NAM1 Pleads Poverty: Menzgold CEO Claims He Was Biggest Loser In Company’s Downfall

• Menzgold CEO Nana Appiah Mensah claims he lost all he had when his controversial gold collectable company collapsed
• The under fire businessman said he was the biggest loser in the downfall of Menzgold after it was made to cease operations
• Mensah has been accused of defrauding Menzgold customers and is facing over 60 charges in an ongoing court case

The embattled CEO of defunct Menzgold Ghana, Nana Appiah Mensah aka NAM1, has claimed he lost everything in the Menzgold saga.

NAM1 described himself as the biggest loser in the saga in which he has been accused of defrauding over 15,000 Ghanaians.

Speaking on a Twitter space hosted by Serwaa Amihere, he appealed for some sympathy amid the allegations against him.

"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."

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"We will get it done: NAM1 refund GH¢650 to aggrieved Menzgold customers who paid for validation

NAM1 is facing renewed backlash after he initiated a validation process for customers with locked-up funds in his company after asking them to pay GH¢650 for a Menzgold Traders Transactions Status Verification Access Card.

But NAM1 walked back on the calls for customers to buy the validation card and said there would be a refund to those who paid the GH¢650.

Past attempts at settling Menzgold 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,

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

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

Alleged fraud from NAM1 and Menzgold

YEN.com.gh reported when NAM1, his wife, and his sister were accused of using Menzgold to defraud more than 16,000 people of GH¢1.68 billion. NAM1 was arrested in January 2019 in Dubai and granted bail.

Menzgold suspended its operations after an order from the Securities and Exchange Commission (SEC) as it was purchasing and depositing gold collectables without a license.

Source: YEN.com.gh