AGATEX: Dominion Paint CEO Alleges Collusion by Fidelity Bank, RNAQ in Factory Takeover
- AGATEX Paint founder has doubled down on claims of foul play, linking RNAQ, Fidelity Bank, and named police officials to events tied to his disputed company takeover
- The renowned businessman recounted his long-running legal battle, narrating how the dispute with the younger entrepreneur escalated and reshaped control of his company
- Netizens tracking the saga over the years returned to the comments section in large numbers, sharing renewed reactions as the case once again gained nationwide attention
Renowned Ghanaian businessman Stephen Komla Adom has recounted a dramatic turn of events that saw him allegedly forcibly removed from his own factory.
The founder and co-owner of Dominion Paints Manufacturing Industries Limited (DOPAMIL), producers of Ghana’s first paint brand, AGATEX, shared that his exit took place back 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 some 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 RNAQ's 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, which Adom claims was false.
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 DOPAMIL case
Speaking during a press briefing on April 22, 2026, Adom also raised concerns about alleged irregularities involving DOPAMIL’s account with Fidelity Bank.
He claimed that on December 22, 2021, two cheques totalling GH¢50,900 were withdrawn under questionable circumstances involving QAL representatives and some bank officials.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 GH¢5,000 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 Richard Nii Armah Quaye's QAL in control of the factory.
A separate contempt case filed by Adom in 2022 has allegedly faced repeated adjournments without appearances by the accused.
Watch as Adom Komla address the public in 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.
Watch the TikTok video below.
Dominion Paint CEO seeks independent investigation
Adom is therefore 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.
Watch the TikTok video below.
Peeps react to Dominion Paint CEO allegations
Netizens have flooded the comment section with their views on the matter and the CEO’s prolonged legal battle with Richard Nii Armah Quaye. Below are some of their reactions.
@MrMa_nuel indicated:
"This man has been saying this consistently for some time now... Ghanaians should give him a listening ear and help him get justice if he deserves it."
@RasheeedB wrote:
"Hostile takeover."
CHAMPION KATLEGO shared:
"No, please, 60% of joint ventures does not mean he owns the paint company, a joint venture is an agreement between 2 separate companies to have a project, the project is time-bound, theirs was just 3 years. The 60% is of the project, not the entire paint company."
@espioj shard:
"Yikes! Looks like RNAQ might have stepped on a lot of people's toes on your path to wealth. I guess this is a good life lesson for all of us to not confuse financial success with personal success."
@BenGhazzy55834 added:
"Every rich man gets issues."
@ticklefari indicated:
"He’s been fighting this for years. Sad but interesting and revealing at the same time."
@SmimmyD wrote:
"This man ei time go finally come, always oppressing others."
@whiteobsidan shared:
"Pray he heals fr. he talks about his every opportunity he finds."
@blackwills27 added:
"No wonder young entrepreneurs don’t want to partner these days. People are to greedy and evil. This man has been saying this consistently."
@Ghanacedic commented:
"Charlie, use a strategy to steal your company. You still Dey talk about it."
Source: Instagram
Hajia4Reall bonds with RNAQ's children
Previously, YEN.com.gh reported that Hajia4Reall bonded with Richard Nii Armah Quaye's children at the 2025 Bills Micro-Credit end-of-year party.
In a viral video, the socialite, who looked stylish in a long-sleeve corseted gown and a frontal lace wig, was seen with her daughter in the company of the popular businessman's children.
Source: YEN.com.gh
