All about popular Ghanaian businessman NAM1

Ghanaian businessman, Nana Appiah Mensah popularly known as NAM1, was born on May 16, 1984 in Accra, Ghana.

Among other businesses in his name are the defunct gold dealership and investment firm, Menzgold and Zylofon Media.

His gold dealership firm promised customers 10 per cent of their monthly returns on their investments.

With this mouthwatering deal, several Ghanaians signed onto it and later had their funds locked up.

Before the collapse of Zylofon Media, NAM1 signed ace artistes such as Stonebwoy, Becca, Shatta Wale, Joyce Blessing, Kumi Guitar, and movie stars such as Benedicta Gafah, Toosweet Annan.

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

According to SEC, Menzgold had been involved in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns to clients without a valid license from the Commission.

This was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act,” according to the SEC.

In September 2018, Menzgold dragged SEC and the BoG to court after its license was revoked by SEC.

The suit filed at the Commercial Division of the Accra High Court described the two regulators as indulging in activities that were “harmful” to its operations.

A Circuit court issued a warrant for the arrest of Menzgold CEO, Nana Appiah Mensah who was accused of defrauding by false pretenses and money laundering.

It came months after angry customers agitated for the intervention of the state after all efforts to retrieve their investments failed.

The customers included bankers, small-scale miners, top military and police officers, clergymen and women, and Ghanaians living abroad.

NAM 1 Trial: Accused makes 35th court appearance, still no show

An Accra Circuit adjourned the case of Nana Appiah Mensah for the 35th time.

He 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.

Assistant Superintendent of Police (ASP) Emmanuel Haliga told the Court presided over by Evelyn Asamoah that the prosecution was still waiting for the Attorney General’s advice.

Meanwhile, his plea on the amended charges was yet to be taken.

The accused persons have denied the charges and the court on July 26, 2019, admitted him to bail in the sum of GH¢1 billion with five sureties, three to be justified.

The Court ordered him to report to the police every Wednesday, pending the outcome of the case.

The case was then adjourned to July 26, 2023.

Pay GH¢650 for verification or risk losing refund - NAM1 to Menzgold customers

In the latest development, Menzgold Ghana announced a fresh round of customer validation to facilitate the processing of payments for its customers whose funds have been locked up.

In a letter dated August 18, 2023, the company informed its clients that this validation is necessary following the initial assessments, which according to them revealed that a significant number of claims contained unacceptable infractions that rendered them invalid.

“As indicated in our August 8th release: Menzgold has successfully and finally completed the validations of the transaction supporting documents customers presented for vetting. Unfortunately, it was determined that over sixty percent (60%) of the claims were fraught with unacceptable infractions which invalidate the claims in question,” part of the release read.

The statement further conveyed that customers seeking to access their locked-up funds would need to participate in the Menzgold Digital Verification Access Card process, designed to verify transactions and validate claims.

According to the release, the Menzgold Digital Verification Access Card will be available for purchase at a cost of GH¢650 each from authorized Payboy agents.

This card will enable customers to check their transaction validation status between August 10, 2023, and September 14, 2023. In addition, customers will be required to upload original coloured soft copies of supporting documents for their transactions.

Defunct Menzgold abandons GH¢650 verification card sale after backlash

On Monday, August 21, 2023, Menzgold announced the cancellation of a paid customer validation process in its efforts to facilitate the processing of payments for its aggrieved customers.

Educational background

He attended Adisadel College for his secondary school education and furthered to the University of Ghana for his first degree.

At the University, he studied a couple of degree programs including Economics and Business Management, Finance, Mining, and Environmental Studies, Psychology, Law, African, and World History and Theology.

SA/NOQ

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