolved. That’s why I always emphasise that we do not act out of personal vendettas. You can speak to him, his accounts have been unfrozen. The accounts of Richard Nii Armah-Quaye were also frozen but have now been released after it was determined that there was no reason to proceed further,” he said.

READ MORE: GRA reportedly freezes billionaire Richard Armah’s bank accounts hours after lavish party

Mr Twum Boafo also revealed that both McKorley and Armah-Quaye had fully cooperated with the FIC throughout the investigative process, providing comprehensive explanations of their business dealings, which proved satisfactory to the authorities.

“He came to the office, sat down with us, and gave a detailed explanation of his operations, there was absolutely no problem. As I’ve said before, we treat everyone fairly, and I hold no personal bias against anyone,” he added.

READ MORE: 'I’m currently single because I have trust issues' - Wendy Shay opens up

The FIC chief underscored that the Centre’s actions are governed strictly by evidence and due process, not political influence or public pressure. He reiterated that the agency’s primary duty is to safeguard Ghana’s financial integrity by preventing money laundering and other financial crimes.

Mr Twum Boafo further urged the public to maintain confidence in national institutions, assuring that the FIC’s decisions are always grounded in verified facts rather than speculation or rumours.

READ MORE: ‘I lost everything to drugs’ - Rapper Agbeko opens up on his battle with addiction

“Our job is not to persecute individuals or businesses, but to protect the integrity of the financial system,” he affirmed.

The clearance of the two businessmen highlights Ghana’s ongoing efforts to strengthen its anti-money laundering mechanisms and enhance transparency within the financial sector.