News Just In : NAM1 Granted Fresh Bail, Ordered to Pay GH¢500M with No Sureties

The Chief Executive Officer of the defunct gold dealership firm Menzgold Ghana, popularly known as NAM1, has been granted fresh bail by an Accra High Court. This development comes in the wake of new legal proceedings initiated against him by the Attorney General last month.

The Attorney General and Minister of Justice filed a fresh suit against NAM1 and his two defunct firms – Menzgold Ghana Limited and Brew Marketing Consult – following reports of attempts to collect funds from customers who had lost their investments in the company.

The new suit comprises a total of 39 charges, with the defendants accused of offenses including defrauding by false pretense, a violation of Section 131(1) of the Criminal Offenses Act, 1960 (Act 29).

During proceedings at the Economic and Financial Court 1 on Tuesday, September 19, presiding judge Justice Eric Kyei Baffour initially granted NAM1 bail in the amount of GH¢100 million. This decision came as a result of the expiration of an earlier bail granted on July 26, 2019, which was set at ¢1 billion, and required five sureties, three of whom needed to be justified.

However, NAM1’s legal team, led by Kwame Boafo Akuffo, sought a review of the bail conditions, arguing that the initially imposed terms were excessive.

Consequently, Justice Kyei Baffour reviewed the bail conditions, reducing the amount to GH¢500 million and removing the requirement for any sureties. Under the revised bail conditions, NAM1 is expected to report at the Criminal Investigations Department (CID) of the Ghana Police Service every Thursday.

Additionally, he is obliged to deposit his travel passport with the authorities. However, he retains the ability to apply for its temporary release when seeking medical treatment abroad.

The legal proceedings surrounding NAM1 and Menzgold have garnered significant attention in Ghana and beyond, with many closely watching the developments as the case unfolds. This latest bail grant introduces a new chapter in a story that has captured headlines and public interest for several years.