Nana Appiah Mensah
Nana Appiah Mensah

There appears to be confusion over the disbursement of funds by Menzgold Ghana to its customers.

While management of the embattled gold collectibles firm says nearly 200 customers of the company have been paid their funds which were locked up for months, some customers have vehemently denied receiving such monies.

The Communications Director of Menzgold Ghana, Nii Armah Amarteifio, had in an interview with the media claimed that the company had started payments to its customers. He revealed that about 200 customers are part of the first batch to have been paid.

He noted, “I can confirm to you that by the grace of God we commenced payment and we were able to pay 200 people today. I will not give you a range but I can tell you for a fact that as we promised our customers that we will commence payment on the 27th December (that is today), we have been able to do that and by the grace of God we’ve been able to pay about 200 people, who fall in the zero category as we indicated in our press statement.”

“You will be called first; a call will be placed to you and you will be asked to confirm your bank account number and if that is done, the money is transferred into your account; that is done by the third party. The most important thing is that we are making payments to customers and today we were able to make payments to about 200 customers,” he added.

An aggrieved customer who pleaded anonymity told the media that “we do not know which people have received their cash because we are in a WhatsApp group and our leaders have not indicated to us that payment has commenced.”

Again, one other customer said, “It is not true; no one has sent us messages or called us to inform us about the commencement of payment. They claim they have started paying but none of our members have confirmed the receipt of any cash.”

Menzgold was closed down in 2018 following its legal battle with the Securities and Exchange Commission (SEC) which started in September 2017.

SEC had described the deposit-taking business of Menzgold as illegal and ordered it to suspend its operations.

Despite the several challenges it has faced in recent years including the arrest and detention of its Chief Executive Officer, Nana Appiah Mensah, aka NAM1, in Dubai over an alleged gold scam, the company pledged to begin payment to customers from December 27, 2019. That was in spite of opposition by some of its customers.

It would be recalled that in a December 18, 2019 statement, the company had asked its lawyers to make payments to customers.

In the statement, it noted that “claims shall be settled in full and shall be subject to an invitation from our legal team: Kwame Akuffo & Co. Unlimited strictly following scheduled order.”

Lawyers’ Position

But, in a response, its lawyers indicated that they did not have the “capacity” to pay customers’ locked up cash.

Menzgold has approximately 4,600 customers.

Credit: Peacefmonline