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NAM 1 grabs $39m in Dubai

The Chief Executive Officer (CEO) of Menzgold Ghana Limited, Nana Appiah Mensah, popularly known as NAM1, appears to be making strides in the charges he is facing in Dubai.

The Appeals Court in the Emirati country reportedly upheld the acquittal and discharge verdict of the embattled Menzgold boss, an indication that the numerous customers whose funds have been locked up at the gold collectible firm might be getting something back very soon.

A Dubai-based gold firm – Horizon Diamonds Royal – which is reported to be indebted to NAM1 to the tune of $39 million had filed the appeal against a high court ruling in Dubai.

NAM1 was arrested in Dubai in December 2018 in connection with an alleged fraudulent gold deal.

A statement issued by management of Menzgold Ghana Limited yesterday said, “The appeal processes initiated by Horizon Diamonds Royal DMCC against the Executive Officer of our company, Nana Appiah Mensah, following his acquittal and discharge in the Dubai Court of first instance has been fully tried and completed.”

“Among others, the Dubai Superior (Appeal) Court upheld the acquittal and discharge verdict by the first instance court, consequently dismissing both the criminal and civil frivolous claims made by the appellant before them against our Chief Executive Officer,” it said.

What Happened?

NAM1’s trouble in Dubai started after he was introduced to officials of an Emirati-based company – Horizon Royal Diamond – for the supply of gold until some delays angered the Dubai company managed by a Lebanese.

Manager of Horizon Royal Diamond, whose name was given simply as Daniel and based in Dubai, was said to have instructed his representative, one Zacca, who is believed to be an Angolan, to find out what was causing the delays.

However, upon his arrival in Ghana, Zacca visited NAM1 at his office and there he met a Nigerian named Ayodeleor Ade and a Ghanaian called Charles – both were believed to be the business partners of the Menzgold boss.

After Zacca’s meeting with NAM1, he reportedly had discussions with the Nigerian and Ghanaian, who promised to supply gold from Sierra Leone at a cheaper rate.


Zacca informed Daniel in Dubai about the new arrangement, and they reached an agreement with the Nigerian and Ghanaian without the knowledge of NAM1.

The two failed to supply the gold from Sierra Leone as promised, which led Horizon Royal Diamond to lose $51 million in the process.


After the loss, officials of the Dubai-based company reportedly went back to NAM1 to ‘revive’ their business and even apologized to the Menzgold boss who allegedly accepted them back.

The source said the Dubai company became indebted to Menzgold to the tune of about $31 million.

Joint Venture

Again, the source indicated that after their failed attempt in getting gold from Sierra Leone, Horizon Royal Diamond officials proposed to NAM1 for them to enter into a joint venture (JV) arrangement for the acquisition of a gold mine in the Ashanti Region called Oware.

NAM1 is said to have agreed to the proposal and made a commitment to inject $2 million to commence the acquisition process while Horizon Royal Diamond also pledged to inject $100 million into the operations of the mine.

The agreement, however, failed to materialize but supply from Menzgold continued, as NAM1 reportedly sourced gold across the country.

List of Customers

DAILY GUIDE investigations in February revealed that there were a total of 4,998 customers of Menzgold and not the estimated 46,000 as published earlier in the media.

Source: Daily Guide Network

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