NAM1 Advised To Be Sensitive To His Customers: Martin Kpebu Chides Menzgold CEO, Regulators And Prosecutor

NAM1 Advised To Be Sensitive To His Customers: Martin Kpebu Chides Menzgold CEO, Regulators And Prosecutor

  • Martin Kpebu has criticised Nana Appiah Mensah and the authorities over the ongoing verification process by the Menzgold CEO
  • The private legal practitioner said the least NAM1 could do was liaise with the authorities for a structured repayment process
  • Martin Kpebu said during a radio interview on Wednesday, August 23, 2023, that Nana Appiah Mensah does not seem sensitive to the plight of his distressed customers

Private legal practitioner Martin Kpebu has criticised the embattled CEO of defunct Menzgold, Nana Appiah Mensah, for single-handedly inviting customers to validate their payment claims.

The respected lawyer said that considering Mensah, popularly called NAM1, is suffering a credibility crisis, he should have liaised with the authorities if he truly had gotten funds to pay customers their locked-up funds.

Martin Kpebu chides Menzgold CEO, regulators and prosecutor.
Nana Appiah Mensah (L) and Martin Kpebu. Source: Facebook/@nassamsafianu, @nanaappiah.mensah.98
Source: Facebook

He told Joy News that NAM1 has been suffering a credibility crisis because of the shutdown of his controversial gold dealership and deposit-taking business, as well as the controversies surrounding him.

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"It would appear that the regulators haven't spoken to him because I expect that to the extent that he's not been able to pay those customers and facing charges, there should have been an agreement of a sort...even short of liquidating his company, that he should not carry on doing business.

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"He has to be sensitive to the plight of the customers. For him to go about doing these things as if nothing is at stake, then it looks like our regulators are a bit behind, in that respect the prosecutor," he said on Wednesday, August 23, 2023.

Martin Kpebu's comments follow the controversy stirred by NAM1 when he announced through a press statement that his thousands of customers, whose funds have been locked up since 2018, would need to pay a whopping GH¢650 to verify their claims and get a payment date.

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The statement released on Menzgold's letterhead and dated August 18, 2023, was signed by Nana Appiah Mensah himself.

For many, it was another scheme by the man, whom many have called a con artist, to rip off already frustrated clients whose huge investments got locked-up with the shutdown of the gold dealership firm.

He's ruined people's lives and should be sensitive

Martin Kpebu, a lawyer and a partner in GT Legal Africa, a law firm, said to the extent that NAM1's unlicensed business model and its subsequent shutdown ruined people's businesses and lives, he could have been more cautious.

"People have died, and thousands are in distress and grieving. The least he could have done is to have been quiet," he added.
"If he's got genuine money, it is not rocket science to expect that he will collaborate with the Securities and Exchange Commission, the prosecutor and the registrar of companies for them to lead the repayment. Because he himself his credibility is gone. So he shouldn't be the one telling people directly to come for their money," he said.

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NAM1's bail should be revoked

Another lawyer, Amanda Akuokor Clinton, said Nana Appiah Mensah may have breached his bail conditions with his latest verification statements.

The Head of Clinton Consultancy Chambers is convinced that if NAM1's bail is revoked, the GH¢1 billion bail condition can be retrieved to pay some customers.

Clinton Consultancy represents the interests of some of the defunct Menzgold Company Ltd clients.

Menzgold CEO claims he is the biggest loser in the company's collapse

Meanwhile, has reported in a separate story that Menzgold CEO Nana Appiah Mensah claims he lost all he had when his controversial gold collectable company collapsed.

The embattled 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.

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