NAM-1 Pops Up With GHC9.6 Million Cash

Nana Appiah Mensah, Chief Executive of Menzgold Ghana Limited, the embattled gold dealership and investment firm, has  said he has recently paid over GHC9.6 Million cash to customers of the challenged company  and would be making additional payments  to the tune of GHC60 million within the next six months.

Popularly called NAM-1, the Menzgold Chief Executive, on Saturday raised eyebrows when appeared at a public function for the first time in many months. The event was to unveil a new artiste that signed under his music record label and artiste management company, Zylofon Media.

NAM-1 got heads turning his direction when appeared at the event, smartly dressed in a blue demin-jean trouser and shirt of same fabric with physical looks that radiated the good scent of money. He appeared excited and was seen flashing a broad smile as he exchanged pleasantries throughout the ceremony. He was surrounded by about ten huge men with heavily build muscles. They were suspected to be either his friends or body guards. Some of them had the inscription ‘Cheetah Security’ embossed on their shirts.

The presence of NAM-1 at the event, which was aired live on television, immediately sparked a fierce hullabaloo on social media with some questioning why one of his companies, Zylofon, would sign a new act at a time another company on his, Menzgold, was having challenges with the law and has assets frozen amidst an inability to pay customers who are on a constant complaining spree.

In what appears to be a response to the criticisms, NAM-1, on Sunday, took to his official Instagram page to issue a statement stamped with his seal.

It partly read: “As of now, we hold documentary evidence, clearly showing that we have paid over ninety six (96) billion old Ghana cedis (GHC9.6M) even in our state of dormancy and continue to humbly make payments every now and then. We’re capable, committed and shall continue to appreciate the paid up figure to a conservatively minimum amount of Six Hundred (600) billion old Ghana cedis (GHC60M) before the end of the calendar month of December, 2020 as we commence productivity now”

NAM-1, in the statement explained why Menzgold and Zylofon should not be treated as one and same company: “to say that Menzgold and Zylofon are one and the same is a very low shot at logic and a glaringly incredible display of intellectual deficiency or bankruptcy. A child and his/her siblings may have the same biological parents, are obviously from the same family but are two different individuals in every respect. This is a firm factual point at law and in principle.

“In any case, if one is indebted and does not get productive, how is he or she expected to generate income to service or pay off the debt? We as a formidable group, need and shall open up our income streams by resorting to the very little human and capital resources at our disposal, to wisely and tactfully, get productive as a group to pay off completely soon just so we can salvage an ailing member of our sect as quickly as possible”, Nana Appiah Mensah explained in his statement.

He also responded to the issues on Menzgold being in debt by explaining that it was perfectly normal for companies or individuals to have liabilities but there is no cause for alarm when there are assets that are of a higher value than the liabilities.