NAM1 Disavows Interest Groups, Customers Voice Frustration

In a recent turn of events, NAM1, the CEO of the defunct gold dealership firm Menzgold, has publicly disavowed any recognition of interest groups claiming to represent the concerns of Menzgold customers seeking to recover their investments. Nana Appiah Mensah, popularly known as NAM1, made this assertion during a Twitter Space session moderated by Serwaa Amihere on Monday, August 21, 2023.

This statement from NAM1 came as a response to a question regarding the sentiments of these interest groups, particularly the Aggrieved Menzgold Customers Association of Ghana, which has long advocated for the rights and interests of Menzgold’s customers.

NAM1’s comments effectively downplayed the significance of these groups, raising questions about their legitimacy in his eyes.

“I do not recognize any entity or organization that purports to represent any customer. I don’t have any group like the Association of Menzgold Customers because they don’t exist in my books. I don’t have a client like that,” NAM1 declared.

This public dismissal of the groups representing Menzgold customers is not the first time they have faced challenges in their pursuit of justice. In 2019, the Aggrieved Menzgold Customers Association of Ghana expressed frustration over what they perceived as President Nana Akufo-Addo’s attempt to belittle their predicament regarding their lost investments.

Since the collapse of Menzgold in 2018, this group, claimed to have over a thousand members, has tirelessly fought to safeguard the interests of its members. Frederick Forson, the long-standing president of the association, recently labeled NAM1’s ongoing validation process as a scam.

Adding fuel to the fire, aggrieved Menzgold customers who participated in NAM1’s latest validation process have voiced their dismay, citing timelines that indicate they may not receive their funds until 2025.

In response, a coalition of these aggrieved customers has labeled these extended timelines as evidence of a fraudulent scheme orchestrated by NAM1.

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The customer coalition is now urging Menzgold to make the validation process more credible by involving state regulators, such as the Bank of Ghana.

This call for transparency and oversight is a reflection of the growing frustration and skepticism surrounding the efforts to compensate Menzgold customers, who have endured years of uncertainty and financial hardship.

As the saga surrounding Menzgold continues, customers are left grappling with uncertainty, and NAM1’s disavowal of the advocacy groups has only added another layer of complexity to this ongoing financial crisis.

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