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Sunday, November 29, 2020

I will address the press on August 19 – NAM 1


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Nana Appiah Mensah, the CEO of the troubled gold dealership firm Menzgold says he will address the press on the state of affairs of his companies on August 19.

Nana Appiah Mensah (popularly known as NAM 1) in a tweet on Wednesday assured that he will provide final practical resolutions to all “pending teasing matters, geared towards a highly possible rebound soon”.

However, his tweet did not provide a location for the said press briefing.

He posted: “I will address the press on the 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. Stay tuned to Zylofon fm & tv for updates.#GhanaShallProsper✊”.

Release on bail

NAM 1 was released from police custody on August 5 after he met the reviewed bail conditions.

He secured his freedom on bail after his lawyers managed to meet the bail conditions set by an Accra circuit court. The court had initially set bail at ¢1 billion with five sureties.

But Nana Appiah Mensah remained in custody as his lawyers were unable to meet the bail conditions.

His lawyers later filed an application urging the court to reduce the bail condition to ¢5 million.

However, in court, the presiding judge ruled that persons who have pledged to take responsibility if the Menzgold CEO fails to show up in court to stand trial must no longer show evidence of owning properties worth ¢1 billion.


NAM1 has been slapped with 13 counts of defrauding by false pretences, money laundering, abetment and carrying on deposit-taking business without licence contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act.

He arrived in Ghana on July 11, 2019, where he was picked up by security operatives at the Kotoka International Airport and sent to the Criminal Investigations Department (CID) of the Ghana Police Service for interrogation after spending several months in Dubai in another legal battle.

Nana Appiah Mensah has been accused of defrauding his customers of about GHS1.68 billion.

According to the charge sheet, the money was from 16,000 people who invested a total of GHc1,680,920,000 in the company.

The charge sheet indicated that Mr Appiah Mensah’s two companies — Brew Marketing Consult and Menzgold Ghana Limited; represented by him, have also been charged with defrauding by false pretence.

Nana Appiah Mensah’s sister and his wife, Benedicta Appiah and Rose Tetteh, have also been charged with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without a licence.

The charge sheet explained that the accused persons purportedly aided Brew Marketing Consult and Menzgold to defraud the customers.


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