Police deposit GH¢2.5million NAM1 Menzgold cash at Bank of Ghana, awaits court decision
Police deposit GH¢2.5million NAM1 Menzgold cash at Bank of Ghana, awaits court decision

Police deposit GH¢2.5m NAM1 Menzgold cash at Bank of Ghana

The Ghana Police Service has confirmed the deposit of GH¢2.5 million, received from Nana Appiah Mensah, the former CEO of Menzgold, at the Bank of Ghana.


This action, in accordance with advice from the Office of the Attorney-General, transpired on October 20, 2023, the Police said in a statement. 

Nana Appiah Mensah, commonly known as NAM 1, handed over this sum, which has now been placed in the Police Exhibit account at the Bank of Ghana, earmarked for the Court's attention.

This financial transaction is a significant development in the ongoing investigations pertaining to complaints lodged by customers of MenzGold Ghana Company Limited and Brew Marketing Consult Limited. These matters are currently under adjudication at the Accra High Court, with Nana Appiah Mensah as the prime suspect.

The police service underlined that any decisions regarding the allocation of these funds will be subject to the court's jurisdiction. 

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Menzgold earlier claim

The latest development comes four days after Menzgold in a statement said it handed a sum of GH¢5 million to the Ghana Police Service to be distributed to customers of the collapsed firm.

An October 20th statement signed by Nana Appiah Mensah said that the money was meant to be paid to customers who successfully went through a verification process conducted by the company, including a GH¢2.5 million judgment debt.

“Following a successful transactions verification exercise conducted from the 10th August, 2023 to 14th September, 2023, we are happy to note that five million Ghana cedis (GH¢5,000,000), which constitutes our first bulk payment batch has been successfully made," the statement said.

“Please be advised that, of the GH¢5,000,000 first payment tranche, GH¢2,500,000 is for the account of a full and final settlement of a compromised judgment debt, to certain Menzgold indebted to individuals, in a suit No. CM/RPC/0835/2019; The High Court of Ghana, Commercial Division, Accra. Whereas; the other GH¢2,500,000 is in favour of over one hundred individuals.”

Ongoing trial

Earlier, on September 19, Nana Appiah Mensah was granted bail amounting to GH¢500 million, supported by four sureties, without the need for justification. Additional conditions of his bail included the surrender of his passport to the court registry.

This legal action follows Nana Appiah Mensah's plea of not guilty to 39 counts of fraud and money laundering charges, for which he is presently undergoing trial alongside Menzgold Ghana Limited and Brew Marketing Consult.

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