Menzgold Ghana Limited
{{short description|Gold dealership and investment firm}}
Menzgold Ghana Limited was a fraudulent gold dealership and investment firm that promised customers an average of 7-10 percent monthly returns on investments. It was subsequently shut down by the Government of Ghana. It was founded by Nana Appiah Mensah, who is popularly known as NAM 1.{{cite web|url=http://www.myjoyonline.com/politics/2018/December-24th/menzgold-saga-ato-forson-accuses-govt-of-running-away-from-responsibility.php|title=Menzgold saga: Ato Forson accuses gov't of running away from responsibility|website=www.myjoyonline.com}} The firm is reported to have initially traded as Menzbank; then changed to Menzbanc and then finally to Menzgold, due to warnings from the Bank of Ghana about the use of 'bank' as a company name for a non-banking entity.{{Cite web|url=https://www.myjoyonline.com/business/2018/August-26th/ace-ankomah-shreds-menzgold-with-three-arguments.php|title=Ace Ankomah shreds Menzgold|access-date=2019-02-04}}
Controversy
= ''Private Investigations by Israel Laryea'' =
Israel Laryea, a journalist, sought to throw more light into the activities of Menzgold and paid a visit to London where he visited the commercial property "Berkeley Square House". He stated that it was the location of Menzgold's London Office as was stated on the then company website. In the investigative video that was circulated on all social media platforms in July 2018, he stated he was going to enter the building and proceed to the Menzgold Office and purport to buy gold. After a failed attempt to enter and actually interact with the occupants of the office, he indicated the security was tight and could not film the lobby and would have to pose as one looking for an office space to rent.{{Cite web |last=Dzido |first=Justice |date=2018-09-25 |title=Joy News So Called Visit To Menzgold’s London Office Laughable |url=https://www.thepublisheronline.com/joy-news-so-called-visit-to-menzgolds-london-office-laughable/ |access-date=2023-09-06 |website=The Publisher Online |language=en-GB}}
This sparked controversies by the public and was branded a shabby investigation by notable journalists such as Chris-Vincent Agyapong. Chris-Vincent fired Israel in an attempt to save face following the poor investigation done which was made public after using the news agencies resources.{{Cite web |date=2018-09-25 |title=Menzgold UK: Israel Laryea is a disgrace to journalism - Chris Vincent |url=https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Menzgold-UK-Israel-Laryea-is-a-disgrace-to-journalism-Chris-Vincent-687788 |access-date=2023-09-06 |website=GhanaWeb |language=en}}
Nana Appiah took to Instagram to express his sheer disappointment in the work done by Israel.{{Cite web |last=Adu |first=Dennis |date=2018-09-25 |title=Photos: Menzgold boss rips Israel Laryea apart for investigating Menzgold UK |url=https://www.adomonline.com/photos-menzgold-boss-rips-israel-laryea-apart-for-investigating-menzgold-uk/ |access-date=2023-09-06 |website=Adomonline.com |language=en-US}}
= ''Operations Shut Down'' =
Its operations were shut down in September 2018, by the Ghana Securities and Exchange Commission (SEC).{{Cite web |url=https://3news.com/sec-orders-immediate-shutdown-of-menzgold/ |title=SEC orders immediate shutdown of Menzgold |date=2019-09-08 |access-date=2019-01-09}}{{cite web|url=https://sec.gov.gh/public-notice-menzgold/|title=Public Notice on Menzgold|date=10 October 2017|publisher=}} The company's operating license which had initially been granted in 2014, was revoked by the Minerals Commission of Ghana since it had primarily been for gold trading and export.{{Cite web|url=https://www.businessghana.com/site/news/business/170253/Why-Menzgold-trading-license-was-revoked-in-2015-PMMC|title=Why Menzgold's trading licence was revoked|access-date=2019-02-04}} However, as reports of a gold-investment scheme with high returns started to circulate, the Bank of Ghana{{cite web|url=https://citinewsroom.com/2018/08/07/menzgold-not-licensed-for-deposits-sanctions-on-the-way-bog/|title=Menzgold not licensed for deposits, sanctions on the way - BoG|date=7 August 2018|publisher=}} began to publish warnings which cautioned citizens to be wary of dealing with the firm and warned the firm against taking cash deposits.{{cite web|url=https://www.modernghana.com/news/794393/bank-of-ghana-warns-general-public-against-cash-deposits-at.html|title=Bank Of Ghana Warns General Public Against Cash Deposits At MenzGold|website=Modern Ghana}}
Customers who deposited at Menzgold have been locked out since the shutdown and cannot access their investments, leading to demonstrations at its various branches.{{cite web|url=https://www.bbc.com/pidgin/tori-46674244|title=I invest Ghc760,000 all lock inside Menzgold, if President Akufo-Addo no speak we go die|date=24 December 2018|publisher=|via=www.bbc.com}}{{cite web|url=http://www.ghananewsagency.org/economics/aggrieved-customers-of-menzgold-in-wr-call-for-locked-up-cash-140350|title=Aggrieved customers of Menzgold in WR call for locked up cash|website=www.ghananewsagency.org}} In January 2019, the Economic and Organized Crime Office (EOCO) of Ghana, secured a court order to freeze all landed properties and vehicles belonging to the embattled Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah. The landed properties include Menzgold Ghana Limited, Menzgold Office Complex, Zylofon Art Complex, Brew Marketing Consult, Star Mad. Football Club, Zylofon Music and Media Company Limited, Brew Energy Company Limited and G. Tech Automobile Service.{{Cite web|url=https://www.graphic.com.gh/news/general-news/ghana-news-eoco-secures-court-order-to-freeze-nam-1-s-properties.html|title=EOCO secure court order|access-date=2019-02-04}} On Wednesday, January 8, 2020 some aggrieved customers of Menzgold Ghana Limited massed up at the residence of Nana Appiah Mensah to discuss payments of their locked up funds. Nana Appiah Mensah fired shots to ward off his angry customers.{{Cite web|url=http://www.peacefmonline.com/pages/videos/202001/17763.php|title=Video: Menzgold shooting NAM1 pulled the trigger|last=Online|first=Peace FM|website=www.peacefmonline.com|access-date=2020-01-18}}{{Cite web|url=https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Menzgold-shooting-NAM1-pulled-the-trigger-838354|title=Menzgold shooting: NAM1 pulled the trigger|website=www.ghanaweb.com|language=en|access-date=2020-01-18}}
= ''Self-Acclaimed "Biggest Loser" on Twitter Spaces'' =
Nana Appiah joined an interactive space hosted by the journalist Serwaa Amihere where he promised to answer questions from the public.{{Cite web |last=Nyavor |first=George |date=2023-08-21 |title=NAM1 to address concerns about validation today, Serwaa Amihere to moderate |url=https://yen.com.gh/ghana/240129-nam1-address-nation-validation-concerns-menzgold-ceo-promises-address-public-concerns/ |access-date=2023-09-06 |website=Yen.com.gh - Ghana news. |language=en}} He was expected to provide the general public with real answers regarding their locked-up funds. He referred to himself as the biggest loser of all saying;
"If you want to crown the biggest loser in all of this thing, I am the one, because I lost everything: I lost all my properties and I don't even have a car of my own in this country[Ghana]."{{Cite web |date=2023-08-21 |title=Thief, fraudster, gaslighter, unempathetic: Names NAM1 was called during live Twitter Space |url=https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Thief-fraudster-gaslighter-unempathetic-Names-NAM1-was-called-during-live-Twitter-Space-1829006 |access-date=2023-09-06 |website=GhanaWeb |language=en}}
But his appeal did not sit right with the listeners and he was branded all sorts of names.{{Cite web |last=Larnyoh |first=Magdalene |date=2023-08-22 |title="Not even Shakespeare has this vocab": Twitter lady roasts NAM1 on live space |url=https://yen.com.gh/people/240218-twitter-user-calls-nam1-names-live-twitter-space/ |access-date=2023-09-06 |website=Yen.com.gh - Ghana news. |language=en}}
= ''Call for Arrest and Prosecution'' =
Kwame A Plus, a prominent figure in Ghana's entertainment and political spheres, recently made a fervent call for the arrest of Nana Appiah Mensah, who is widely recognized as Nam1 and is the former chief executive officer (CEO) of Menzgold, the controversial investment company that's facing legal issues and financial troubles in the country.{{Cite web |date=2023-08-27 |title=NAM1 can't be walking around and misbehaving, arrest him - A-Plus |url=https://www.ghanaweb.com/GhanaHomePage/entertainment/NAM1-can-t-be-walking-around-and-misbehaving-arrest-him-A-Plus-1832582 |access-date=2023-08-27 |website=GhanaWeb |language=en}} During the August 26 episode of the United Showbiz Show, Kwame A-plus raised an important question about Nana Appiah Mensah (Nam1). A-plus questioned why Nam1 is still free to move around despite serious allegations against him, emphasizing that individuals facing fraud accusations in developed countries would likely have been arrested.
Payment Verification Card
In August 2023, Nana Appiah Mensah demanded that victims of the Menzgold scam who were indebted by the scam to further purchase a 650 Ghana Cedis Menzgold Digital Verification Access Card in order to verify their transactions.{{Cite web |last=Togoh |first=Sika |date=2023-08-18 |title=Why is NAM 1 trending in Ghana? |url=https://univers.ug.edu.gh/2023/08/18/why-is-nam-1-trending-in-ghana/ |access-date=2023-08-23 |website=Radio Univers 105.7fm |language=en-US}} The claim was that it would enable the verification of the people who claim to have been indebted by the company.{{Cite web |date=2023-08-19 |title=Pay GH¢650 for verification or risk losing refund - NAM1 to Menzgold customers |url=https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Pay-GH-650-for-verification-or-risk-losing-refund-NAM1-to-Menzgold-customers-1827812 |access-date=2023-08-23 |website=GhanaWeb |language=en}} This decision was later rescinded after public backlash.
Demand for Justice
The Attorney-General and Minister for Justice, Godfred Yeboah Dame, at the 40th International Symposium on Economic Crime held on September 4, 2023, stated that the victims of the Menzold scam will be served justice.{{Cite web |title=Victims of Menzgold scam will get justice – Attorney General |url=https://www.myjoyonline.com/victims-of-menzgold-scam-will-get-justice-attorney-general |access-date=2023-09-06 |website=www.myjoyonline.com |language=en}}{{Cite web |last=Godfred Yeboah |first=Dame |date=September 5, 2023 |title=FULL TEXT: Attorney-General's address at the 40th International Symposium on Economic Crime |url=https://www.graphic.com.gh/news/general-news/full-text-attorney-generals-address-at-the-40th-international-symposium-on-economic-crime.html |access-date=September 6, 2023 |website=Graphic Online}} This follows the 39 charges the Attorney-General(AG) filed against Nana Appiah Mensah on August 30, 2023.{{Cite web |date=2023-08-30 |title=Attorney General files 39 charges against NAM1 |url=https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Attorney-General-files-39-charges-against-NAM1-1834859 |access-date=2023-09-06 |website=GhanaWeb |language=en}} The (AG) announced that the dockets for persecution against Nana Appiah is almost ready as they have undertaken "painstaking investigations" into building the dockets.{{Cite web |title=‘Dockets for NAM1’s prosecution almost ready’ – Attorney General |url=https://www.myjoyonline.com/dockets-for-nam1s-prosecution-almost-ready-attorney-general |access-date=2023-09-06 |website=www.myjoyonline.com |language=en}}