Nam1 Sues Bridget Otoo GH¢1m For Defamation

Nana Appiah Mensah, the CEO of Menzgold, a now-collapsed gold dealership, has sued Bridget Otoo GH¢1m for alleged defamation.

According to Nam1, Bridget Otoo has consistently accused him, of defrauding Ghanaians through his Menzgold business over the past years.

In a widely shared writ of summons posted on social media, NAM1, on the 21st of October 2023 at 7:26 am, while his criminal case was pending in court, claimed that Bridget Otoo made defamatory comments on her X handle.

“In which country will a fraudster like @Nam-the-patriot be allowed to do this? This is a form of bribe for the Police who are to arrest him to distribute money on his behalf! Smh F NAM1 is a scammer #Jail him #Occupy Julorbi House” she posted

The comments implied that NAM1 was involved in bribery, distributing money to evade arrest, and depicted him as a scammer and a fraudster. NAM1 argues that these statements tarnished his reputation, particularly as the matter of whether he is a fraudster is pending in court.

NAM1 claims significant damage to his character and global business reputation due to being labeled as a fraudster and scammer by Bridget Otoo. Consequently, he is seeking GHC1,000,000 in damages for defamation, a permanent injunction to prevent further defamatory content from the defendant, a retraction, an unqualified apology on the same platform, and the removal of any defamatory statements against him on Bridget Otoo’s social media handles.

About Menzgold

Menzgold is a company that previously operated by accepting gold collectibles from customers who made deposits through a related marketing company, had its operations halted in September 2018 by the Securities and Exchange Commission. This shutdown was initiated due to concerns about the company’s lack of appropriate licensing for deposit-taking and gold dealing, which it claimed to engage in.

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Legal proceedings have been ongoing since 2019, with state prosecutors attempting to bring NAM1 to court following allegations by Menzgold customers that their investments remained inaccessible after the company’s closure. Court documents suggest that the outstanding funds involved exceed GH¢1.68 billion.

The prosecutors assert that Menzgold Ghana Company Limited, originally registered as Menzbank Ghana Company Limited in 2013, and Brew Marketing Consult Ghana Limited, registered in December 2016, are sister companies owned by NAM1, who serves as the Director and Chief Executive Officer of Menzgold Ghana Company Limited and Brew Marketing Consult Ghana Limited. He is also the majority shareholder in both entities.

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NAM1 is accused of operating Menzgold Ghana Company Limited as a deposit-taking business under the pretense of engaging in gold trading, despite lacking the necessary license.

According to the Attorney-General’s Office, the business model of Menzgold involved Brew Marketing Consult Ghana Limited selling gold, gold collectibles, and gold ore to the public for investment in Menzgold, even though Brew Marketing Consult did not possess the required license for selling gold.

The Minerals Commission granted Menzgold a three-year license to purchase and export gold on August 22, 2016. This license specified that Brew Marketing Consult Ghana Limited was permitted to buy gold exclusively from small-scale miners for export purposes.