Who Is The CEO Of Menzgold? Menzgold Ghana Limited was a gold trading and investment firm that gained popularity in Ghana before collapsing in 2018. This article will reveal who the CEO of Menzgold was, details about the company’s history, and what happened to its founder.
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Who Is The CEO Of Menzgold?
Menzgold was founded in 2014 by businessman Nana Appiah Mensah. Commonly known as NAM 1, he served as the company’s CEO and visionary leader during its peak years. The firm was marketed as allowing customers to buy and trade gold bullion online and in physical locations throughout Ghana.
NAM 1 pitched Menzgold as a way for Ghanaians to securely invest their funds and earn attractive dividends on their gold investments. This caught the attention of thousands of potential customers, especially those aged 18-35 who were drawn in by the promise of high returns.
Rapid Growth and Regulatory Woes
Between 2016-2018, Menzgold experienced rapid growth in customers, assets, and physical branches across Ghana. However, in 2018 the Bank of Ghana cautioned that Menzgold was not licensed to trade in gold. The Securities and Exchange Commission also accused the firm of running a Ponzi scheme and ordered its operations halted.
These regulatory sanctions caused Menzgold to halt all trading activities and new investments. Without revenue from new customers, existing clients could not be paid their expected dividends or withdraw their funds, leading to collapse.
Charges and Arrest of NAM 1
In the aftermath, Nana Appiah Mensah was accused of defrauding investors to the tune of $23 million. As angry customers protested over their lost savings, NAM 1 fled Ghana to escape prosecution. He was eventually arrested in Dubai and extradited back in 2019.
NAM 1 is currently facing criminal charges related to money laundering, fraud, and taking deposits without authorization. His trial is still underway amidst much media attention on the nation’s biggest financial scandal. Many Ghanaians hope he faces justice for actions that caused thousands to lose their investments.
In summary, the CEO and founder of the now-defunct Menzgold company was businessman Nana Appiah Mensah. His firm is accused of misleading customers and operating a sham investment scheme that defrauded millions. NAM 1’s story serves as a cautionary tale about the risks of chasing quick returns.