Nana Appiah Mensah, widely known as NAM1, is a Ghanaian entrepreneur and the founder of Menzgold Ghana Limited, a gold dealership firm that ceased operations in 2018 following regulatory actions.
Professional Background
NAM1 received his secondary education at Adisadel College in Cape Coast and pursued further studies at the University of Ghana, Legon. In 2016, he established Zylofon Media, a multimedia company that signed prominent Ghanaian artists such as Shatta Wale, Stonebwoy, and Becca. Zylofon Media also ventured into the film industry, signing actors like Benedicta Gafah and Toosweet Annan. However, the company was eventually shut down by the Ghana Securities and Exchange Commission.
NAM1’s business ventures earned him several accolades, including the Special Recognition Award for Business Innovation at the Exclusive Men of the Year Africa Awards in 2017 and being listed among the 100 Most Influential Young Persons in Africa by the Confederation of West African Youth in July 2018.
Legal Challenges and Current Case Status
In September 2018, the Ghana Securities and Exchange Commission shut down Menzgold Ghana Limited for operating without the necessary licenses. Subsequently, in January 2019, the Economic and Organized Crime Office (EOCO) of Ghana secured a court order to freeze all assets belonging to NAM1.
In August 2023, the Attorney General’s office filed 39 new charges against NAM1, including money laundering, defrauding by false pretenses, selling gold without a license, and operating a deposit-taking business without a license. The prosecution alleges that between 2017 and 2018, NAM1 and his companies took a total sum of GH¢1,680,920,000 from customers, which remains unpaid.
On September 20, 2023, NAM1 was granted bail of GH¢500 million with four sureties. As part of the bail conditions, he was required to surrender his passport and report to the Criminal Investigations Department of the Ghana Police Service every Thursday.
In October 2023, NAM1 handed over GH¢5 million to the Ghana Police Service to be distributed to customers of the collapsed firm. Of this amount, GH¢2.5 million was for the settlement of a compromised judgment debt, while the remaining GH¢2.5 million was intended for over one hundred individuals.
As of December 2024, NAM1 appealed to the court for more time to engage new legal representation, citing fundamental differences with his previous lawyer. The High Court had earlier dismissed his request for a stay of proceedings and ordered him to open his defense.
The case remains ongoing, with the court proceedings adjourned to allow NAM1’s legal team to review the new charges filed against him.
