Nana Appiah Mensah, also known as NAM1, has told the High Court in Accra that Menzgold Ghana Limited held the necessary licences to operate its gold trading business, despite the company being shut down by the Securities and Exchange Commission (SEC).
NAM1 made the statement while giving his evidence in the ongoing criminal trial in which he faces multiple charges, including operating a deposit-taking business without authorisation, selling gold without a licence, inducement to invest, fraudulent breach of trust, and money laundering.
He explained, on Monday, February 2, 2026, that Menzgold was incorporated under Ghanaian law to engage in gold mining, buying, value addition, and export.
“The company possessed incorporation and licensing documents at the time of operation,” NAM1 told the court, adding that the licensing process involved documentation, payment of statutory fees, and regulatory assessment.
NAM1 further stated that regulatory oversight later changed when the Precious Minerals Marketing Company (PMMC) shifted from licensing to national assay functions. He said that after the SEC shut down Menzgold and law enforcement agencies preserved its offices, he was unable to access some of the documents that could support his defence.
“This development affected my ability to retrieve documents relevant to my defence,” he said, noting that the situation could be verified by the state institutions involved.
The court presiding over the case, Justice Ernest Owusu-Dapaa, has directed NAM1 to file his witness statement by February 9, 2026, and to submit any proposed documentary evidence at least three clear days before the next sitting. Other accused persons in the multi-accused trial have also been ordered to file their documentary evidence.
The case arises from the collapse of Menzgold Ghana Limited and related businesses, which allegedly induced members of the public to invest in gold transactions and schemes between 2016 and 2018. The SEC suspended the company’s operations for operating without the required licence, leading to investigations and the prosecution of NAM1 and other associated individuals and companies.
NAM1 and the other accused have pleaded not guilty and are standing trial before the High Court.
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Source: Graphic.com
