You are here: HomeNews2022 09 20Article 1626653

Entertainment of Tuesday, 20 September 2022

Source: www.ghanaweb.com

I will give NAM1 life imprisonment and retrieve your monies if voted as Ghana's president - Kumchacha

Prophet Kumchacha and NAM1 play videoProphet Kumchacha and NAM1

Ghanaian preacher, Nicholas Osei, known chiefly as Prophet Kumchacha has pledged to go after businessman, Nana Appiah Mensah, best known as NAM1 when voted into office as president in the 2024 general election.

Kumchacha has declared his intention to contest for the highest seat in government with the aim of transforming the nation and also improving the living conditions of citizens. For this reason, he has promised to retrieve the locked-up funds of all Menzgold customers.

According to the preacher, the CEO of the defunct gold dealership firm will be sentenced to life imprisonment if found guilty of causing the collapse of his company.

Speaking in an interview with Halifax Addo on Okay FM, Kumchacha noted that with the power invested in him as president, he will ensure that innocent citizens who have had their monies locked up since 2018 go home smiling after years of crying for their monies.

"When KPP is voted into office with me as president in 2024, Kumchacha will retrieve your monies from NAM1, all of you. Why won't I do this? I will now have the power.

"We will begin with investigations and I have plans of retrieving these locked up funds. If NAM1 is found guilty, I will jail him, life imprisonment. How can NAM1 win the current court case? He is guilty...I just want to assure the general public that I will retrieve all the monies locked up at Menzgold in 2024 when KPP comes into office," he declared.



Background of Menzgold Ghana Limited

Menzgold Ghana Limited is a Ghanaian gold dealership and investment firm that promised customers an average of 7-10 percent monthly returns on investments and have been able to pay customers dividend in full until its closure. It was founded by Nana Appiah Mensah.

The firm is reported to have initially traded as Menzbank; then changed to Menzbanc and then finally to Menzgold, due to warnings from the Bank of Ghana about the use of 'bank' as a company name for a non-banking entity.

Its operations were shut down in September 2018 by the Ghana Securities and Exchange Commission. The company's operating license which had initially been granted in 2014, was revoked by the Minerals Commission of Ghana.

However, as reports of a gold-investment scheme with high returns started to circulate, the Bank of Ghana began to publish warnings that cautioned citizens to be wary of dealing with the firm and warned the firm against taking cash deposits.

Customers' deposits at Menzgold have been locked out since the shutdown and can't access their investments, leading to demonstrations at its various branches. In January 2019, the Economic and Organised Crime Office of Ghana secured a court order to freeze all landed properties and vehicles belonging to the embattled Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah.

The landed properties include Menzgold Ghana Limited, Menzgold Office Complex, Zylofon Art Complex, Brew Marketing Consult, Star Mad. Football Club, Zylofon Music and Media Company Limited, Brew Energy Company Limited, and G. Tech Automobile Service. Nana Appiah Mensah who later went to Dubai to claim some of his money to pay his customers was arrested and sued by a Dubai-based company called Horizon Royal Diamond.

He won the case and was released which the court ordered an amount of $39 million to be paid to him. He returned to Ghana and was arrested by the Ghana Police and later released on bail of 1 billion Ghana Cedis.

On Wednesday, January 8 2020 some aggrieved customers of Menzgold Ghana Limited massed up at the residence of Nana Appiah Mensah to discuss payments of their locked up funds. Nana Appiah Mensah fired shots to ward off his angry customers because he felt threatened by their raucous presence.




OPD/BB