AGATEX: Dominion Paint CEO Alleges Collusion by Fidelity Bank, RNAQ in Factory Takeover
Stephen Komla Adom, founder and co-owner of Dominion Paints Manufacturing Industries Limited (DOPAMIL), producers of Ghana's first paint brand, AGATEX, has alleged that he was forcibly removed from his factory in December 2021.
Source: UGC
According to reports by ClassFM, Adom claimed the action followed a coordinated process involving his joint venture partner, Quick Angels Limited (QAL), led by Richard Nii Armah Quaye (RNAQ), alongside some officials of Fidelity Bank and members of the Ghana Police Service.
Adom stressed that the development resulted in him losing full control of the company under disputed circumstances.
DOPAMIL and RNAQ case: How it started
Adom explained that DOPAMIL had entered a joint venture with QAL to expand production and market reach.
He said tensions began in late 2021.
On December 17, 2021, QAL’s representative filed a case at the Ho High Court, accusing him of locking staff out.
Three days later, the court granted an ex parte injunction stopping him from interfering in operations.
He stated that on December 21, 2021, QAL agents, supported by armed police officers, entered the factory and ordered workers to leave.
He alleged that officers identified as Issaka Ibrahim (PID) and Baman Bright (SWAT) supervised the operation, during which equipment was removed and parts of the factory were sealed.
The main gate was also locked, halting operations.
Watch the YouTube video below.
Fidelity Bank's involvement in the DOPAMIL case
Adom also raised concerns about alleged irregularities involving DOPAMIL’s account with Fidelity Bank.
He claimed that on December 22, 2021, two cheques totalling GHS50,900 were withdrawn under questionable circumstances involving QAL representatives and some bank officials.
He further alleged that his name was wrongly added to the system as a payee and that his signature was forged to alter account mandates.
A Fidelity Bank report dated June 3, 2022, reportedly confirmed errors in the listing of his name.
He said these records were later used in contempt proceedings against him.
On December 21, 2023, the Ho High Court found him guilty of contempt and imposed a GHS5,000 fine or 90 days in prison in default, plus a bond of good behaviour.
Adom has challenged the ruling, questioning the evidence used.
The main case was adjourned indefinitely on January 18, 2024, leaving QAL in control of the factory.
A separate contempt case filed by Adom in 2022 has also faced repeated adjournments without appearances by the accused.
Watch the X video below.
DOPAMIL founder seeks probe after fire incident
Adom also questioned how police handled his complaints, alleging that officers involved in the 2021 incident were later assigned to investigate the same matter.
He added that an interim police report was only released after intervention by the Volta Regional Minister.
In another development, the DOPAMIL factory was destroyed by fire on February 15, 2026, resulting in the loss of vehicles, equipment, and inventory.
The cause of the fire is still under investigation.
Adom is calling for an independent probe into the takeover allegations, financial concerns, and fire incident.
He is also seeking reversal of his contempt conviction, restoration of access to the company, disciplinary action against those involved, and compensation for losses.
His petition, dated April 13, 2026, was copied to the President, Vice President, and Chief Justice.
As of now, Quick Angels Limited, Fidelity Bank, and the Ghana Police Service have not responded publicly to the allegations.
Source: YEN.com.gh
