Menzgold customers storm Zylofon Media over locked up deposits

Aggreived customers of defunct gold trading firm, Menzgold Ghana besieged the head office of Zylofon Media at East Legon in Accra on Saturday, 31th October over their locked up investments.

The group clad in red and black attire thronged the media outlet owned by CEO of the company Nana Appiah-Mensah (NAM 1) for an update on their locked up investments from the embattled businessman.

The aggreived customers were demanding an update on their unpaid monies and when Mr Appiah-Mensah will start paying back their locked up investments.

Some customers said they invested up to and in some cases over GH¢200,000 with NAM 1’s Menzgold company.

However, personnel of the Ghana Police Service were deployed to ensure lives and properties where protected.

However, it would be recalled some members of the aggreived customers of Menzgold were arrested for invading the private residents of Nam 1 at Trassacco Valley Estate in Accra.

The aggrieved customers have also held several demonstrations in Accra and Kumasi and have petitioned the Asantehene, Ottumfuo Osei-Tutu II to intervene.


The gold trading firm in September 2018 was ordered by the Securities and Exchange Commission (SEC) to shut down operations for breaching the Securities Industry Act 2016 (Act 929).

Since then, customers to the defunct company have since been agitating for the investments to be refunded.

Mr Appiah-Mensah was arrested and tried in Dubai in November 2018 for an alleged gold dealership that went bad.

He later won the case against Horizon Diamonds in which the court in United Arab Emirates (UAE) ordered the company to the Menzgold CEO all his outstanding debt.

He was later arrested and granted a bail of One Million Ghana Cedis by Ghana authorities in April 2019.

His personal and business accounts have since been frozen by authorities and since been unable to refund customers their deposits.


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