Gov’t conspiring with NAM1 to rob us – Aggrieved Menzgold customers storm Zylofon Media [ARTICLE]


The aggrieved Menzgold members gave the notice when they stormed the office of Zylofon Media, one of the many businesses of Nana Appiah Mensah aka NAM1 at East Legon.

They also accused the government of conspiring with NAM1 to rob them of their investment.

The aggrieved depositors said their woes have been ignored by the government for more than two years since it collapsed the gold firm.

Reports stated that one customer collapsed during the demonstration on Saturday, October 31, 2020.

READ MORE: Video: Menzgold boss plays gospel song to aggrieved customers to console them

The police were at the scene to prevent the customers from entering the Zylofon building.

The woes of Menzgold and NAM1

The operations were shut down in September 2018 by the Ghana Securities and Exchange Commission.

The company’s operating license which had initially been granted in 2014, was revoked by the Minerals Commission of Ghana had primarily been for gold trading and export.

However, as reports of a gold-investment scheme with high returns started to circulate, the Bank of Ghana begun to publish warnings that cautioned citizens to be wary of dealing with the firm and warned the firm against taking cash deposits.

Customers deposit at Menzgold have been locked out since the shutdown and can’t access their investments, leading to demonstrations at its various branches.

In January 2019, the Economic and Organised Crime Office 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.

Nana Appiah Mensah who later went to Dubai to claim some of his money to pay his customers was arrested and sued by a Dubai-based company called Horizon Royal Diamond.

He won the case and was released which the court ordered an amount of $39 million to be paid to him.

He returned to Ghana and was arrested by the Ghana Police and later released on bail of 1 billion Ghana Cedis. Nana Appiah Mensah is now preparing a payment schedule for his customers.

On Wednesday, January 8, 2020, some aggrieved customers of Menzgold Ghana Limited massed up at the residence of NAM1 to discuss payments of their locked-up funds. Nana Appiah Mensah fired shots to ward off his angry customers because he felt threatened by their raucous presence.


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