Aggrieved Customers Petition EOCO To Arrest Menzgold Management

A group calling itself the Coalition Of Aggrieved Customers of MenzGold (CACM) in collaboration with Coalition Of Independent Investors Ghana (CIIG) have petitioned EOCO to arrest management of Menzgold.

According to them, the gold dealership company has failed to pay them as promised. They have made claims that barely 10% of customers have been paid their 15%, 50 days into the 90 days period given by the firm.

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They have also resolved to go on a peaceful demonstration on Wednesday, 19th November, 2018.

See the full petition below:


Menzgold Ghana Limited is a gold dealership company registered to operate in Ghana. For past
four (4) years Menzgold has advertised its investment products on national television and radio
stations. The product that attracted most Ghanaian investors to invest with Menzgold was

This product offered investors with incentives and
good returns. As a Ghanaian company, the over 60,000 customers with the sprit to helping a
Ghanaian company grow, decided to patronize the services of Menzgold Ghana Limited. Later
did we get to know that the company was not licensed to operate.

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The Securities and Exchange Commission (SEC) in a letter dated September 7, 2018 instructed
Menzgold to shut down their Gold Vault operations. In that letter, the SEC instructed Menzgold
to seize to take in new customers and also not to advertise the gold vault product.

However,  Menzgold disregarded the instruction and continued to accept new customers until Menzgold’s
decided by itself to stop full operation on September 13, 2018.

Menzgold has not been able to refund our principals nor pay to us the 10% and 7% dividend we
were promised in a contract signed by Menzgold and us individuals. Even at a time when SEC’s
directives to Menzgold to only continue to pay existing customers. Menzgold have not been able
to pay us.

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It is in view of this that, we believe that Menzgold’s business activities is an organized crime.
We believe that because Menzgold is not able to sign on new customers they are not able to pay
us the existing customers because they will require new customers’ monies to pay the existing

We hereby call on you to with immediate effect arrest, investigate, and prosecute the following
people who constitute the board and management of Menzgold Ghana Limited;
1. Madam Abigail Mensah
2. Madam Safiatu
3. Madam Berlinda
4. Mr. Clive (IT Manager)
5. Mr. Nana Offei (Corporate Affairs Manager)
6. Mr. Owusu
7. Mr. Fred Ohene Kodua Frinpong (Board Chairman)
8. Mr. Saani (General Manager)
9. Mr. Shadrack Forjor (Marketing Manager)
10. Mr. Fifi (Personal Security to the CEO)
11. Mr. Nana Appiah Mensah (CEO)
We believe that these people have carefully managed a company to swindle us the customers of
our monies, making us victims of a Ponzi scheme.
We have included herein with, copies our agreement letters with Menzgold for your perusal and
to aid in your investigation. We are also available 24/7 to write our official statements as
required by law.
Thank you

Menzgold Customers Petition
Petition By Menzgold Customers
Continuation Of Menzgold Customers Petition
Menzgold Customers Petition 2


Source: Tieghanaonline.com

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