On Saturday, September 12, the infamous Menzgold CEO, Nana Appiah Mensah, popularly known as NAM 1 posted a video of a smart city on Twitter which showed portions of already existing building complexes and facilities to be built on a 4,000 plots of land indicated in the video.
12th Sept. 2018 in retrospect, we’re pained by the many losses we count. Refreshingly, we celebrate many successes. We commemorates today with over 4,000plots ENVISIONED new smart city coming up. As a goodwill gesture, 500 residential plots are reserved for Menzgold customers.🙏🏾 pic.twitter.com/oRL3RJSQCv
— Nana Appiah Mensah (@nana_appiah_m) September 12, 2020
The said smart city is expected to bear the name ‘Zylofon Hills’. It will have its own heliport, business complex, solar power, shopping mall, golf park, water park, sports stadium, music museum, film village, recording studio, cinema, gymnasium, swimming pool, walk of fame, metro station, among others.
Unsurprisingly, after Nana Appiah Mensah’s post, some Menzgold customers backlashed him for not paying his debt owed them.
Menzgold is an aurum utalium dealership and investment firm that promised customers an average of 7-10 percent monthly returns on investments.
It was shut down in September 2018 by the Ghana Securities and Exchange Commission. The company’s operating license which had initially been granted in 2014, was revoked by the Minerals Commission of Ghana.
However, the firm was still in operation. As reports of a gold-investment scheme with high returns started to circulate, the Bank of Ghana begun to publish warnings which cautioned citizens to be wary of dealing with the firm and warned the firm against taking cash deposits.
The customers of the firm throwed their displeasure against the government over the warning. Their view was that, only they can decide where to invest their money and not the government.
Customers deposit at Menzgold have been locked out since the shutdown and they can’t access their investments, which has led to demonstrations at its various branches over the past few years.