It has emerged that, Nana Appiah Mensah popularly known as NAM1 is as not the owner of embattled gold dealership firm Menzgold but just the face of the company.
Menzgold has been in the news after it was ordered to stop its gold vault market operations by the Securities and Exchange Commission (SEC) over regulatory infractions and has since been struggling to pay its tens of thousands of customers.
The order from SEC followed several cautions to the public to desist from engaging in business transactions with Menzgold by the Bank of Ghana as it said the gold dealership firm was not licensed to take deposits.
The government, in the statement, said: “Menzgold was not licensed by BoG or SEC and its operations were not regulated by BoG or SEC. This warning was made as far back as April 2016, and, unfortunately, was disregarded by many customers of Menzgold. BoG and SEC are, therefore, not clothed with any legal mandate to refund monies to clients.
However speaking on Adom FM’s Dwaso Nsem anti-corruption segment Fabewoso, the host Captain Smart revealed there are about 17 owners of the company.