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General News of Tuesday, 20 August 2019


NAM 1 is a funny guy – Omanhene Kwabena Asante

Omanhene Kwabena Asante Omanhene Kwabena Asante

The host of Badwam on Adom TV, Omanhene Kwabena Asante, has described the owner of MenzGold, Nana Appiah Mensah popularly known as NAM 1, as a funny guy who thinks Ghanaians are like a socket that can be plugged and unplugged any time he wants to use it.

According to him, there are rules and regulations in the country and it won’t take the likes of NAM 1 to indicate what rules the country should enact for him to operate his business.

“We are living in a country that is regulated, not the likes of NAM 1 will be directing what we are suppose to do….the deception in this country is too much,” he said whilst speaking on Ekosii Sen on Asempa FM.

He added that NAM 1 knew his business was not regulated but he was able to convince people to invest their monies into it and right now that things have gone bad, he is asking the government to help him retrieve his funds from Dubai.

“You are creating unnecessary tension among the people for what….you think there are no laws in Ghana, then we will all open some of NAM 1’s business….now you have the guts to request for legislation for the work you do, what do you mean?" he stressed.

To Omanhene, if NAM 1’s gold collectibles business was a grey area, it would have been prudent for him to wait for regulation before accepting deposits from customers.

Nana Appiah Mensah at a press conference Monday morning pleaded with the government to Assist MenzGold to retrieve monies owed it by some foreign companies, unfreeze his companies assets and his personal bank account to allow him pay his clients immediately. He also asked the government to clearly give directions on which regulator has jurisdiction and supervision over MenzGold's business model.

Menzgold folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operations.

Several efforts by the customers targeted at the company to get their monies have failed.

According to the Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).

NAM1 says he has tried all means to get cash and pay the aggrieved customers and it was one of such plans that led him to UAE where he was arrested.

After several months, a court in the UAE ruled that Horizon Diamonds should pay NAM1 some $39 million for gold supplied.

NAM1 after the ruling returned to Ghana where he is facing charges for fraud and has been granted bail worth GH¢1billion.

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