Menzgold Saga: NAM1 Says Aggrieved Customers Who Paid GH¢650 For Validation Will Be Refunded

• Menzgold CEO Nana Appiah Mensah has said aggrieved customers who paid money to validate their claims will be refunded
• Customers with funds locked up with the company were to pay GH¢650 for a Menzgold Traders Transactions Status Verification Access Card
• Nana Appiah Mensah did not give a timeline for customers to receive a refund of the GH¢650 paid for validation

The embattled CEO of the defunct Menzgold Ghana, Nana Appiah Mensah, has revealed that aggrieved customers who paid GH¢650 to validate their claims of locked-up funds will be refunded.

Mensah, also known as NAM1, said he did not expect the refund process to be difficult.

Speaking on a Twitter Space hosted by broadcaster Serwaa Amihere, NAM1 however did not give any timelines for the refunding of the monies.

“We will get information from the agents selling it. There will be contact details so it won’t be difficult giving them a refund," he said.

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NAM1 says he doesn't recognise over 1,000-member Aggrieved Menzgold Customers Association

The aggrieved customers were urged to purchase a Menzgold Traders Transactions Status Verification Access Card.

NAM1 further urged customers to get to validate their claims via an organisation called Payboy.

Individuals that do not partake in the validation will not be paid, warned further.

Previous attempts at settling customers

In 2021, YEN.com.gh reported that Menzgold released a list of eligible customers to receive payment of their locked-up funds. At the time, Menzgold listed 181 customers as eligible customers.

But according to spokespersons of the affected customers, they've still not been settled by the defunct company,

Most recently, on July 30, 2023, Menzgold said it had completed a verification exercise and was working towards paying customers.

Alleged fraud from Menzgold

NAM1, his wife, and his sister have been accused of using Menzgold to defraud more than 16,000 people of GH¢1.68 billion.

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Aggrieved customers of Menzgold cry foul over "new NAM1 scam": Some Investors to wait until 2025 for refund

YEN.com.gh reported when NAM1 was first arrested in January 2019 in Dubai and granted bail.

Menzgold suspended its operations after an order from the Securities and Exchange Commission (SEC).

Menzgold was purchasing and depositing gold collectables without a license.

Source: YEN.com.gh