Chief Executive Officer of defunct Menzgold Ghana Limited, Nana Appiah Mensah, has hinted at escalating his legal battle to the Supreme Court, following the dismissal of his application for a stay of proceedings by the Court of Appeal.

NAM1, as he is popularly known, suffered another legal blow on Monday, 19 May 2025, when a three-member panel of the Court of Appeal unanimously dismissed his request to halt proceedings in the ongoing criminal trial at the Financial Division of the High Court in Accra.

“It is not over yet. There is also the Supreme Court,” NAM1 told reporters after the ruling, adding that he would confer with his lawyers before deciding on the next steps.
The embattled CEO and his two companies — Brew Marketing Consult and Menzgold Ghana Limited — are standing trial on 39 charges, including:

• Selling gold without a licence
• Operating a deposit-taking business without approval
• Inducement to invest
• Defrauding by false pretence
• Fraudulent breach of trust
• Money laundering

The charges relate to an alleged misappropriation of over GH¢340 million belonging to thousands of customers.

In July 2024, the High Court ordered NAM1 to open his defence after dismissing his submission of no case to answer. His legal team filed an appeal to overturn that decision and sought a stay of proceedings, first at the High Court, and subsequently at the Court of Appeal — both of which were denied.

The Court of Appeal panel, led by Justice Gbiel Suurbaareh and supported by Justices Afia Serwaa Asare-Botwe and Christopher Archer, held that NAM1 had not demonstrated any exceptional circumstances to justify a stay.

Following this ruling, the case at the Financial Court is scheduled to resume on 28 May 2025.