He is standing trial for allegedly using his companies to induce and defraud over 16,000 members of the public.

Mounting the witness box

Appearing in the witness box to give his side of the story, NAM 1 was questioned by his lawyer, Paa Joy A. Boateng, during examination-in-chief about the incorporation status and licensing of Menzgold Ghana Limited.

The accused explained that Menzgold, originally incorporated as Menzbank Ghana Company Limited, intended to operate as the first “bullion” bank in West Africa, if not the entire continent.

In pursuit of this vision, NAM 1 told the court that the BoG had issued a publication listing Menzbank among unlicensed microfinance institutions.

“In response, Menzbank’s in-house counsel wrote to the BoG, citing the publication in the dailies and informing them that Menzbank was not a microfinance institution, requesting that our name be expunged from the list,” he said.

Meeting with BoG

He added that the Central Bank responded by requesting supporting documents and invited him to a meeting.

“As a law-abiding entity, we submitted the Precious Minerals Marketing Company (PMMC) licence and all other documentation they requested, which they acknowledged. Menzgold was subsequently given an opportunity in the meeting, chaired by Mr Amoh Awuah and other officers of the Central Bank, to adequately address the issues, which we did to the best of our ability,” NAM 1 said, noting that the company was then known as Menzbank.

He further explained that the meeting resolved the mistaken listing of Menzbank as an unlicensed microfinance institution, attributing it to the name’s suggestion of a financial institution.

Advice on name change

NAM 1 told the court that the Central Bank advised a slight adjustment to the company’s name.

“So more specifically, our team and that of the Central Bank collectively resolved that Menzbank with a ‘k’ would be changed to Menzbanc with a ‘c’ to ensure consistency, which is a cardinal element in business administration. So Menzbank was changed to Menzbanc on the advice of the BoG,” he said.

Another meeting

He further testified that BoG later convened a second meeting after several months to address public confusion over whether Menzbanc was a licensed financial institution.

“This was because the name ‘Menzbanc’ depicted a financial institution, and members of the public often called the Central Bank to enquire. Secondly, our gold jewellery products and tablets, which buyers could trade for extra value, gave the semblance of financial investment,” he explained.

After discussions, the Central Bank instructed that for the companies to operate without confusion, the sale of gold jewellery products should be separated from gold trading operations.

“In effect, it was the Bank of Ghana that advised the setting up of Brew Marketing Consult,” NAM 1 said.

The case has been adjourned to March 5, 2026, for further examination-in-chief.

Background

NAM 1 and two of his companies — Menzgold Ghana Limited (MGL) and Brew Marketing Consult Ghana Limited (BMCGL) — face 39 charges, including selling gold without a licence, operating a deposit-taking business without a licence, inducement to invest, defrauding by false pretence, fraudulent breach of trust and money laundering.

The allegations relate to defrauding customers of various sums between 2016 and 2018, totalling GH¢340,835,650. NAM 1 has pleaded not guilty to all charges and is on bail of GH¢500 million with four sureties.

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The group’s convenor, Frederick Forson, said the victims succumbed to hardship and distress, compounded by the prolonged uncertainty surrounding the recovery of their locked-up investments. He described the seven-year period as “the most difficult phase” in the lives of affected customers, marked by poverty, broken homes, failed businesses, and emotional trauma.

Mr. Forson noted that the group has over 11,000 registered victims, with no evidence that any of them has received payment from the company since its operations collapsed. He emphasised that the slow pace of the court process has only deepened their frustration, as legal challenges filed by the accused have repeatedly stalled attempts to secure justice.

He urged the judiciary to consider daily hearings to expedite the trial, recalling that earlier stages of the proceedings moved swiftly before the matter became entangled in appeals across various courts.

Mr. Forson welcomed the Supreme Court’s recent decision dismissing NAM1’s bid to halt the High Court trial, expressing hope that it will finally pave the way for justice for the thousands of victims who continue to suffer.

Speaking in an interview on Adom FM’s morning show Dwaso Nsem, Mr. Forson called on customers to disregard any press release claiming that he has been suspended. He stated, “If they have evidence, they should bring it forward.”

The suspension, communicated in a press release issued by the leadership of CACM on Tuesday, January 21, cited multiple violations of the coalition’s principles and policies by Forson.

These included unauthorized meetings, unauthorized fundraising, misuse of CACM’s name, an uncooperative attitude, and the unauthorized creation of WhatsApp groups.

The statement also mentioned that attempts by pastors and elders within CACM to mediate and restore unity between Forson and the leadership had been undermined by his refusal to attend meetings and disregard for the reconciliation efforts.

As a result, Mr. Forson has been banned from speaking on behalf of CACM or using the coalition’s name, logo, or letterhead for any purpose. In light of his suspension, Ezekiel Annor Akagbo has been appointed as the acting spokesperson.

In response to the allegations, Mr. Forson firmly rejected the claims.

“I have not taken any bribe from anyone. I am not corrupt. I have been faithful with the customers and have not misconducted myself in any way,” he said.

Mr. Forson stated that, as of yesterday, the coalition had over 11,000 customers and rejected the accusations against him as false.

“All the allegations leveled against me are false. I am a man of accountability, not corrupt,” he added.

He urged customers to disregard the claims made by individuals he said were not even on the platform.

“The people making these baseless claims are part-time members seeking to destroy my reputation,” he explained.

When asked if he is still the spokesperson for the coalition, Forson responded confidently, “Yes, I am. Those accusing me have no locus, and I wonder who gave them the authority to make such decisions.”

MENZGOLD FRED FORSON

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According to him, many of the affected customers were NPP supporters who felt abandoned by the government.

Speaking in an interview on Adom FM’s morning show Dwaso Nsem, he stated, “The number one reason why the NPP lost massively was because of the financial sector cleanup exercise that happened under their administration. The issue of Menzgold was a big factor. Many of our members are NPP supporters, and they were not happy with how the government handled the situation.”

He revealed that the coalition consists of over 50,000 people whose lives have been severely affected.

“Life is treating us very badly, and it’s not pleasant at all,” he lamented.

Mr. Annoh further disclosed that more than 200 customers have died, with many others battling severe health conditions.

In his view, the NPP’s loss was particularly significant in the Ashanti Region due to the unresolved Menzgold crisis.

He admitted to convincing some Menzgold customers to either vote against the NPP or abstain from voting entirely.

“I was able to convince some people to vote against the NPP or not vote at all because of how the government treated us,” he revealed.

As someone who previously campaigned for the Free SHS policy, Mr. Annoh said he was disappointed with the NPP government’s response to their plight.

MENZGOLD ISSUE

“I personally campaigned for Free SHS and convinced people to vote for the NPP, but I also managed to convince them to vote against the party because they didn’t treat us well regarding the Menzgold issue,” he said.

He described the situation as a betrayal, especially for die-hard NPP supporters like himself.

“We pleaded with the NPP government, but all our efforts fell on deaf ears. In the end, we decided to revenge at the polls,” he added.

When asked about reports of some Menzgold customers allegedly being paid secretly, Mr. Annoh dismissed them as mere rumors.

Mr. Annoh further advised the National Democratic Congress (NDC) to learn from the NPP’s mistakes and take the Menzgold issue seriously if they want to avoid a similar fate.

“The NDC should take a cue from this and be careful with the Menzgold issue. They should also address other financial sector problems the NPP left behind, or they will suffer just like the NPP did,” he warned.

The customers have been calling for government intervention to retrieve their locked-up investments since Menzgold ceased operations in September 2018. They have repeatedly demanded a government bailout to help them recover their funds.

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NAM1, CEO of defunct Menzgold Ghana Limited, has been accused of defrauding his customers by disregarding the Bank of Ghana directive which barred Menzgold from taking deposits.

Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, entities owned by Nana Appiah Mensah aka NAM 1, have been charged with selling gold without a licence, operating a deposit-taking business without a licence, defrauding by false pretence, fraudulent breach of trust, inducement to invest, and money laundering.

On Tuesday, when prosecution and defence lawyers appeared in court together with the accused person and some of his victims, the lawyers in a lengthy argument, took turns to highlight their written submissions on whether the accused is innocent or he has questions to answer.

Tuesday’s argument was occasioned by an application of no case filed by lawyers for Nana Appiah Mensah, who after listening to testimonies by the nine witnesses called by the prosecution, said they believed their client was innocent.

Lead Counsel for the accused, Kwame Akuffo in his submission to the court said despite the loud complaints outside the court by persons who have allegedly been defrauded by his client, “only eight people have come to court “; arguing that if indeed the number of victims are as huge as has been portrayed, they should have come to court.

Focusing more on the charges brought against NAM 1, Kwame Akuffo contended that the prosecution cannot in the same breath charge his client for money laundering and defrauding by false pretence and that stealing and money laundering are mutually exclusive.

He said they have presented documents to the court that show that NAM 1 paid taxes to the state during the period of his operation, and that the prosecution has so far failed to show that the accused person didn’t have license to sell gold.

In a counter argument, the prosecution contended that Brew Marketing consult, one of NAM 1’s businesses he allegedly used to defraud his victims, is unknown to the Minerals Commission of Ghana to either purchase or export gold.

Menzgold on the other hand, according to prosecution, can only purchase and export minerals, and not operate as a deposit-taking business without license from the Bank of Ghana .

They argued that on the count of inducement to invest, NAM 1 engaged in advertisements by contracting celebrities. Advertisements, which according to prosecution, got huge responses from the public.

In all of this, according to the prosecution, NAM 1 knew that whatever he was churning out in the advertisement were false .

The prosecution in a response to an argument about the negligible number of witnesses presented by the state, said “even one witness is enough to convict Nana Appiah Mensah”.

The prosecution rounded up their submission by contending that the defence lawyers “nailed their own client when they tendered into evidence a number of customers who were defrauded by Nana Appiah Mensah and Menzgold.”

NAM1, who is currently on a GH¢500 million bail with four sureties, has so far pleaded not guilty to all the charges.

According to Deputy Superintendent of Police (DSP) Charles Nyarko, their investigations revealed that neither NAM1 nor his companies – Menzgold and Brew Marketing Consult were licensed by the Minerals Commission to sell gold or gold products to the general public, indicating that “the accused persons were involved in illegalities from the start.

He also told the court that neither NAM1 nor his companies were authorised by the Bank of Ghana (BoG) to take deposits from the general public.

“The accused persons induced the general public that they were authorised to run those businesses. That was not the only inducement, the accused person used celebrities to induce our complainants to invest with A2 and A3 (Menzgold and Brew Marketing),” the investigator told the court.

He mentioned some of the celebrities as Okyeame Kwame, Stonebwoy, Becca, Jackie Appiah and Joselyn Dumas.

“These celebrities were found on billboards of Menzgold with branded Menzgold chips in the catchment area of the second and third accused. My Lord, with this, with careers that these celebrities built for themselves over the period, our complainants fell into this inducement,” DSP Nyarko added.

NAM1 and two of his companies – Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited are facing 39 counts of defrauding by false pretence, inducing members of the public to invest and money laundering.

Funds Transfer

The investigator told the court that per a letter dated January 10, 2019, the police requested information from the Office of the Registrar of Companies on all companies linked to NAM1 and a total of 27 companies were linked to him.

Led in his evidence-in-chief by the Director of Public Prosecutions, Yvonne Atakora Obuobisa, the witness indicated that investigations revealed that Zylofon Media was established as a company solely in the entertainment business, however, NAM1 transferred substantial funds from Menzgold and Brew Marketing Consult to Zylofon, totaling GH¢84,480,811.00.

On July 20, 2018, an amount of GH¢2 million was transferred to Zylofon Media, while a total of GH¢26,930,997.00 was transferred from the account of Brew Marketing to Zylofon between March and December 2017.

Another GH¢55,549,814.00 was transferred from the Bank of Africa account of Brew Marketing to Zylofon Media between January and April 2018.

DSP Nyarko states that except for the fact that NAM1 owned Menzgold, Brew Marketing Consult and Zylofon Media, “I found that there was no justifiable reason for the huge transfers from A3 (Brew Consult) to Zylofon.”

The investigator also revealed the transfer of huge sums of money totalling GH¢155,552,141.30 from Brew Consult into the personal account of NAM1.

He gave the breakdown as a transfer of GH¢113,400,000.00 which was paid to NAM1 personally between October 18, 2017 and July 13, 2018.

Between April and December 2017, a total of GH¢23,410,000.00 was transferred from the account of Brew Marketing Consult and withdrawn by NAM1.

Again, the investigator revealed that another GH¢18,742,141.30 was transferred from the account of Brew Consult to NAM1 between January and April 2018.

DSP Nyarko also revealed that between July 11 and August 15, 2018, an amount of GH¢66 million through cheque payments was made to Abigail Mensah, who is the younger sister of NAM1.

Lawyer Kwame Akuffo, during a cross-examination of the prosecution witness, asked the witness, a civil engineer, whether it was not a risk he took by investing heavily in an enterprise like Menzgold.

The civil engineer, Stephen Attippoe, said he relied on the representation made to him by Nana Appiah Mensah, Menzgold and the Brew Marketing Consult but later realised that the business of the accused persons was not licensed.

Stephen Attipoe invested GH₵5.2 million within a spate of three months and got a lump sum of GH₵502,000.

He had seven separate trading agreements with Menzgold Company Limited and made all purchases of gold for seven transactions at the Brew Marketing Consult office located at Spintex.

He explained that the Menzgold trading agreements were produced and signed at the Tema Branch Office of Menzgold, per the laid down procedure of the company.

Mr Attipoe told the court that the documents he obtained from Menzgold Company Limited as a result of each of the seven transactions, included the gold trading agreements, purchase of gold receipts, the gold vaults service receipts, and receipts for the commissions he was asked to pay on each transaction.

Charges against Nana Appiah Mensah and two others

The Attorney General has filed 39 counts of fresh criminal charges at the High Court against the embattled Chief Executive Officer (CEO) of Menzgold Ghana Company Limited, Nana Appiah Mensah, popularly known as NAM 1.

This was after he had made more than 36 appearances without a trial over three years, 11 months at the Circuit Court pending the Attorney-General’s advice.

In the new charge sheet filed at the High Court, NAM 1, together with Menzgold Ghana Company Limited (MGCL) and Brew Marketing Consult Ghana Limited, have been hit with a string of charges, including selling gold without a license, operating a deposit-taking institution without a license, inducement to invest and defrauding by false pretences, fraudulent breach of trust and money laundering.

According to the facts before the court, the accused persons, under false pretence, took over GH¢1.68 billion from their customers and had since not recovered the money.

Investments made by Stephen Attipoe

On June 1, 2018, Mr Attipoe purchased five kilograms of 22-carat pure gold from Brew Marketing Consult, and for this quantity of gold, he paid an amount of GH¢1million to Brew Marketing Consult. In addition, he was made to pay GH¢64,500 in cash representing a non-refundable commission of 6.4%.

On June 5, 2018, he purchased another 5 kilograms of 22-carat pure gold from Brew Marketing Consult and for this quantity of gold, he again paid an amount of one million cedis to Brew Marketing Consult. He paid the commission of 6.4% on this amount as well.

He invested a third time, on June 13, 2018, with the accused persons and purchased another five kilograms of 22-carat pure gold from Brew Marketing Consult and paid an amount of one million. For this amount, he paid the commission of GH¢64,500.

The fourth purchase of gold was made on June 14, 2018. This time, he purchased another three kilograms of 22-carat gold from Brew Marketing Consult. For this quantity of gold, he paid an amount of GH¢600,000 to Brew Marketing Consult. This time, he paid GH¢80,700 in cash representing a non-refundable commission for the investment to be done.

His fifth transaction with the accused persons took place on June 27, 2018, where he purchased another three kilograms of 22-carat plus gold from Brew Marketing Consult and paid an amount of GH600,000. On this amount, he paid GH¢80,700 in cash representing a non-refundable commission for the investment to be done.

On July 23, 2018, when he made his sixth investment, he purchased another four kilograms of 22-carat gold from Brew Marketing Consult. For this quantity of gold, he paid an amount of GH¢800,000 to Brew Marketing Consult. On this, he was made to pay GH¢50,600 in cash representing a non-refundable commission for the investment to be done.

On July 27, 2018, being his seventh investment, he purchased one kilogram of 22-carat gold from Brew Marketing Consult. For this quantity, he paid an amount of GH¢200,000 to Brew Marketing Consult.  On this investment, he was made to pay GH¢12,900 in cash representing a non-refundable commission for the investment to be done.

In total, he invested GH¢5,200,000 in the company’s gold vault market for twenty-six kilograms of gold. He also parted with a total of GH¢335,400 non-refundable commission for the investments.

What Stephen Attipoe earned from Menzgold

In July 2018, Mr Attipoe was given a lump sum payment of GH¢504,000 by Menzgold as his monthly 12% interest on twenty-six kilograms of gold per the agreements signed.

In September 2018, he was given an ECOBANK cheque with a face value of GH¢240, 000 by Menzgold Company as his interest on only ten kilograms of gold.

However, when he presented the cheque at the Tema Main branch of ECOBANK, the cheque was dishonoured.

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This, Justice Ernest Owusu Dapaah said, has become necessary after the company’s Public Relations Officer (PRO), Mantsebi Nii Armah, was reportedly assaulted by aggrieved customers during the last hearing.

In court on Friday, November 17, lead counsel for NAM1, Kwame Boafo Akuffo notified the court that one of the aggrieved customers struck the forehead of the PRO of Menzgold as they made their way to the courtroom.

At the last sitting, Police had to intervene to throw out some of the customers who had thronged the premises of the court after some of them occupied seats meant for lawyers.

Meanwhile, the Attorney-General has withdrawn all previous charges against the Menzgold CEO and proffered new ones.

The Director of Prosecution, Yvonne Atakora, indicated that an amendment had been made to some of the amounts of monies involved in the case, necessitating the filing of new charges.

This, she maintained, was in best interest of the state.

The case has since been adjourned to December 4, 2023, to enable NAM1’s lawyers to review the new charges.

Nana Appiah Mensah had earlier been charged with offences including selling gold without licence, operating deposit-taking institution without a licence, inducement to invest and defrauding by false pretence, fraudulent breach of trust and money laundering to the tune of GH¢1.68 billion.

The government debunked assertions by the former Menzgold boss, that he deposited GH¢5 million with the Ghana Police Service to be distributed to the aggrieved customers.

The Attorney-General and Minister for Justice, Godfred Yeboah Dame speaking on the floor of Parliament indicated that, only GH¢2.5 million was received from NAM1 and not the reported GH¢5 million.

The Ghana Police Service has since deposited the money with the Central Bank.

Reacting to the development, Spokesperson for the Aggrieved Menzgold customers, Fred Forson told journalists that they support the decision of the Ghana Police to deposit the money with the Bank of Ghana.

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The trial in which NAM 1 is facing 39 counts, ranging from violation of Act 930, defrauding by false pretence, fraudulent breach of trust, and money laundering, was slated for 12:30 p.m. on Friday.

But hours before the time slated for the trial, over 100 customers thronged the court, awaiting the case to be called. 

Many of the customers occupied seats meant for lawyers.

Graphic Online reported that, the police had to force some of them out.

Meanwhile, the case is yet to be called.  

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According to him, the police have acted wrongly in sending the money to the Bank of Ghana.

Speaking on Accra-based Star FM, NAM 1 further stated that if the police cannot assist in the distribution of the money he will make his own security arrangements and have the money distributed to customers.

“The intent was not to give money to the police to distribute. We went to the police because we wanted security. The agreement with the police was to have them provide a desk where we could distribute the money.

“I am surprised the money has been deposited at the Bank of Ghana. I will go back to the police and ask them to give the money back to me because that was not the arrangement we had,” he added

Mr. Mensah further stated that he “only contacted the police to give us security” adding that “the court has no responsibility to pay my customers.”

Background

The Police, on the advice of the Office of the Attorney-General, on Friday 20th October 2023, received an amount of GH₵2.5 Million from suspect Nana Appiah Mensah, popularly known as Nam 1.

In a statement the Police administration indicated that the said amount has been deposited in the Police Exhibit account at the Bank of Ghana (BoG) for the attention of the Court.

According to the Police, the amount is part of investigations into petitions received from some customers of MenzGold Ghana Company Limited and Brew Marketing Consult Limited, currently before the Accra High Court against suspect Nana Appiah Mensah, popularly known as Nam 1.

“We would like to state that the decision on the disbursement of the money would be determined by the court,” the statement concluded.

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The move, according to the police, is on the back of advice from the Office of the Attorney General.

In a statement, the Service said the money was deposited in the police exhibit account for the attention of the court.

The statement has explained that, the decision on the disbursement will be determined by the court.

The Police made the announcement in a statement dated October 24, 2023.

Menzgold, last Friday announced the first bulk batch payment of GH₵‎2.5 million to its customers.

The company explained that, the payment follows a successful verification exercise which took place between August 10 and September 14.

A statement signed by the Nana Appiah Mensah, said the payment range will be between GH₵‎ 4,000 and GH₵‎ 2,500,000.

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Read the post below:

According to him, the SDA Church informed the executives of the aggrieved customers at a meeting in Dansoman and asked for help to retrieve the locked funds.

Mr Nyarko made these claims on Burning Issues on Adom FM hosted by Akua Boakyewaa Yiadom.

He added that, over 10 pastors also engaged the leadership over their locked-up funds.

Mr. Nyarko alleged that, there are a lot of prominent people who have their monies locked up with Menzgold but are afraid to come out to avoid being subject to public ridicule.

“Our database shows noble individuals who have their monies locked up with Menzgold Company but are afraid to talk due to fear of victimisation,” he said.

On Friday, October 20, 2023, NAM1 announced in a statement the release of GH¢ 5 million to the Criminal Investigation Department (CID) of the Ghana Police Service to facilitate payment to customers.

But the chairman said only GH¢ 2.5 million has been released, adding he is toying with the customers.

In his view, it will be appropriate if government appoints a receiver who will immediately facilitate the payment between the customers and Menzgold.

This, Mr. Nyarko said, will help clear any doubt about the total number of people NAM1 is indebted to.

He is certain NAM1 has been frightened by the 15-year jail term handed CEO of defunct Capital Bank, Ato Essien, hence his decision to repay the customers.

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The move, according to Menzgold, follows a successful verification exercise which took place between August 10 and September 14.

A statement signed by the CEO, Nana Appiah Mensah, said the payment range will be between GH₵‎ 4,000 and GH₵‎ 2,500,000

Additionally, Menzgold said it will also ensure a full refund of 82 clients who purchased the digital access card by today, October 21, 2023.

Meanwhile, reports indicate the Ghana Police Service is expected to supervise the payment of customers who have adhered to the protocols and validation processes.

The list of customers will therefore be forwarded to the police by Menzgold to facilitate a seamless disbursement process.

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Read the full statement below:

This is according to the leadership of the group who called on former President John Dramani Mahama to seek his help in retrieving their funds locked in the illicit gold dealership and investment company.

The customers have suffered since the company was shut down in 2018, with 217 people dying and some suffering from blindness and mental illness.

They are now appealing to the former President to lead them in seeking a bailout from the state to alleviate their plight.

During a meeting with the former President in his Cantonments office on Friday, Mr Fred Forson, leader and spokesperson for the group, made an emotional plea to Mr. Mahama, stating that their situation was dire hence they desperately needed a bailout.

“We believe that when Your Excellency adds your voice, it will help. Where we are now, we need a bailout from the state, so we humbly call on you to lead us in calling on the state to give us a bailout plan because life is very, very unbearable for us”, he cried out.

The Menzgold customers’ convener added, “The state has wasted over four years on this small matter. There was no action. I am sure everybody will attest that it was the resilience of the customers — we kept on pressing, pressing — and now the Attorney-General has moved the matter from the lower court to the High Court. However, the civil aspect, which is the retrieval of our money, is still pending.”

President Mahama offered his condolences to the victims, calling it one of the most unfortunate incidents in the country’s history.

He said such fraudulent schemes often succeed due to government’s weak regulatory oversights, and therefore, it is responsible for citizens who fall prey.

Mr. Mahama also wondered why the government is yet to take control of the company’s accounts, confiscate the company’s assets and auction them off to pay a portion of customer investments.

In response to the plea of the Menzgold customers, President Mahama pledged to join them in bringing attention to their plight. He urged the government to provide them with all the necessary information regarding its efforts to alleviate their situation.

The customers are hopeful that, with the support of the former President, they will be able to retrieve their funds and recover from the losses they have suffered.

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His appeal comes after the leadership of the aggrieved Menzgold went to his Cantonments office in Accra last Friday to appeal to him to use his influence to intervene on their behalf.

The group also appealed to former President John Agyekum Kufuor, to help retrieve their investment funds locked up in the supposed gold dealership as the Chief Executive Officer of the defunct company, Nana Appiah Mensah, goes through criminal proceedings in court.

Worrying situation

President Mahama expressed worry over the protracted process of prosecuting the case to reach a decisive outcome.

President Mahama, who is also the Presidential candidate of the National Democratic Congress (NDC) for the 2024 general election, urged the state to pursue both civil and criminal proceedings to deal with the matter expeditiously to ensure justice for the customers of Menzgold to have some respite in life.

He said it was high time the government took possession of the company and its accounts, including confiscating and auctioning the assets, and using the proceeds to defray part of the money owed the customers.

He urged the government to be sensitive to the situation of the group and said the lives of some citizens of the country had been affected and the government must show its care.

President Mahama commiserated with families of the relatives of members of the group said to have died since the company was closed down by the government in 2018.

Influence

Speaking on behalf of the customers, Fred Forson acknowledged the influence of the two former presidents and appealed to them to use their offices to push the government to take immediate steps to address their situation.

He lamented the loss of about 217 of their members who, he said, had suffered various forms of social and health conditions since the company was closed down by the government.

Mr Forson noted that the criminal case against NAM1 was not enough to address their concerns and that the government could still use other means to come to their aid.

He said the lives of their members had become precarious and that if urgent steps were not taken to address their concerns, more of them would lose their lives.

Mr Forson said a bailout plan would provide the needed information on the steps the government would be using to tackle their predicaments.

Present at the meeting was President Mahama’s 2020 general running mate, Professor Jane Naana Opoku-Agyeman, and a former Chief of Staff, Julius Debrah.

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Counsel for NAM 1, Kwame Akuffo, told an Accra High Court today that his client did not circumvent the Banking and Specialised Deposit-Taking Institutions Act, 2016 (Act ) as alleged by the prosecution to enable him carry out the operations of Menzgold.

Mr. Akuffo claimed that it was officials of the Bank of Ghana (BoG) who advised his client (NAM 1) to change Menzbank (the previous name of Menzgold) to Menzbanc.

“Indeed, in meetings with the BoG, it was the BoG that recommended that third accused company( Brew Marketing Consult)  be set up in order to ensure that the gold marketing business was kept distinct from the business of Menzgold,” counsel said.

Mr Akuffo said he would not mention the names of the BoG officials who gave the advice to his client, but at the appropriate time during trial, he would subpoena them to testify to aid the defence of his client.

“I will skip the names because the court may take evidence from them in camera,” counsel said.

Not guilty 

Meanwhile, NAM 1  has pleaded not guilty to 39 counts, ranging from violating Act 930, defrauding by false pretence, fraudulent breach of trust, and money laundering.

The court, presided over by Dr Ernest Owusu-Dapaa, a Justice of the Court of Appeal, sitting as an additional High Court judge, admitted NAM 1 to bail in the sum of GH¢500million, with four sureties.

As part of the bail conditions, Justice Owusu-Dapaa, also ordered NAM 1 to deposit his passport with the Registrar of the Court, and also report to the Headquarters of the Criminal Investigations Department (CID) every Thursday.

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He has also been directed to leave his passport at the court registry as part of the bail conditions.

This comes after he pleaded not guilty to some 39 counts of fraud and money laundering charges.

The AG slapped Nana Appiah Mensah popularly known as NAM 1 with 39 counts of offences including money laundering abetment, defrauding by false pretences, carrying on deposit-taking without the requisite license unlawful deposit-taking and money laundering among other charges.

This is a reduction from the initial 61 charges brought against him.

His lawyer, Kwame Akuffo, prayed the court to maintain the condition of GH¢5 million with no justification which was the conditions of the bail he was given at the circuit court where the case was previously heard before a nolle prosequi was entered by the state.

The state represented by Deputy Attorney General, Alfred Tuah Yeboah did not oppose the bail application but, however, asked for the accused to be made to deposit his passport.

Alfred Tuah Yeboah further urged the court to consider the sum of GH¢1.68 billion involved in the matter.

The judge after considering the application granted bail to the tune of GH¢500 million with four sureties with none to be justified.

Nam 1 has further been directed to report to the CID headquarters every Thursday.

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The AG slapped Nana Appiah Mensah popularly known as NAM 1 with 39 counts of offences including money laundering abetment, defrauding by false pretences, carrying on deposit-taking without the requisite license unlawful deposit-taking and money laundering among other charges.

This is a reduction from the initial 61 charges brought against him.

The Attorney General commenced investigations against NAM 1 in 2019 where he was accused of defrauding thousands of customers through his gold dealership firm over millions of Ghana cedis.

The case has witnessed several adjournments until fresh charges were filed on August 30, 2023.

The new charges come after Mr Appiah Mensah announced plans to unfreeze locked up funds of Menzgold customers after payment of ¢650 for verification.

Subsequently, he reversed the decision to require former clients to purchase a verification access card in order to verify transactions and validate claims strong backlash from customers and the public.

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With an expected turnout of 50 participants, the vigil will take place at the iconic Black Star Square at 9: am.

Participants will converge at the Ministry Police Station roundabout before they move to the venue.

The commemorative vigil is to draw attention to the protracted Menzgold issue, which has left many investors in financial distress.

In a statement released by the Coalition, they assured of a peaceful event.

Below is the full statement

According to him, the A-G has not demonstrated seriousness in dealing with the matter that ought to be treated with urgency and seriousness.

Speaking on Joy FM’s Newsfile on Saturday, he lashed out at the A-G and urged him to do what is necessary in the interest of the affected citizens. The MP is particularly disappointed that it has taken the government three years to amend the charges and file fresh ones.

“The facts of this case are obvious. So I am saying that the proper angle we should be looking at this issue is the gross failure by our Attorney-General to protect citizens when they have been defrauded to hold accountable the persons who have caused this. The charges are not complicated and the facts are not difficult to decipher, he argued.

“So I feel scandalized that anybody will say that after three years, we should commend the Attorney-General that he is fling new changes.”

Attorney General Godfred Yeboah Dame on Wednesday, August 30, filed new charges against the Chief Executive Officer of defunct Menzgold Ghana Limited, Nana Appiah Mensah.

The court hearing has been scheduled for September 19, 2023.

Mr Appiah Mensah has been charged with 36 counts of offences including abetment, defrauding by false pretences, carrying on deposit-taking business without license, unlawful deposit-taking, money laundering among others. This is a reduction from the initial charges of 61.

The Attorney General commenced the prosecution of NAM 1 in 2019 where he was accused of defrauding thousands of customers through his gold dealership firm over millions of cedis.

The case has witnessed a number of adjournments until fresh charges were filed on Wednesday, August 30, 2023.

The amended charges come after Mr Appiah Mensah announced plans to release locked-up funds to Menzgold customers after a payment of roughly GH₵650 for verification.

Subsequently, he reversed the decision to require former clients to purchase a verification Access Card in order to verify transactions and validate claims following strong backlash from his customers and the public.

“Menzgold would cease the production and printing of the PVC Digital Access Cards, which imposes a cost burden,” the defunct company said in a communiqué.

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The new charges were filed on Wednesday, August 30, 2023.

The court hearing has been scheduled for September 19, 2023.

Mr Appiah Mensah has been charged with 36 counts of offences including abetment, defrauding by false pretences, carrying on deposit-taking business without license, unlawful deposit-taking, money laundering among others.

The Attorney General commenced the prosecution of NAM 1 in 2019 where he was accused of defrauding thousands of customers through his gold dealership firm over millions of cedis.

The case has witnessed a number of adjournments until fresh charges were filed today, Wednesday, August 30, 2023.

The new charges come after Mr Appiah Mensah announced plans to release locked-up funds to Menzgold customers after a payment of roughly GH₵650 for verification.

Subsequently, he reversed the decision to require former clients to purchase a verification Access Card in order to verify transactions and validate claims following strong backlash from his customers and the public.

“Menzgold would cease the production and printing of the PVC Digital Access Cards, which imposes a cost burden,” the defunct company said in a communique.

The company said it is resorting to “the printing of the PIN Codes only, for onward distribution at no cost subject to the following conditions, that; Clients with INVALID status may choose to either walk away or still in the face of the one or several of the 10 invalidity status reasons provided, adamantly proceed to seek redress or review of the invalidity determination, which shall come at a fee to avoid the abuse of our time, human and logistics resources.”

According to the company, the claims submitted by this number were fraught with several defects following a call made on July 30, 2023.

This was contained in a statement issued by the chief executive officer (CEO), Nana Appiah Mensah, popularly known as NAM1.

The defects, according to Menzgold, included irregularities or inconsistencies in the records on the face of the documents, fake (fraudulent) supporting documents, and fake authorised signatures, among others.

However, the affected customers have up to September 14, to cross-check and rectify their records.

The company has said payment to fully validated customers is expected to commence on October 20, 2023.

“We entreat confident Customers to acquire a ‘Menzgold Traders Transactions Status Verification Access Card’ from Payboy Company Limited and/or any of its underlisted agents for a Personal Identification Number (PIN), to be utilized to digitally verify one’s transaction claim eligibility or otherwise,” the statement noted.

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Below is the full statement:

In a press release, Menzgold said it is strictly adhering to data protection and the binding confidentiality clause in the Gold Trading Agreements between Menzgold and its traders.

To further streamline the payment process and ensure efficient communication, it said the company has collaborated with a reputable company to host the report results electronically, offering restricted access for enhanced security.

“With regards to the binding confidentiality clause in the Gold Trading Agreements between our Company and Traders, and by a strict adherence to data protection, we have collaborated with a COMPANY to host the report/results electronically with a restricted access”.

In the coming days, Menzgold traders will be granted access to digitally check their validated transaction status. This innovative system will allow them to independently verify their claims’ validation status from anywhere, regardless of time, place, or distance.

Find attached press release below:

This was after Police Prosecutor, Assistant Superintendent of Police (ASP) Emmanuel Haligah holding brief for Superintendent Sylvester Asare told the Circuit Court that, they have still “not received any response or advice” from the Office of the Attorney General on the matter.

Nana Appiah Mensah, popularly known as NAM1, was initially charged with some 13 counts but that had since been amended and his plea on the amended charge sheet filed on September 3, 2019, which introduced some 61 new charges is yet to be taken.

In court on Wednesday, July 26, 2023, when NAM1 was making his 36th appearance without trial, the police requested more time.

“The Docket has been forwarded to AG’s Office and we since not received any response or advice from the officer of the AG,” ASP Haligah said, “we are still waiting for the Attorney General’s response.”

The Circuit Court, presided over by Her Honour Mrs Evelyn Asamoah, has since adjourned the matter to September 20, 2023.

According to EIB Network’s Legal Affairs Correspondent, Murtala Inusah, NAM1 who was accompanied to court with armed police officers is expected to make his 37th appearance on September 20, 2023.

The CEO of Menzgold made his 30th, 31st, 32nd, 34th, 35th and 36th appearances on November 9, December 14, both in 2022 and January 2, April 24, June 8 and July 25, 2023 respectively.

From July 12, 2019, the CEO of the gold dealership firm has trekked court at least 36 times as of today, July 26, 2023.

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In a tweet on July 1, 2023, he acknowledged the ongoing efforts to revive the Menzgold gold-dealership firm and expressed gratitude to customers for their unwavering faith in him.

While he refrained from providing a specific timeline for the reactivation of Menzgold’s operations, he conveyed his thoughts saying: “Your calls for me to fix this ‘Trojan horse’ of mine are a testament to your belief in me. It’s a rare vote of confidence, and I am sincerely grateful. Restoring what is broken takes time. It’s easier to break than to fix. All we need is time. Just a little more time.”

Menzgold Ghana Limited, a gold dealership and investment firm, gained notoriety for offering customers an average monthly return of 7-10 percent on their investments.

However, it was ultimately shut down by the Government of Ghana following its establishment by Nana Appiah Mensah.

Meanwhile, the firm underwent name changes from Menzbank to Menzbanc and eventually to Menzgold, as a response to warnings issued by the Bank of Ghana regarding the use of the term ‘bank’ in a non-banking entity’s name.

In September 2018, the Ghana Securities and Exchange Commission intervened, ordering the cessation of Menzgold’s operations. The Minerals Commission of Ghana subsequently revoked the company’s operating licence, initially granted in 2014 for gold trading and export purposes.

As reports of a high-yield gold investment scheme began to circulate, the Bank of Ghana issued warnings cautioning citizens against engaging with the firm and prohibited Menzgold from accepting cash deposits.

Since the shutdown, customers have been unable to access their deposits, leading to widespread dissatisfaction and demonstrations at various Menzgold branches.

However, Nana Appiah Mensah’s recent plea for patience and his reassurance of efforts being made to address the situation offer a glimmer of hope to the affected customers.

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Appearing before the substantive Judge, Mrs Evelyn Asamoah, adjourned the matter after the Police had told the court that they were still waiting for the Attorney General’s advice. 

Assistant Superintendent of Police (ASP) Emmanuel Haligah who held brief of Superintendent of Police Sylvester Asare therefore prayed the court for a date. 

Ms Audrey Twum held a brief of Kwame Akuffo for the accused person. 

This is the 34th time the matter has appeared before the court in the past two years. 

Nana Mensah is standing trial for 61 counts of abetment, defrauding by false pretences, carrying on deposit-taking business without a license, unlawful deposit-taking and money laundering.

The accused persons have denied the charges and the court on July 26, 2019, admitted him to bail in the sum of GHS1 billion with five sureties, three to be justified. 

The court has ordered him to report to the Police every Wednesday, pending the outcome of the case.

Nana Appiah Mensah, popularly known as NAM1, was initially charged with some 13 counts but that had since been amended with his plea yet to be taken on the amended charge sheet filed on September 3, 2019, which introduced some 61 new charges.

In court on Thursday, March 23, 2023, when NAM1 made his 33rd appearance, the case was again adjourned with the trial yet to commence.

Before a relieving Judge, Her Honour Afia Owusua Appiah, Prosecution represented by ASP Emmanuel Haliga who was holding Superintendent Sylvester Asare’s brief told the court that the prosecution is still awaiting advice from the Attorney General’s office for the next line of action.

He, therefore, prayed for an adjournment and after consulting his diaries together with Lawyer Audrey Twum, who was holding lawyer Kwame Boafo’s brief agreed with the court and settled on April 25, 2023.

NAM1 made his 30th, 31st and 32nd appearances on November 9, and December 14, both in 2022 and January 2, 2023, respectively.

From July 12, 2019, the CEO of the gold dealership firm has trekked court at least 29 times by September 27, 2022.

EIB Network’s Murtala Inusah who compiled the number of times NAM1 had appeared in court since July 12, 2019, said, the businessman would make at least his 34th appearance on April 25, 2023.

Previous appearances

In 2019, NAM1 made six appearances at the Circuit Court in Accra while in 2020 he appeared in court eight times. He then made further nine appearances in 2021 and five times in 2022.

In 2019, the CEO of Menzgold appeared in court on July 12 (his first) and made subsequent appearances on August 6, September 3, October 23, November 20 and December 23.

For 2020, the CEO of Menzgold made appearances on January 21, March 6, June 24, July 20, September 7, October 1, November 4 and December 16.

In 2021, NAM1 made nine appearances on January 20, March 2, April 1, May 27, July 6, September 2, October 11, November 22 and December 21.

In 2022, the embattled CEO of Menzgold was in court five times on February 21, April 4, May 16, July 15 and August 16 with the next court hearing fixed for September 27.

Meanwhile, he had also made court appearances in a Dubai Court prior to his return to Ghana following the collapse of Menzgold.

Main trial

On August 17, 2019, the embattled NAM 1 was released from police custody after meeting his varied bail conditions.

NAM1 together with his wife Rose Tetteh and his sister Benedicta Appiah (both at large) were facing a total of 13 counts of defrauding by false pretences, money laundering, abetment and carrying on deposit-taking business without licence.

Two of his companies- Menzgold Ghana Limited and Brew Marketing Consult Limited – have also been charged with seven counts of defrauding by false pretences and carrying on deposit-taking business without licence.

On July 26, 2019, NAM1 pleaded not guilty to all the charges and the court presided over by Jane Harriet Akweley Quaye granted him bail to the tune of GH¢1 billion (about $185 million) with five sureties, three of which are to be justified.

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Additionally, he was ordered by the court to report to the police every Wednesday.

But the condition that required him to ensure three of the five sureties provide justification was removed when he could not meet his initial bail terms.

Charges

The initial counts preferred were defrauding by false pretences, abetment to defraud by false pretences, carrying deposit business without licence, abetment of sale of minerals without licence, sale of minerals without licence, abetment of unlawful deposit-taking, unlawful deposit-taking and money laundering.

Brief facts

The brief facts of the case as presented to the court by then ASP Asare, (now Superintendent Sylvester Asare) were that in October 2018, the police received a complaint from about 16,000 people that Menzgold had convinced them to invest GH¢1.68 billion in a gold purchase scheme that yielded 10 per cent monthly interest.

ASP Asare told the court that, the complainants said their money was locked up and they could not find Mensah and the other principal officers of the company.

He said investigations revealed that Menzgold and Brew Marketing Consult were incorporated as limited liability companies in 2013 and 2016, respectively.

DSP Asare (now said Menzgold obtained a licence from the Minerals Commission in August 2016 to purchase and export gold from small-scale miners, and that in order to successfully engage in the business, Nana Appiah founded Brew Marketing Consult to be a gold buying agent.

DSP Asare said although Menzgold was licensed to purchase gold, it was not licensed by the Minerals Commission to trade in gold.

Notwithstanding the lack of such a licence, he said, Menzgold went public after its incorporation and invited the public to deposit money for a fixed period with interest, on the pretext of gold purchasing.

He said further investigations revealed that the three accused persons were the directors and principal officers of Menzgold and Brew Marketing Consult.

The coalition said this in reaction to the fine imposed on him by an Accra Circuit Court for threatening President Nana Akufo-Addo on TV.

Bulldog was found guilty of offensive conduct conducive to the breach of the peace. In default, he will serve 40 days in prison.

Reacting to the court’s verdict, the Public Relations Officer of the CACM, Fred Forson, said in a statement that the fine was highhanded.

“While we do not endorse acts that seek to pervert peace and safety of our Respected President of the Republic, a fine of GHC48,000 against Lawrence Nana Asiamah Hanson aka Bullgod on his comments relating to our locked up investment in Menzgold is quiet harsh. For an aggrieved customer who appeared frustrated and sought to ventilate his views at the system to be treated with this high handedness of the state is quiet strange,” a portion of the statement read.

According to the CACM, “Bullgod is made a double victim by this ruling.”

The Coalition also lamented government’s nonchalant attitude towards their plight.

“This is a product of dysfunctional democracy where leaders and duty bearers have stopped working in the interest of the owners of the democracy, especially the vulnerable.

“The very system that is finding it difficult to press charges against Nam1 for the past 4 years hurriedly finds it expedient to hand down fines against a victim of Menzgold?

“Nearly 200 customers have died but our leaders are all silent on it and they have not taken notice of this catastrophe either.

“Nam1 will be emboldened with his gun waiting for customers at the confiscated Trassaco house. What a Ghana,” the CACM concluded.

Failure to pay the fine will land Bulldog 40 days in prison.

Bulldog had pleaded not guilty to offensive conduct conducive to the breach of the peace.

He was, however, found guilty today after two years of trial by the court, presided over by Evelyn Asamoah.

Background

On January 9, 2021, Bulldog was part of panelists that appeared on an entertainment programme on United Television (UTV).

When the issue of Menzgold came up for discussion on the show, Bulldog said, “the President of the Republic, Nana Addo Dankwa Akufo-Addo will not finish his four year tenure if he fails to pay Menzgold customers.”

In his defence, the artiste manager cum entertainment critic said he never intended to threaten the President or breach the peace.

Rather, he said he wanted to appeal to the President’s conscience to help the customers of Menzgold.

However, in her sentence, the judge was of the considered opinion Bulldog could not had intended to appeal to the conscience of the President due to the gravity of his statement.

The judge said the statement clearly threatened the President and was meant to incite people against the First Gentleman of the land.

“What he said could have serious security implications as it put the President in danger,” the judge said.

The Executive Director for EOCO, COP Maame Tiwaa Adddo- Danquah, had said it would be difficult to prosecute Menzgold boss, Nana Appiah Mensah, popularly known as Nam1.

The reason being that there isn’t any act or law that can be used to back their case so as to provide an appropriate evidence for prosecution.

“Sometimes it is difficult to prosecute someone even when you know they are doing the wrong thing. An example is the Menzgold case. Which law did he break? And it is becoming difficult even to prosecute that case because no law will define the offence,” she said.

However, Professor Appiagyei-Atuah, in an interview with Akua Boakyewaa Yiadom on Adom FM’s Burning Issues says the Menzgold case has since been sent to court yet to be ruled on by the court and that, making such comment may interrupt the rulings of the court.

“It would be difficult to accept what EOCO boss is saying, because the issue is already in court and hasn’t been ruled by the court yet, so she making such comment, it can interrupt the ruling of the court. She can be cited for contempt of court,” he said.

He further added that the Menzgold case is a criminal one, adding that it was sent to court based on evidence.

“I don’t even know why she made that comment, the Menzgold case is a criminal case and it was sent to the court based on evidence. So she coming out later to say there is no evidence that can be used to prosecute him cannot be accepted,” he said.

This follows calls on him to pay off the monies owed customers since the company collapsed in 2018.

Reacting to this, NAM 1 said the well-wishes he has received on his birthday has given him “an urge; a good reason to want to FIX Menzgold swiftly like the speed of light”.

The 38-year-old man is hoping to have a clean slate in 2023 when he marks his 39th birthday.

NAM 1 made these remarks in an appreciation post on Instagram on his birthday.

He wrote:

“A Knight templar is truly a fearless knight and secure on every side. For his soul is protected by an arm of faith, just as his body is protected by an arm of steel. He is thus deeply armed and need fear neither demons nor men”. Behold! the light☀️ is reborn. Thanks to y’all for the best wishes. Y’all gives me an urge; a good reason to want to FIX Menzgold swiftly like the speed of light. I’m motivated. God willing, we shall have clean slate a year by now.

According to the Aggrieved Customers, SidiCoinNFT is an unlicensed financial scheme that has been identified to be a scam.

In a press release issued by them, CACM said the unlicensed scheme has been structured in almost the same manner as Menzgold was.

“Their legal terms, purity of gold of the coin being offered, fixed percentages of dividend one is assured, and language of their terms and conditions cleverly tells you that this business is a Nam1-made scam,” the group stated.

CACM wrote that “we are, therefore, calling on the relevant security agencies and state authorities to investigate, arrest, and prosecute all those behind this sidicoinNFT and its brand ambassador Stonebwoy without delay.”

The group also wants the musician to be stripped of any national or corporate award given to him over the years following his posts.

This comes barely a week after Stonebwoy tweeted and introduced his fans to this new business, telling them times are changing; hence joining SidiCoinNFT will help every hardworking individual to make money.

But, moments after his tweet, he and media personality Bridget Otoo engaged in a heated verbal exchange.

Ms Otoo had advised the former against publicly endorsing investment deals after Stonebwoy introduced a non-fungible token (NFT), SidiCoinNFT.

She insisted that it would be insensitive for the dancehall musician to make a move against the backdrop of his ambassadorial role in the Menzgold saga.

Stonebwoy did not seem enthused and responded that “I think it’s very BIASED and PREJUDICED to pin the loss of lives and properties on ambassadors WHO in NO WAY RAN the said company.”

“I know people who have lost monies and others who gained, and I have personally lost very close relatives too.”

The aggrieved customers in their statement noted that they have not forgotten Stonebowy’s role in promoting Menzgold to his millions of followers.

They added that “he and others lured their followers into investing in Menzgold, which has resulted in the deaths of not less than 179 victims with many others down with various degrees of ailments”.

CACM noted that because of Stonebwoy’s huge following across social media platforms, Twitter, Facebook and Instagram, his actions and the influence he has on people should not be taken lightly.

“In other jurisdictions and given the events with what has happened to Menzgold victims, Stonebwoy, if properly pricked by his conscience, and if they have any regrets, would have been pricked to organise concerts or shows and or set up funds to assist victims of MenzGold since he and his colleague ambassadorial roles and influence in Menzgold have resulted in a national disaster,” they said.

The group also urged their members and other aggrieved customers to stay away from the financial scheme.

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Responding to the latest adjournment of the case in a letter to the Attorney General, the customers said they may be compelled to write to the court to expunge their data from the ongoing trial because of a “lackadaisical attitude.”

The customers described the adjournments as “incessant, deliberate and man-made” amid the deaths of some of their cohorts.

They feel that “perhaps government is not bothered to see the MenzGold Customers dying, and the action of the prosecution is giving credence to our suspicion”.

They also indicated they prefer civil proceedings to ongoing criminal prosecution.

The customers expect this to be a more feasible way of “retrieving and paying the customers.”

“It is our opinion that the criminal prosecution after three years at this embryonic stage should be clear to you and everyone that there is no hope. We urge you to heed our call for civil remedy now.”

Nana Appiah Mensah, also known as NAM 1, is facing 63 counts of money laundering, stealing and taking deposits without authority.

The Circuit Court, in July 2019, granted him bail in the sum of GH¢1 billion.

He had pleaded not guilty to all the initial charges levelled against him by the State.

Nana Appiah Mensah was initially charged with abetment of crime, defrauding by false pretences, carrying on a deposit-taking business without a licence, sale of minerals without a licence, unlawful deposit-taking, and money laundering.

He has reportedly taken various sums of money, totalling GH¢1.6 billion from customers.

The Coalition of Aggrieved Customers of Menzgold, at a press conference on Tuesday, accused the government of Ghana of failing to protect funds of the investors, a development that continues to deepen their hopelessness by the day.

The customers bemoaned the “unconcerned posture” of the government, saying they “are yet to see any remedy by the government or its agencies in assisting customers to retrieve their locked up investments.”

“The rampant adjournment of the criminal case [which has been running for three years] has shown that till date, the state’s prosecution team has not been able to even proffer charges for trial.”

“This is a clear sign that government lacks the commitment to prosecute NAM 1 as many see the trial as ‘a government dancing kpalongo’ in court with NAM 1,” the customers lamented.

According to the aggrieved customers, the move by the Security and Exchange Commission (SEC) to shut down Menzgold in September, 2018 was hasty.

“Menzgold was a legitimate company, registered and licensed by appropriate state agencies under the laws of Ghana to operate. If the state feels that the company added on other operations that encroached the jurisdiction of another regulator, it is not the customers who should suffer for the company’s shortcomings.”

“Customers have suffered in silence for government’s failure at its own job and we will not continue to keep mute,” the Coalition scored.

What is the way forward?

The customers are urging the Parliament “to investigate the closure of Menzgold including the role played by SEC and EOCO as well as the bank accounts of the CEO and board members of Menzgold and Brew Marketing Companies; the whereabouts of some 400 kilograms of gold assets should also be investigated.”

New claim

The Coalition further revealed that Nana Appiah Mensa, though standing trial, has been given the permit to operate an ongoing mineral trading business.

“It has come to our attention that Nana Appiah Mensah, also known as NAM 1, who is the major contributor to our current plight, has been given a new license with which he has started trading in minerals once again as Ivex Minerals.”

“This comes to light after NAM 1 who is currently standing criminal prosecution in our law courts failed in operating PayBoy, Menzgold Prado, Menzgold Global, Zyllawood, etc in the aftermath of Menzgold’s collapse,” it recounted.

The group wants the matter to be treated as “an emergency national catastrophe.”

“We call on the government in the spirit and within the wind of cooperation blowing in Parliament, to work closely with the august house of Parliament to find an amicable solution to this conundrum that customers find themselves,” they pleaded.

In his latest response to one of the distressed customers who decided to reach out to him via his comment section on Instagram, NAM1 said he owes no one or anybody.

In fact, the businessman, who is also the CEO of Zylofon Music, said he also owed by the company that was shut down by Security and Exchanges Commission and the Bank of Ghana (BoG) for operating “without a license.”

When the fan, with the handle, @jerry_joy_quaye said: Won’t you pay me my money?

NAM1 quickly reverted saying: @jerry_joy_quaye Menzgold would definitely pay you, that’s if you’re truly owed by the Company. I DON’T OWE YOU OR ANYBODY. This is a matter of FACT. I am actually also owed heavily by the Company. We are patiently waiting. Thank you. God bless.

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When another fan called out NAM1 to be a fraud. he debunked saying:

You sound like you get it so let’s do this. Without Prejudice, I’m glad you mentioned ‘fraud’ as a prerequisite for the first above-mentioned context.

If you are privy to the Menzgold issues devoid of the ‘callous rented-press solvents’, which has succeeded in saturating this rather very simple matter, you would obviously determine that the Menzgold model as an object in question, does NOT and would not pass the standard of establishing fraud when it’s subjected to that litmus test.

Where is the false pretext? or the impersonation? or the falsification of documents, being it official or unofficial? etc.

Permit me to reiterate the point, Menzgold owes lots of well-cherished clients including myself, very close friends and my immediate and extended family members.

Menzgold is paying quietly to the best of its ability in the face of the many impenetrable impediments and shall enhance the payments momentum using its many assets when the the opportunity is presented.

I believe in Ghana and so, I am trusting the process. All would be settled soon. God bless Ghana??, he replied.

Meanwhile, NAM1 was not in court on Tuesday, July 6, for the case in which he has been arraigned for fraud.

Before the Circuit Court in Accra, presided over by Her Honour Mrs Evelyn Asamoah, his lawyer Audry Twum holding Kwame Akufo’s brief said their client is “coughing.”

“My Lady, our client is not well. He has been coughing and we have asked him to see the doctors this morning. Our apologies to the court for his absence,” his counsel told the court.

Assistant Superintendent of Police Sylvester Asare, the Prosecutor in the case, said the accused has always been in court and for the sake of his absence, he prayed for the case to be adjourned to September 2, 2021, after the parties had approached the bench (judge) upon the prosecutor’s request.

The customers, numbering about 30, have accused the agencies of negligence in their duty of care concerning the operations of the firm and Brew Marketing Consult.

They include the Securities and Exchange Commission, the Economic and Organised Crime Office (EOCO), Bank of Ghana (BoG) and the Attorney General’s Department.

The customers in the lawsuit filed at the High Court are demanding GH¢11,402,000.00 in damages.

According to them, the government’s inability to work together in a coherent and efficient manner to identify and shut down Menzgold Ghana Limited and Brew Marketing Consult led to the plaintiffs investing in the companies.

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They also insist that notices by BoG were not enough: “To prevent the plaintiffs from investing in Menzgold Ghana Limited and in turn Brew Marketing Consult Limited and that the early identification and shutting down of an unregulated deposit-taking institution” by the defendants would have prevented them from investing in same.

According to him, NAM1 as he is affectionately called, was willing to pay his customers until the Securities and Exchange Commission and Bank of Ghana ordered him to stop operating.

In an interview on Asempa FM’s weekend entertainment show dubbed Tête-à-Tête, he asked the worried customers to rather blame the government.

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He explained that the government could have advised and implemented certain strategies to support NAM1’s business rather than collapse the financial firm.

I don’t think he is the problem. We are citizens and we invested. You should care about the investors and you don’t say we are greedy.

Personally, I think they should have cared about how we could hold those who are part of the problem accountable… or better still how do we make it work?

I think it was working for five years and no one complained until that day. I blame the state… I think as a parent you can’t sack your daughter from home for being pregnant. You should rather make sure the situation doesn’t get worse, he said in Twi.

When he was asked if he is certain about the customers getting their monies back, Kumi Guitar said: The issue is in court so it will be difficult for me to say if they will be paid or not.

More controversies have engulfed the proposal by Menzgold owner, Nana Appiah Mensah, popularly known as NAM 1 to settle clients of embattled gold firm with parcel of lands.

The aggrieved customers have outrightly rejected his offer on suspicion it is another scam.

“We were told that his assets and bank accounts have been frozen, so where did he get money to purchase lands and be trading?” A spokesperson for Menzgold customers asked JoyNews.

Apart from the rejection, some estate developers and indigenes of the area have also popped up, laying claims to the land.

A spokesperson for Aduana Ablazde Family on land issues, Rev. Amoako Atta, told Adom News the family has not sold any land to NAM 1, and he issuing it as payment comes as a surprise to them.

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“NAM 1 has never approached the family for any land, all we saw was they were grading the land so we reported to Ayi Mensah Police and also property fraud, where the case is currently under investigation,” he said.

Meanwhile, spokesperson for the aggrieved Menzgold customers, Timothy Binob, says his colleagues insist they want full monetary payment.

The embattled gold dealership firm is offering parcels of lands as a means to settle the debts owed its customers.

However, customers of the firm, who suspect this is another scam, have declined the offer.

“As a group, we find it quite provocative and outrageous, and we are calling on the security agencies to arrest this gentleman immediately.

“We were told that his assets and bank accounts have been frozen, so where did he get money to purchase lands and be trading?” A spokesperson for Menzgold customers told JoyNews.

Fred Forson, the spokesman, further disclosed that checks by the customers revealed that the portions of land being used to offset the debt comes at a cost of US$100,000.

“And for you to acquire that land, you need to make a down payment of GH¢ 20,000 for him to do the indentures and other things,” he added.

He added that customers are not interested in any piece of land, rather, they want back their monies.

“So if you [Menzgold] have got lands, sell the land and come and give us our money,” he said.

He further lamented the poor conditions of most customers since their funds were locked up and urged them not to heed to the new call.

“We don’t understand why any time NAM 1 dreams of a scam, the people that come into his mind is the Menzgold customers,” he said.

This was because the sitting judge, Her Honour Evelyn Asamoah, according to the Court Clerk has “taken her leave,” Starr News has reported.

Even though NAM1 was in court, the prosecutor, Assistant Superintendent of Police (ASP) Sylvester Asare had to be reached on phone to agree on a date in December by which time the judge would have resumed.

At the last court sitting on October 1, 2020, ASP Asare told the court that the prosecution was hopeful the trial will commence this legal year.

According to ASP Asare, “the instructions from our solicitors is that they are working hard to forward their advice to the court.”

He also told the court that “as we begin the legal year, this matter will be commenced” before praying court to grant them an adjournment” to November 4.

While acknowledging that the prosecution appears to “always come here with one story or the other” ASP Asare prayed the court to “indulge” over the delay.

NAM I was initially charged with abetment of crime, defrauding by false pretences, carrying on a deposit-taking business without a licence, sale of minerals without a licence, unlawful deposit-taking, and money laundering.

It is alleged that the accused had taken various sums of money, totalling GH¢1.6 billion from customers.

Background:

The State had previously on June 24, 2020 filed new charges against the CEO of Menzgold, also known as NAM 1 at the Accra Circuit Court.

Assistant Superintendent of Police Sylvester Asare told the Court that his directives were that he should hold on to the new charges and the plea taking of the accused.

On July 20, ASP Asare told the court that they were seriously working to advise the court on the matter.

To this end, he prayed the court for a long adjournment after which they would have been able to advise the court on their intention of prosecution on the matter.

He said when the advice is ready, they will issue hearing notice to the accused persons to appear before the court to do the needful.

Bail

The Circuit Court on July 26, 2019, granted NAM 1 bail in the sum of GH¢ 1 billion cedis with five sureties, three to be justified.

He had pleaded not guilty to all initial 13 charges levelled against him by the State. The state had since amended its charged sheet which is yet to be moved.

He is also to report to the police every Wednesday at 10:00 hours.

He said his party was still committed to ensuring that the customers’ locked-up funds were retrieved when elected in the December polls election.

Sammy Gyamfi’s comments come after the flagbearer of the party, John Mahama, had discredited his earlier comment regarding payment of Menzgold customers.

Mr Gyamfi is on record to have said that if John Mahama won power, his administration would pay all monies owed by financial institutions including Menzgold customers which have been made defunct by the Akufo-Addo-led administration.

But, Mr Mahama, in an interview on Starr FM, said he has never said anywhere that he will pay clients of the defunct gold dealership firm when he’s given a second term.

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Reacting to Mr Mahama’s comments which many believe contradicts his claims on Asempa FM’s Ekosii Sen, Sammy Gyamfi said his comments and that of his flagbearer meant the same.

According to him, since there are currently no documents to back the claims of the customers, they will investigate and find and out the next step to take.

“Mahama never said he will pay the money immediately we assume power and neither did I say that since we don’t know the number of affected persons or monies involved,” he said.

Listen to Mr Gyamfi in the audio attached below:

According to the customers, they had some hope when Mr Mahama promised to pay them but his latest comment on the matter has left them hopeless.

“I was really pained when I heard Mahama say he never promised to pay us,” leader of aggrieved customers of Menzgold in Kasoa, Superintendent Sampson Addai Mensah (Rtd) said on Asempa FM’s Ekosii Sen programme.

John Mahama in an interview on Accra-based Star FM said he never said he’ll pay Menzgold customers”.

Rather, what his government will do should he win the December elections is to investigate the extent of indebtedness and take remedial actions to alleviate the suffering of the customers.

This position taken by the former President, the retired police officer said, amounts to deceit.

He said his members, numbering over thousands, were overjoyed when the NDC Communications Officer, Sammy Gyamfi confirmed Mr Mahama’s promise.

“I remember we held a press conference and declared support for NDC when he [Mahama] promised to pay,” Supt Addai Mensah (Rtd) fumed.

The former Police officer who claims to have invested all his retirement package in Menzgold said he now struggles to make ends meet.

“About eleven members of my family and some retired police officers have lost their investments and were hoping to get their monies back under Mahama but now, see,” he said.

Supt. Addai Mensah (rtd) said their only hope was for the Akufo-Addo-led government to pay them their monies.

Play attached audio above for more.

Abronye DC, as he is widely known, has threatened to stop campaigning for the re-election of the incumbent government if he agrees to pay locked up funds of Menzgold customers.

This is because Abronye believes calls for the government’s intervention is misplaced, adding the decision to invest was solely those of the customers.

“For me, if the NPP decides to pay customers of Menzgold, I will cease campaigning for the party. The aggrieved customers must redirect the anger to the defunct company as the government played no role in the whole transaction,” he fumed.

Speaking on Kumasi-based Hello FM, he argued the government could not be held responsible for the woes of the customers.

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“It is unlawful for any government to pay customers of the gold firm because it is an individual company and therefore the state cannot release funds to rescue it not even on the day of elections,” he added.

His comments come on the back of calls from customers of the embattled gold dealership firm for a bailout from the government.

However, the Security and Exchange Commission has rejected the request, stating that members of the coalition cannot be included in the bailout fund.

The reason being that “the target of the bailout is clearly defined and does not cover Menzgold customers.”

In the reply dated September 9, 2020, the Commission emphatically mentions that members of the Coalition cannot be included in the bailout fund because “the target of the bailout is clearly defined and does not cover Menzgold customers”.

“The SEC is implementing the bailout provided for in the Mid-Year Review of the Budget Statement and Economic Policy of the Government of Ghana and Supplementary Estimate for the 2020 Financial Year. Section 239 of the Budget Statement approved by the Parliament was very specific” it reads.

The letter, which was assented to by the Director-General of the SEC, Reverend Daniel Ogbarmey Tetteh and addressed to the Chairman of the Coalition, Mr Isaac Nyarko further explains that Menzgold was not an asset management company under SEC’s modulation.

CACM called on government to include them in the bailout fund when the SEC announced a week back that clients of collapsed fund management companies will start receiving their locked up funds before the end of the year.

According to the industry regulator, the decision to pay these persons followed a relief granted by the Official Liquidator, the Registrar General, to liquidate 22 fund management companies (FMC’s) whose licenses were revoked by the SEC in November 2019.

But the CACM says its members have been subjected to “suffering and unbearable hardships” since the company’s shut down in 2018.

According to NAM 1 as he is widely known, a 4,000 plot modern smart city known as the ‘Zylofon Hills’ is in the offing.

By way of goodwill gesture to customers, 500 residential plots of land have been reserved for them.

He disclosed this on Twitter while commiserating two-years of the firm’s collapse coupled with an architectural layout of the complex .

While recounting the pain caused by “many losses”, NAM1 also noted that “refreshingly, he celebrates many successes.”

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 “12th Sept, 2018 in retrospect, we’re pained by the many losses we count. Refreshingly, we celebrate many successes. We commemorate today with over 4,000 plots ENVISIONED new smart city coming up. As a goodwill gesture, 500 residential plots are reserved for menzgold customers,” his tweet read.

Read the full post below:

12th Sept. 2018 in retrospect, we’re pained by the many losses we count. Refreshingly, we celebrate many successes. We commemorates today with over 4,000plots ENVISIONED new smart city coming up. As a goodwill gesture, 500 residential plots are reserved for Menzgold customers.?? pic.twitter.com/oRL3RJSQCv

— Nana Appiah Mensah (@nana_appiah_m) September 12, 2020

Zylofon Music signee, Tisha Bentil, has attacked Chief Executive Officer of Rufftown Records, Ricky Nana Agyemang, popularly known as Bullet, over claims that his uncle died after his funds got locked-up at Menzgold, a gold-dealership firm.

Bullet took to social media to make his statement about how his uncle allegedly died after investing in Menzgold, a sister company of Zylofon Music which is also owned by Nana Appiah Mensah.

Bullet wrote: Sad news I just lost my uncle because of his locked up funds at Menzgold. So are we going to sit aloof and watch the sweat and hard earned money of innocent individuals been locked up with no proper surety of payment? R.i.p uncle yaw#menzgoldcustomerslivesmatter

But reacting to it, Tisha said Bullet is actually dumb and very misleading to bring out such news into the public domain.

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It is actually dumb and very misleading to point to the cause of fake uncle Yaw’s death in the public domain, when you can’t show us his face in tribute and autopsy report. #BeSerious #RIPFakeuncleYaw #EmotionalRecordLabelBoss, she typed.

In another tweet, she said: Clearly, because you live in a rough town instead of a civilised modern city, you unintelligently don’t know, that a matter before a court of law is the best, guaranteed and civilised means to resolve any matter justly and equitably [SIC].

Check out the original tweet below:

Narrating the cause of his death, the music producer, who managed Ebony Reigns before her demise, said his uncle died due to his locked-up funds at embattled gold-trade firm Menzgold.

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Bullet wrote: Sad news I just lost my uncle because of his locked-up funds at Menzgold. So are we going to sit aloof and watch the sweat and hard-earned money of innocent individuals being locked up with no proper surety of payment? R.i.p uncle yaw [SIC].

Check out the original post below:

National Communications Officer of the party said within the first year of an NDC government, all lockup funds will be paid.

His comment follows a promise made by former President John Mahama to pay customers their monies locked up in collapsed financial institutions.

“I pledge on behalf of the NDC that we shall pay within one year all who have funds locked up with the collapsed financial institutions. Within one year.  I promise!” he said.

What was not clear in Mr Mahama’s speech was whether customers of the defunct gold dealership firm will also get their monies back.

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However, Mr Gyamfi on Asempa FM’s Ekosii Sen programme Tuesday said aggrieved customers of Menzgold will also enjoy the package.

“John Mahama is caring and will not allow the investment of such people go waste so the next NDC government will pay Menzgold customers their monies,” he stated.

As a social democratic government, the NDC man said they have the interest of Ghanaians at heart and will do everything possible to ameliorate their suffering under the Akufo-Addo government.

All the NDC needs, Mr Gyamfi said, is for Ghanaians, especially those affected by the collapse of financial institutions to vote massively for the NDC in the December general election.

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NAM 1 is facing 63 counts of money laundering, stealing, taking deposits without authority with other family members now at large.

His lawyers were not opposed to the new charge sheet but pleaded with the Court to expedite the process for their client. There was a heavy security presence when NAM 1 appeared in Court.

The Circuit Court on July 26, 2019, granted NAM 1 bail in the sum of GH¢ 1 billion cedis with five sureties, three to be justified. He had pleaded not guilty to all initial 13 charges levelled against him by the State.

He is also to report to the police every Wednesday at 10:00 hours. He was initially charged with abetment of crime, defrauding by false pretences, carrying on a deposit-taking business without a licence, sale of minerals without a licence, unlawful deposit-taking, and money laundering.

The court adjourned the trial to Monday, July 20.

The Coalition of Aggrieved Customers of Menzgold (CACM) who wonder how the man who has failed to pay them since their investments were locked up when the company collapsed years ago, is still throwing money around.

They not only want him arrested immediately, they also want all his properties confiscated.

Speaking at a press conference on Monday from where JoyNews’ Maame Esi Thompson reports, Secretary of CACM, Samuel Odartey said the customers are incensed by the development.

He said “we are very much appalled by the bravado and the open disregard for the laws of the land seeing as NAM1 a man who has been slapped with 61 criminal charges including money laundering is still signing financial contracts and being escorted by macho men.

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“If, indeed our laws are working, which we believe they are then we call on His excellency the president to order the office of national security to cause the arrest of NAM1 immediately without delay,” he added.

The customers are surprised that the artiste signing ceremony was organised with grandeur, pump and pageantry and in the full glare of our state authorities.

Mr Odartey claims not less than 55 of CACM members have lost their lives due to the hardships they and their families have had to endure since their monies were locked up.  

“It is not surprising that NAM1, the father of Menzgold, Brew Marketing Consult, Payboy, Ivex Minerals, Metallica Refinery and 5G Gold have got enough money to spare and sign on artistes and go on a free-for-all spending while victims of Menzgold customers continue to die, suffer stroke and heart attacks and deaths as well as have their lives shattered just as a result of investing in Menzgold.”

The customers want their funds paid to them without delay, and that “Menzgold customers’ plight should be treated as a national security issue to avert more deaths among the customers.”

Mr Odartey described claims by NAM1 that the company has paid some ¢9.6 million to customers whose monies were locked up in his firm as false.

As the Economic and Organised Crimes Office (EOCO) has through a court order frozen the assets of NAM1, “where did NAM1 get the money to pay ¢9.6 million and how was the payment done,” he questioned.