Menzgold Saga: Court Dismisses NAM1’s Appeal To Halt Trial

• The Court of Appeal has dismissed an attempt by Nana Appiah Mensah, aka NAM1, which sought to halt his ongoing criminal trial
• A three-member panel of the Court of Appeal unanimously dismissed the application from the beleaguered businessman
• Mensah has been accused of using Menzgold to defraud more than 16,000 people of GH¢1.68 billion

The Court of Appeal has dismissed an application filed by the Menzgold Ghana Limited CEO, Nana Appiah Mensah, aka NAM1, which sought to halt his ongoing criminal trial.

The application was filed pending a decision on his appeal challenging a High Court ruling that ordered him to open his defence.

In 2024, the High Court directed Mensah to open his defence in a criminal case in which he faces multiple charges, including the sale of gold without a license, fraudulent breach of trust, defrauding by false pretence, and money laundering.

His legal team subsequently filed an appeal at the Court of Appeal, seeking to overturn the High Court’s ruling.

Alongside the appeal, they applied to stay proceedings at the High Court pending the outcome of the appeal.

On Monday, May 19, 2025, state prosecutors urged the appellate court to dismiss the application, arguing that it was an attempt to overreach the powers of the court and failed to establish any exceptional circumstances to justify a stay of proceedings.

Citi News reported that a three-member panel of the Court of Appeal unanimously dismissed the application.

Mensah, however, has indicated that he is considering a further appeal to the Supreme Court, based on legal advice from his counsel.

In comments to YEN.com.gh, Frederick Forson, one of the aggrieved Menzgold customers, noted that the court dismissed the appeal because there were no exceptional circumstances raised by the accused.

"The court of Appeal ruling implies that the trial court may proceed with the case."

In 2023, the first case against NAM1 was dropped after three years and 36 adjournments. New charges were then filed.

Mensah, at a point, gave the state GH¢2.5 million to settle aggrieved customers.

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

He was first arrested in January 2019 in Dubai and granted bail.

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

The defunct company was purchasing and depositing gold collectables without a license.

He has courted controversy during the trial with a witness in the trial claiming he assaulted her.

The witness said she had gone with other aggrieved customers to demand their money from the CEO.

The witness, Priscilla Adu-Boateng, a trader and single mom, claimed that on January 8, 2020, NAM 1 pulled a gun when she went to his house at Trassaco.

Speaking to YEN.com.gh, Frederick Forson, the convener of Aggrieved Customers of Menzgold, said he recalled the incident as he had organised the trip to Mensah's house.

Forson also recalled that Mensah even used the gun on that day, noting that "he gave a warning shot."

Previous attempts at settling customers

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

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.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh