Menzgold Trial: I Operated With Valid Licences – NAM1 Tells Accra High Court

Chief Executive Officer of defunct Menzgold Ghana, Nana Appiah Mensah, widely known as NAM1, has told an Accra High Court that he was duly licensed to operate as a gold buying company.

During cross-examination, NAM1 rejected claims that he conducted business illegally, insisting that his firm, A2, was properly incorporated and authorised to engage in gold mining, purchasing, value addition, and export activities.

NAM1 is currently facing 39 criminal charges, including operating without a licence, fraudulent breach of trust, defrauding by false pretences, and money laundering, over allegations that he used Menzgold to swindle customers.

Responding to questions from prosecutors, NAM1 said A2 applied to the Precious Minerals Marketing Company (PMMC), fulfilled all regulatory requirements, paid the necessary fees, and was issued a licence after due assessment.

He explained that when PMMC’s mandate later changed and it ceased issuing licences, A2 was advised to reapply through the Minerals Commission.

According to him, the new application went through all required procedures, including submission of a detailed company profile outlining intended operations, payment of fees, and signing of regulatory documents, which eventually resulted in approval.

NAM1 told the court that he would make efforts to produce documentary evidence of the licences before the next adjourned hearing.

He attributed the difficulty in accessing some documents to the shutdown of Menzgold by the Securities and Exchange Commission (SEC) and the takeover of company offices by the Economic and Organised Crime Office (EOCO).

Despite these challenges, he assured the court that he would attempt to retrieve the documents to support his defence.

The Accra High Court has meanwhile ordered NAM1 to file his witness statement ahead of the next hearing scheduled for February 19.

The presiding judge, Justice Sedinam Awo Kwadam, directed his legal team to comply to ensure the smooth progression of the trial.

Separately, the Convener of the Aggrieved Customers of Menzgold, Frederick Forson, claimed that close to 300 affected customers have died over the years due to stress and frustration linked to unpaid investments. He has therefore appealed to the court to hold daily sittings to fast-track the case.