Menzgold Saga: Supreme Court Dismisses NAM1’s Attempt To Halt Trial
The Supreme Court has dismissed an application by Nana Appiah Mensah, aka NAM 1, to overturn decisions of both the Court of Appeal and the High Court in his ongoing criminal trial.
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Mensah will now have to open his defence in the substantive case where he is accused of defrauding customers of the now-defunct Menzgold.
Source: Facebook
The ruling on December 10 follows an earlier ruling by the Court of Appeal, which rejected NAM1’s application to halt proceedings at the High Court. His legal team had asked the appellate court to stay the trial while an appeal challenging a High Court order—directing him to open his defence—was pending.
The High Court in 2024 instructed the CEO of the defunct Menzgold Ghana Limited to open his defence in a case in which he faces multiple charges, including selling gold without a licence, fraudulent breach of trust, defrauding by false pretence, and money laundering.
After the High Court ruling, his lawyers filed an appeal seeking to overturn the directive and simultaneously applied to stay the proceedings.
On Monday, May 19, 2025, state prosecutors urged the Court of Appeal to reject the stay of application, arguing that it attempted to “overreach the powers of the court”. Subsequently, a three-member panel unanimously dismissed the request.
NAM1 then moved to the Supreme Court to unsuccessfully challenge the appellate court’s decision.
Background to the Menzgold saga
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.
Mensah is currently dealing with a criminal trial with multiple charges, concerning the sale of gold without a license, fraudulent breach of trust, defrauding by false pretences, and money laundering.
He and 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.
Source: Twitter
Most recently, in May, Mensah unsuccessfully tried to halt his ongoing criminal trial.
In 2024, the High Court directed Mensah to open his defence in a criminal case against him.
In 2023, an earlier case against him was dropped after three years and 36 adjournments. New charges were then filed.
Mensah, at one point, gave the state GH¢2.5 million to settle aggrieved customers.
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.
Source: YEN.com.gh
