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Family Stops NAM 1 …From Going Public


Barring any last minute hitches, Chief Executive of gold dealership firm, Menzgold Ghana Limited Nana Appiah Mensah is expected to break his silence over a cocktail of issues today despite strong family opposition.

Although, it is unclear what direction and shape the much publicised press conference would take, the papers sources say the businesses man “really has a lot” to say “to clear the air”.

Insider information has it that NAM1’s close family and the management of Menzgold are against his decision to go public.


Another source close to his legal team also say they are not comfortable with his style because the case is still in court.

But the man at the centre of the storm appear unbothered by the seeing division that has greeted his plans to clear his chest.

Last week NAM 1 tweeted: “I will address the press on 19th August, 19 regarding the state of affairs of our companies, with final practical resolutions to all pending teasing matters, geared towards a highly possible rebound soon…”

The event, highly expected to be attended by scores of agitated customers of the comatose Menzgold would be aired live on Zylofon Radio and Television owned by the businessman.

According to the source, Mr. Appiah Mensah popularly known as NAM1 is largely set to allay the fears of the numerous customers of Menzgold whose investments have been locked up at the facility following the closure of the company by the government in August last year.

The press conference comes days after NAM1’s team had insisted that he required “urgent medical attention”.

A statement issued by his team on August 7, 2019 did not however, give much detail on his condition and the kind of treatment he is receiving except to say he is seeking medical attention “for the excruciating nine-month ordeal in Dubai and Ghana”.


So far the grapevine has it that NAM1, has been charged with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without license, contrary to Section 6 (1) of the Banks and Specialized Deposit-taking Institutions Act, 2016 (Act 930).

NAM1 who returned to Accra on Thursday, July 11, 2019, after months of detention in Dubai in the United Arab Emirates is alleged to have defrauded some 16,000 customers of more than GH¢1.68 billion between January 2017 and September 2018.

Two of his companies — Brew Marketing Consult and Menzgold Ghana Limited — represented by him, have each been charged with defrauding by false pretense, contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29),

The two companies have also been charged with carrying out a deposit-taking business without a license, contrary to Section 6 (1) of Act 930.

Two Others

Also facing in the dock are his sister and his wife, Benedicta Appiah and Rose Tetteh, respectively, who have been slapped with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without a license, contrary to Section 6 (1) of Act 930.

The two women are, however, at large.

The charge sheet explained that Appiah and Tetteh aided Brew Marketing Consult and Menzgold to defraud the customers of the GH¢1.68 billion.

On the charge of abetment to carrying out deposit-taking business without a licence, the three suspects are accused of aiding the two companies to illegally carry out a deposit-taking business.


Story By Jeffrey De-Graft Johnson

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