The Chief Executive Officer of the defunct Menzgold Ghana, Nana Appiah Mensah, popularly known as NAM1, has waded into the news of former finance minister Ken Ofori-Atta being declared wanted by the Office of the Special Prosecutor (OSP).
The OSP, during a press briefing on February 12, 2025, declared Ken Ofori-Atta a fugitive in connection with ongoing investigations into corruption and related offences.
The Special Prosecutor, Kissi Agyebeng, indicated that efforts to reach Ofori-Atta, who is currently outside the country, have been unsuccessful, prompting the decision to declare him wanted.
The former minister has been implicated in several high-profile cases, including the National Cathedral project, the Ghana Revenue Authority’s revenue assurance deal with Strategic Mobilisation Limited (SML), and the cancellation of a contract with the Electricity Company of Ghana (ECG).
Reacting to the development, Nana Appiah Mensah, who is currently facing charges over the collapse of Menzgold Ghana, drew a striking parallel to his own experience with law enforcement in Ghana.
Taking to social media, NAM1 expressed his surprise and sense of irony regarding the situation.
“I left town to recover Menzgold gold-supplied payments to settle the company’s debt, after having informed EOCO and having met with the President later that night. Only to be declared wanted the next morning by you guys, claiming I had absconded. Today, you’re on a WANTED list. Life!” he posted.
NAM1’s reaction has since reignited conversations about the perceived ironies within Ghana’s justice system.
The Menzgold saga
In 2018, the gold dealership firm Menzgold Ghana Limited collapsed, leaving thousands of customers devastated with millions of Ghana cedis in unpaid investments.
The company’s Chief Executive Officer, Nana Appiah Mensah, popularly known as NAM1, was subsequently arrested and prosecuted.
Despite the charges, NAM1 consistently maintained that his departure from the country was solely to recover funds to repay customers.
The collapse of Menzgold exposed significant gaps in regulatory oversight and raised concerns about investment schemes in Ghana.
Following the company’s shutdown by the Securities and Exchange Commission (SEC), the Attorney General launched investigations in 2019, accusing NAM1 of defrauding thousands of customers through the operations of his gold dealership business.
The legal proceedings were marred by numerous adjournments, causing frustration among aggrieved customers. The delays in prosecution also led many to question the efficiency of the judicial process and the prospects of retrieving their investments.
After years of stalled court sessions, the Attorney General filed fresh charges against NAM1 on August 30, 2023. The new charges came in the wake of an announcement by the Menzgold CEO regarding plans to unfreeze customers’ locked-up funds.
NAM1 proposed a verification process requiring customers to pay a fee of GH¢650 to confirm their eligibility for repayment.
The announcement sparked widespread public debate, with some customers hopeful of retrieving their investments, while others viewed the verification fee as another potential scam.
However, regulatory authorities and financial experts expressed skepticism about the viability and legality of the repayment scheme.
As of early 2025, the case continues to experience delays, although the court has indicated a renewed commitment to expedite the proceedings.
NAM1 currently remains on bail and has occasionally addressed the public, reiterating his intentions to repay affected customers.
Meanwhile, thousands of investors continue to demand justice and the retrieval of their funds.
See NAM1’s post below:
Source: www.ghanaweb.com
