- Dr Dominic Ayine has stated that Cabinet will soon decide the fate of properties seized from NAM1 in the Menzgold saga
- He said options being considered include auctioning or reusing the confiscated assets, depending on their nature and managing agencies
- The Attorney-General urged public patience, noting legal challenges often delay confiscation processes
The Attorney-General and Minister for Justice, Dr Dominic Ayine, has provided updates on the Menzgold saga involving Nana Appiah Mensah, popularly known as NAM1.
Speaking during the Government Accountability Series on Wednesday, October 22, 2025, Dr Ayine disclosed that Cabinet will soon decide on what to do with NAM1’s properties.
According to him, the decision will centre around whether to sell or reuse properties confiscated from Nana Appiah Mensah by the state.
He also added that the decision of the state on what to do with the confiscated assets would depend on the type of property and the state agency responsible for managing them.
The Attorney-General explained that if NAM1’s assets include real estate, they will be handed over to the Ministry of Works and Housing to determine their appropriate use.
Dr Ayine, while responding to questions on the NAM1 case, said that Cabinet may also consider auctioning some of the confiscated properties and depositing the proceeds into the state coffers.
“When they are handed over to the state, the appropriate authorities will know what to do with them. If it is also the case that we should auction them and then put the money into the consolidated account, that decision will be taken by Cabinet and then we will continue from there,” he said.
He also asked the public to be patient with his office in its handling of the case, saying that the process could take time, explaining that persons indicted in such cases often challenge confiscation proceedings in court.
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The Menzgold Saga
The Menzgold saga is a high-profile financial scandal in Ghana involving the defunct gold dealership firm Menzgold Ghana Limited owned by Nana Appiah Mensah (NAM1).
NAM1, his wife, and his sister have been accused of using Menzgold to defraud more than 16,000 people of GH¢1.68 billion.
He was first arrested in January 2019 in Dubai and granted bail.
From 2014 to 2018, Menzgold allegedly operated a gold dealership and investment scheme that invited the public to buy gold “collectibles” and deposit them with the company in exchange for high monthly returns of 7-10%.
It initially traded as “Menzbank” but changed its name after warnings from the Bank of Ghana (BoG).
BoG and SEC Warnings on Menzgold
The BoG and the Securities and Exchange Commission (SEC) repeatedly warned the public against investing with Menzgold because the company lacked the necessary licence to take deposits from the public.
In September 2018, the SEC ordered Menzgold to suspend its unlicensed and unlawful operations, freezing the accounts of both the company and NAM1.
NAM1 and companies linked to him, Brew Marketing Consult and Menzgold Ghana Limited, are facing dozens of criminal charges, including money laundering, unlawful deposit-taking, and defrauding by false pretences.
In July 2024, an Accra High Court dismissed NAM1’s “submission of no case”, ruling that the prosecution had established a strong enough case to require him to open his defence.
Menzgold customers mark 7yrs of company collapse
Meanwhile, YEN.com.gh reported that the aggrieved Menzgold customers appealed to the government to expedite its bailout
The aggrieved Menzgold customers marked the seventh anniversary of the collapse of the company.
The convener of the group, Frederick Forson, commented on the legal saga accompanying the Menzgold saga.