Popular entertainment pundit, Arnold Asamoah Baidoo has slammed the Chief Executive Officer (CEO) of MenzGold Ghana Company Limited, Nana Appiah Mensah also known as NAM1 for handing over GH₵2.5million to the police to be disbursed to the aggrieved customers.

According to him, NAM1 should have kept the funds to himself and reached an agreement with the police over how they could protect him in paying the aggrieved customers of MenzGold.

The entertainment pundit bemoaned why NAM1 gave the funds to the police without adding the list of customers who are to be paid by the allocated money and believes it is part of the reasons why he could not be trusted to have genuine intentions.

Speaking as a panelist on the United Showbiz program on UTV and monitored by GhanaWeb, Arnold Asamoah stated that Nam 1 erred in entrusting the GH₵2.5million to the police.

“Why did he [NAM1] give the money to the police? Because you went to the police to give you protection in paying the customers and because they are aggrieved anything can happen. So why did he give the money to the police and delay the list of customers to be settled?

"For all you know, he didn’t give them the direction as to what they should do with the money. In the first place, the money should not have been given to the police. If you read the police’s report on the case they said ‘it was based on advice from the Attorney-General’,” he said.

He further noted that he is unhappy with the way things are panning out in the NAM1 saga regarding the settlement of aggrieved MenzGold customers.

“The way things are going I’m not happy. I listened extensively to NAM1’s interview on the matter and what he said was, because of the tension surrounding the whole issue he went to the police to give him security over how he would disburse the funds to the MenzGold customers,” said Arnold.

Background

Menzgold on October 21, 2023, announced the release of GHC5 million to the Ghana Police Service for onward payment to customers including some customers who had sued the company over their locked-up funds following the seizure of its operating license by the Bank of Ghana in 2015.

“Please be advised that, of the GH₵5,000,000 first payment tranche, GH₵2,500,000 is for the account of a full and final settlement of a compromised judgment debt, to certain Menzgold indebted to individuals, in a suit No. CM/RPC/0835/2019; The High Court of Ghana, Commercial Division, Accra. Whereas; the other GH₵2,500,000 is in favour of over one hundred individuals. Based on the above, it can safely be noted that, the payments range is between GH₵4.000 to GH₵2,500,000,” portions of the statement by the company read.

However in a statement, the Ghana Police Service said it has deposited the money, GH₵2.5 with the Bank of Ghana pending a directive by a court.

“The Police, on the advice of the Office of the Attorney-General, on Friday 20th October 2023, received an amount of GH₵2.5 Million from suspect Nana Appiah Mensah, popularly known as Nam 1.

“The said amount has been deposited in the Police Exhibit account at the Bank of Ghana (BoG) for the attention of the Court.

"The amount is part of investigations into petitions received from some customers of MenzGold Ghana Company Limited and Brew Marketing Consult Limited, currently before the Accra High Court against suspect Nana Appiah Mensah, popularly known as NAM1.

“We would like to state that the decision on the disbursement of the money would be determined by the court,” the police said.

NAM1 following the announcement by the police has come out to accuse the service of acting in bad faith by breaching the terms of their agreement.

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