“it is good. At least, he has not deposited money to a neutral body. Not the bedroom payment that he was doing in the past. When we are briefed, we will know the purpose of the money. To the best of our knowledge no customer has been verified and no customer is disqualified. Every customer is entitled to his or her money. He should bring in more money. Our money is with him. We are watching and monitoring”

Businessman Nana Appiah Mensah, popularly known as NAM 1 is said to have handed over GHC5million in cash to the Ghana Police Service for onward distribution to customers of his Gold dealership firm, Menzgold.

The Company had earlier indicated it would commence payment of matured investments from Friday October 20, 2023. Handing over the money to the Police was therefore to set this process in motion.

bout Menzgold

The Company’s operations were shut down in September 2018 by the Securities and Exchange Commission, acting in collaboration with other state agencies, following concerns that the company did not have the appropriate license to either undertake deposit taking or dealing in gold as it purported to do.

Menzgold had for years operated as a recipient of gold collectibles acquired by customers who obtained them by making a deposit at a related marketing company.

State intervention

State Prosecutors have since 2019 attempted to prosecute Nam1 following allegations by his customers that their investments remain locked up since the company was shut down. Documents filed in court estimate the outstanding cash to be in excess of GH¢1.68 billion.

The prosecutors told the court that Menzgold Ghana Company Limited was first registered as Menzbank Ghana Company Limited in 2013 whereas Brew Marketing Consult Ghana Limited was registered in December 2016.