Photo: The dividend payment schedule as published by Menzgold

Hundreds of customers of gold trading firm, Menzgold have massed up at the company’s branches in Accra to receive their dividends.

It is believed that the company is holding millions of cedis in investments, paying out profits of up to 12 percent monthly to its customers

The company announced on Thursday that it will begin to pay the accrued dividends following a month-long halt in its operations after a Securities and Exchange Commission (SEC) directive.

The Commission ordered the company to suspend its operations, questioning its activities and describing the trading part of Menzgold’s operations as illegal.

While clearing the company to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold” it warned Menzgold to desist from its gold trading operations which were in flagrant violation of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

Related: Menzgold sues BoG, SEC for poking noses where it does not belong.

Menzgold says the directive barred it from paying dividends to its individual customers whose investments had matured.

However, at a press conference on Thursday, Menzgold said dividends on mature investment will be paid on Friday.

Joy News Emefa Nancy Dzradosi was at the East Legon branch of the company at midday and reports that lots of customers had arrived as early as 7AM to receive their dividends.

There was, however, some confusion at the premises, leaving some customers unhappy.

Related: SEC 'has not stopped Menzgold from dividend payments'; Menzgold disagrees

A customer who was hoping to receive some ¢4,400 complained about the lack of transparency with the process, “it seems they are not telling us the truth, there is something more to it that we need to know.

“I came around 8:00am and they said those whose [investments matured]  within 12 to 15 August should come for our claims, but I’m here and the story is different. I am losing trust,” she added.

Some of the customers are blaming the Bank of Ghana and the Securities and Exchange Commission for the current state of affairs at the company.

One said “we don’t like what the senior members are doing at all. The BoG and SEC have to give us details on what is going on because we won’t support Menzgold’s collapse.”

This man says he has invested ¢30,000 with the company and will not blame them for what is going on.