Nana Appiah Mensah, CEO of Menzgold and Zylofon Media
Nana Appiah Mensah, CEO of defunct Menzgold and Zylofon Media

The Adentan Circuit Court in Accra has issued a bench warrant for the arrest of the Chief Executive Officer of defunct Menzgold, Nana Appiah Mensah (NAM1), and two others for allegedly defrauding some people.

The court issued the warrant following the failure of the accused persons to appear in court.

On Tuesday, November 2, 2021, the court ordered the accused persons who had failed to appear before it to show up today, Thursday.

According to the prosecution, which requested the arrest warrant, NAM1 and the two others have declined several Police invitations extended to them.

Meanwhile, the lawyer for the three accused persons, Yaw Dankwah, speaking to the media after court proceedings, says his clients should have been served personally with the criminal summons.

“They have never been arrested. They have never been cautioned, yet the police have come to court with four counts of charges again them,” Mr. Dankwah complained.

He explained that they were caught off guard by the charges which came on Tuesday and had asked for an adjournment of the case for two weeks.

But Mr. Dankwah said the judge did not grant his request and gave them up till today [Thursday] to be in court.

“Unfortunately, they could not. They are out of the city,” he said.

It is unclear if the warrant is related to the collapse of Menzgold.


Mr. Appiah Mensah had previously been slapped with 13 counts of defrauding by pretenses, money laundering, abetment, and carrying on deposit-taking business without license contrary to Section 6 (1) of the Banks Specialised Deposit-taking Institutions Act, 2016 (Act 930).

This was after he was accused of defrauding 16,000 customers of about GHS 1.68 billion.

Menzgold collapse

Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC) in 2018.

Menzgold was said to have been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients without a valid license from the Commission.

However, the company was cleared to continue its other businesses of assaying, purchasing gold from small-scale miners, and export of gold.

Despite initial protests, Menzgold complied with the directive.

Over two years on, the company has failed to fully settle its aggrieved customers the value of their gold deposits and their entire investments.