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Armed Police officers storm NAM1 mother’s house to ‘gather information’

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rmed Police officers storm NAM1 mother’s house to ‘gather information’

Heavily armed Police officers have stormed a house in Cape Coast belonging to the mother of Nana Appiah Mensah who is wanted for alleged fraud and money laundering in the Menzgold Ghana saga.

Residents told 3news.com the officers, numbering about 20 arrived at the huge one-storey house located at Adaaso at about 11:20 Sunday in search of Nana Appiah Mensah who is popularly known as NAM1.

Sources within the Central Regional Police Command have confirmed the ‘friendly visit’ to the house by a team of officers from Accra and Cape Coast but did not give further details except to say they were there to “gather information,” our correspondent Thomas Cann reported.

According to the sources, “no one was arrested” and that the visit was part of investigations by Interpol in the case being handled by the Police Criminal Investigations Department. It is unclear whether the officers met the mother, Mrs. Ivy Brew, who is said to be the owner of the property that sits on a large compound.

What happened?

A neighbour who witnessed the incident Sunday morning said they were there when suddenly “we just saw a lot of police [officers] at my next door. Apparently, they were looking for NAM1”

The source who spoke on condition of anonymity said the residents they initially thought the officers were in the neighbourhood because of an armed robbery, but it turned out they were after NAM1

“Initially, we thought it was armed robbery but later we heard they were looking for NAM1,” the source said, noting she never knew the property belongs to NAM1’s mother until Sunday’s incident.

People in the area told our correspondent Monday that aside someone in the house who is believed to be a caretaker, hardly do they see people moving in and out of the property that has been walled with electric fence wire.

According to them, once in a while, they find people come in and go.

When our correspondent visited the area Monday, the gate to the house was locked.

“There was a gentleman at the gate who told me his boss has asked him to come to the house to do something for the woman. For 30 minutes he has been at the gate without anyone responding to ringing of the doorbell,” Thomas Cann reported.

Police on Friday declared NAM1 wanted as they secured a warrant for his arrest.

The action by the Police followed a series of protests from aggrieved customers who have had their investments running into several thousands of dollars locked up in NAM1’s Menzgold firm.

“We are looking for him [Nana Appiah Mensah] to be arrested and that we have even obtained a warrant of arrest,” Director of the Police CID, DCOP Maame Yaa Tiwaa Addo-Danquah, said in a statement Friday.

The Police have since notified Interpol to arrest Nana Appiah Mensah who is believed to be hiding in either South African or Nigeria.

Background

The Bank of Ghana in August last year issued a public notice that Menzgold Ghana Limited is not licensed and has no authority to engage in the solicitation, receipt of money or investments and the payment of dividends or returns to its clients which is captured in Section 6 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

It also hinted of impending sanctions, saying after several cautions to Menzgold, it has started discussions with relevant regulatory authorities to sanction them for breaching the law.

Though Menzgold called the bluff of the central bank, it was forced to shut down in September 2018 by the SEC.

As part of the shutdown notice, the firm was ordered not to take new contracts (investments).

SEC claimed evaluation of Menzgold’s documentations show the company does not have the licences to trade in gold, and that, its operations are in breach of Act 929 “as well as a threat to unsuspecting and uninformed investors”.

The company has since been in tango with SEC as well as customers and investors who are demanding their returns and investments.

But when the issues appeared to have escalated due to pressure from the customers, Nana Appiah Mensah run to parliament with a petition to intervene so the company can resume operations and pay its customers.

Intervene for us to resume operations – Menzgold begs Parliament The company pleaded with the House to particularly intervene in the impasse between it and the SEC, which the company claimed has caused delays in paying its customers interest on their investments.

The company claimed in the petition to the Finance Committee of Parliament that the complete shutdown of its gold collectible vault by SEC has “caused a lot of serious challenges for the company and its customers [both local and foreign]”.

Accordingly, the firm wants parliament to “intervene and help resolve this matter amicably”.

Source: 3news.com

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Suame Municipality generates GH¢1.2 million as revenue

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Suame Municipality generates GH¢1.2 million as revenue

The Suame Municipal Assembly in the Ashanti Region raked in a total of GH¢1, 213, 040.54 as revenue for the year 2018.

This represented 85.42 per cent of the targeted revenue of GH¢1, 420, 112.19.

Dr John Osei Bobie Boahin, the Municipal Chief Executive (MCE), who disclosed this said for the first quarter of this year, the Assembly had collected an amount of GH¢625, 179.70 from the various revenue sources.

Addressing the first ordinary meeting of the Second Session of the Assembly at Suame, he indicated that the figure represented 25. 83 per cent of the targeted revenue of GH¢2, 420, 688. 77.

“If the trend proceeds as planned, the Assembly is likely to exceed its revenue target by the end of 2019,” the MCE noted, saying the authorities were determined to mobilize the needed revenue for development purposes.

For that reason, he said, the Assembly had engaged Messrs Heinz Integrated Systems, a private data and revenue collection firm to collect the needed data on all payable properties in the Municipality, using the latest data collection software for effective service delivery.

“As I speak, progress of work on the data collection exercise is at an advanced stage. The consultant is gradually meeting the deliverables within the framework of the project scope and specifications,” Dr. Osei Bobie Bohin noted.

The MCE stated that collection of the data would enable the Assembly to make appropriate projections and forecast regarding the revenue inflows.

On agriculture, he hinted that the Assembly was facilitating access of farmers and agro-processors to processing machines and equipment produced at Suame Magazine.

This is aimed at reducing the importation of agricultural machinery and equipment to mechanics at the Magazine in order to move Ghana beyond aid.

Source: ghananewsagency.org

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SSNIT engages government on GH¢1bn arrears

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SSNIT engages government on GH¢1bn arrears

The Social Security and National Insurance Trust (SSNIT) says it is confident of accessing claims due it from the government to aid its operations.

As at last year (2018), the outstanding claims that the government was expected to give to the pension management firm, was estimated at one billion cedis.

Some industry watchers have attributed the development to the constraint faced by SSNIT in meeting the needs of its contributors and undertake other investment ventures.

But the Director General of SSNIT, Dr. John Ofori Tenkorang maintains that there are discussions with the Finance Ministry to access the outstanding payments.

He was speaking at a media engagement on the Trust’s operations over the weekend.

“We are engaged with the Ministry of Finance to come up with a solution and that we have agreed would have to involve some kind of cash payments and bonds that are issue…The people in charge of the Trust’s investment portfolio have made a case that there is the need to invest in some fixed incomes and the best issuer of bonds when the yield is right in terms of credit is the government,” he explained.

Dr. Tenkorang added that their ability to redeem the money on time should facilitate the cash flow required for a portfolio of their magnitude.

“So if we get the arrears paid to us in some kind of financial instrument that is acceptable to us, I think it will be okay for us. I am confident that the short term cash flow issues will be resolve and we will get our bonds.”

Meanwhile SSNIT has denied allegations that it is cheating out contributors of their benefits based on the Scheme’s flawed computation system.

A committee of the Trade Unions Congress (TUC) identified gaps in SSNIT’s computation of pension benefits for its contributors.

The Committee reported that SSNIT misinterprets what constitutes annual salary, early retirement reduction factor and annuity factor on lump sum which ultimately affects the contributor.

Though SSNIT admits that there may indeed be a fundamental flaw with the legal regime on pensions, it maintains that the Scheme is not cheating.

“Both parties have acknowledged that and have embarked on a process to correct these and it will probably end up in some list of amendments that we would seek to be legislated so that it governs the way we do things,” Director-General of SSNIT, Dr. John Ofori Tenkorang affirmed in an interview with Citi News.

Source: citibusinessnews.com

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Founder of Angel group ranked among top 100 influential company owners globally

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Founder of Angel group ranked among top 100 influential company owners globally

Founder of Angel group ranked among top 100 influential company owners globally

The President and Founder of the Angel Group of Companies, Dr. Kwaku Oteng has been ranked among the 100 most influential company owners worldwide.

At an event held at Institute of Directors, London by the Achievements Forum, the business mogul was celebrated among the top 100 influential company owners whose activities have affected their countries of origin positively.

Under the auspices of the Europe Business Assembly (EBA) Oxford, UK, Dr Kwaku Oteng was nominated for an award for his influence and contribution to Ghana and the world as a whole.

They were elated for his consistency in growing the Adonko brand within the shortest space of time with other nominees from countries like Canada, USA, UK, Malaysia, Nigeria, India, Philippines, Switzerland, Tanzania, Ivory Coast and China being recognized.

The Achievements Forum is a unique platform for international business and professional communication, sharing of the best practices in managing companies, institutions and cities, as well as promoting goods and services, and the opportunity for a comprehensive improvement of any business processes.

Achievements Forum’ has grown through a combination of international cooperation and positive commercial outcomes. Grounded in, and attracting high profile delegates from the real world of business, the function is a key driver in the development of practical commercial exchanges.

Top executives, business gurus, senior state officials, as well as educational management experts and academic professionals use the motivational opportunity to be present among the figures of their own stature.

Source: mynewsgh.com

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