“I will speak up now!” – NAM 1 threatens to reveal Bank of Ghana’s role in MenzGold collapse”

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Former CEO of defunct MenzGold, Nana Appiah Mensah, also known as NAM 1, has issued a warning that he intends to reveal what he claims are the actions of the Bank of Ghana (BoG) that contributed to the downfall of his company.

Alleging the central bank’s involvement in the demise of MenzGold, NAM 1 has stated his intention to disclose all relevant information to the public in the coming days.

This announcement comes shortly after the Ghana Police Service confirmed receiving GH¢2.5 million from NAM 1 as of October 20, 2023. Following the advice of the Attorney General, this sum has been deposited into the Bank of Ghana’s Police Exhibit account, designated for the attention of the Court.

Regarding allegations that he provided funds to the BoG for compensating his customers, NAM 1 vehemently denied such claims. Instead, he hinted at holding grievances against the central bank, which he plans to reveal in the near future. This development has stirred further interest and discussion about the MenzGold case.

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“For me, I didn’t give BoG money to settle my customers. As for the central bank, I have issues with them, and very soon I will be revealing them for everyone to see and hear—the wrongdoings that occurred in this country,” he stated.

“In the weeks ahead, I will make my voice heard. I have remained silent for the past five years, despite facing criticism,” he continued.

NAM 1 is resolute in his intention to reveal what he claims to be the Bank of Ghana’s alleged involvement in the downfall of his company. However, he firmly emphasizes that the responsibility for repaying his customers rests squarely on his shoulders and not with the Bank of Ghana. This statement underscores his commitment to addressing the matter of compensating MenzGold customers himself, while also pursuing his grievances against the central bank.

“Now that we are in court, I will speak up. I will defend myself in the coming days, and the truth will emerge. Until then, I want to clarify that I haven’t given any money to BoG. I owe my customers, and I am committed to repaying them, not BoG,” he emphasised.

NAM 1 is currently embroiled in a legal battle related to the MenzGold saga, which had a significant impact on numerous investors. He faces a series of charges, including 25 counts of “Defrauding by false pretence,” seven counts of “Fraudulent breach of trust,” and seven counts of “Money Laundering.” These charges reflect the legal proceedings surrounding the alleged misconduct and financial irregularities associated with the operations of MenzGold.

BACKGROUND

Between November 2016 and March 2019, numerous MenzGold customers lodged complaints with the police, alleging that they had invested significant amounts with NAM 1 but had not received their expected returns despite their persistent efforts.

Initially facing 14 counts, including charges of abetment of crime and money laundering, NAM 1 now confronts a total of 61 charges, with his plea pending. The allegations revolve around the accused obtaining various sums of money totaling GH¢1.6 billion from customers.

On June 24, 2020, the state filed new charges against NAM 1 at the Accra Circuit Court, expanding the legal scope of the case. This ongoing legal battle continues to be a subject of public interest and legal scrutiny in Ghana, given the significant financial and societal impact of the MenzGold case.

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