Nana Appiah Mensah, popularly known as NAM1, has faced another legal setback after the Court of Appeal on Monday, May 19, dismissed his attempt to stop the ongoing criminal proceedings against him.
The court rejected an application jointly filed by NAM1 and his companies — Menzgold Ghana Limited and Brew Marketing Consult — which sought a stay of proceedings in a criminal case involving 39 charges.
The charges include unlicensed gold trading, illegal deposit-taking, defrauding investors, and laundering over GH₵340 million.
NAM1’s legal team requested that the appellate court pause the trial until an appeal against a High Court ruling—ordering him to present his defence—was heard and decided.
That ruling came after the Financial Division of the High Court found the prosecution had established a sufficiently strong case to warrant a defence.
However, state lawyers opposed the stay, arguing it was without merit and intended to delay the trial. They maintained that NAM1 had not met the legal standard required for such a stay.
A three-member panel consisting of Justices Gbiel Suurbaareh, Afia Serwaa Asare-Botwe, and Christopher Archer unanimously dismissed the application.
This paves the way for the criminal trial to resume on May 28.
After the ruling, NAM1 told the media, “We haven't reached the end. We'll take advantage of every legal option available, including possibly heading to the Supreme Court.”
Background to the case
The charges against NAM1 stem from a gold trading scheme operated through Menzgold between 2016 and 2018.
Prosecutors allege that over 16,000 investors were persuaded to put money into the scheme, which was then misappropriated for private and unauthorized business activities.
NAM1 and his companies face multiple counts, including fraud, breach of trust, and illegal financial operations. Due to the scale of the alleged losses and the number of investors affected, the case is seen as one of the most significant financial crime prosecutions in Ghana in recent times.
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