Menzgold Customers Angry Again Over NAM1’s Failed Promise

Coalition of Aggrieved Customers of Menzgold have threatened to hit the streets on Tuesday, 27 November 2018 despite attempts by the CEO of the company, Nana Appiah Mensah aka NAM1 to cajole them.

Menzgold issued a statement indicating that the company has commenced payment of dividends but customers claim they are yet to receive any prompt message from Menzgold.

According to the customers, they will proceed with the demonstration against the management of the gold-trading firm to demand full payment of their principal investments locked up with the company.

The customers say the company has reneged on its several promises to pay them an agreed 15 per cent of their principal.

The Chairman of the Coalition, Timm Binob said the demonstration is to register their displeasure against the company.

He indicated that the date for demonstration in Accra is on Tuesday, 27 November, 2018 beginning from the Obra spot, Kwame Nkrumah circle at 7:00 am prompt.

Following the impasse between Menzgold, after series of meetings with the Securities and Exchange Commission (SEC) and the Bank of Ghana promised to pay 15 per cent of principal as the first tranche.

This was in fulfillment of their promise and obligations to their customers by paying fully the remaining percentage to within 90 days beginning from 9 October but reports says they haven’t been paid.

Menzgold has been unable to pay its clients their dividends due to an ongoing battle with SEC and the BoG over its operations.

While the state institutions say the company has not been licensed to take deposits, Menzgold insists it does not take deposits and therefore is not answerable to the two institutions.