Court grants NAM1 Ghc500m bail

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Nana Appiah Mensah, well known as NAM1, was the embattled Chief Executive Officer (CEO) of the now-defunct Menzgold Ghana Limited. He has been granted bail in the amount of GHc500 million.

NAM1, who entered a not guilty plea to 39 new charges, must additionally provide four sureties without cause.

He was given new bail conditions, which also require him to deposit his passport at the court registry and report to the CID headquarters each Thursday, by the Financial Division of the Accra High Court, which was presided over by Justice Earnest Owusu Dapaah, a Justice of the Court of Appeal sitting as an additional High Court judge.

NAM1, who was defending Menzgold Ghana Limited and Brew Marketing Consult, the other two defendants, earlier responded to accusations by saying, “My Lord, I’m not guilty.”

NAM1 denied all wrongdoing in connection with all 39 counts in front of His Lordship, Justice Ernest Owusu Dapaah, a Justice of the Court of Appeal, who was sitting in addition to his role as a High Court judge.

The 39 counts included one count each for selling gold in violation of section 99 (1) of the Minerals and Mining Act of 2006 (Act 703), conducting a deposit-taking operation without a license in violation of sections (1) and 22 (1) of the Banking and Specialized Deposit-Taking Institutions Act of 2016 (Act 930), and inducing investors to make investments in violation of section 344 of the Companies Act of 2019 (Act 992), among others.

The other charges include seven counts of fraudulent trust breach in violation of section 128 of the Criminal Offenses Act of 1960 (Act 29), 22 counts of defrauding by false pretense in violation of section 131 (1) of that act, and seven counts of money laundering in violation of section 1(2)(a)(i) of the Anti-Money Laundering Act of 2020 (Act 1044).

The prosecution has been instructed to file their disclosures, and the matter has been adjourned to October 27, 2023.

According to the summary of facts, Nana Appiah Mensah, also known as NAM1, is the owner of the second accused party (A2), Menzgold Ghana Limited, and the third accused party (A3), Brew Marketing Consult Limited.

Brew Marketing Consult Limited was registered in December 2016, but Menzgold was first registered as Menzbank Ghana Company Limited in 2013.

It stated that NAM1 is the largest stakeholder of both Menzgold and Brew Marketing Consult as well as the CEO and director of both organizations.

It claimed that NAM1 ran Menzgold without the necessary license as a deposit-taking business masquerading as a gold trading operation.


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