I've paid over GH₵9.6m to Menzgold customers, rest to be paid by Dec – NAM1

The Chief Executive Officer of defunct gold dealership firm, Menzgold, Nana Appiah Mensah, alias NAM1 says he has paid over GH₵9.6 million to customers whose monies were locked up in his firm.

He has also assured customers who are yet to receive their monies that they would receive their monies before the end of December 2020.

In statement published on Instagram, NAM1 dispelled rumours that he had neglected customers affected by the shutdown of Menzgold to sign on a new artiste onto his Zylofon Music record label.

According to him, it would be wrong to say that Zylon and Menzgold were one and the same and that the only way he has been able to settle his indebtedness to affected customers was because of the other sources of revenue being generated by the former.

Below is his full statement

A cardinal trait or element in business is the assets and liabilities phenomenon. All operational businesses have assets, premised on liabilities (All debits/obligations such as debts, faulty machinery, salaries etc. In fact, any obligation owed to another party (susceptibility) can be termed as a liability. Liabilities would forever be a part of all human endeavors.

Liabilities in the immediate instance aside serving as a driver (motivation) for business owners/managers to get corporate objectives achieved, are also employed to widely open income streams. It is when your liabilities exceed your assets as a Company that you have a problem, and as a State is when you're termed a failed state. Thankfully, Ghana is working just fine and we as an entity within the republic would utilize our assets (the ones we can reverse or mobilize) to make it possible to overcome all our liabilities.

To say that, Menzgold and Zylofon are one and the same is a very low shot at logic and a glaringly incredible display of intellectual deficiency or bankruptcy. A child and his/her sibling may have the same biological parents, are obviously from the same family but are two different individuals in every respect. This is a firm factual point at law and in principle.

In any case, if one is indebted and does not get productive, how is he or she expected to generate income to service or pay off the debt? We as a formidable group need, we must and shall open up our income streams by resorting to the very little human and capital resources at our disposal, to wisely and tactfully, get productive as a group to pay off completely soon just so we can salvage an ailing proud member of our sect as quickly as possible.

As of now, we hold documentary evidence, clearly showing that we have paid over ninety six (96) billion old Ghana cedis (GHC9.6M) even in our state of dormancy and continue to humbly make payments every now and then. We're capable, committed and shall continue to appreciate the paid up figure to a conservatively minimum amount of Six Hundred (600) billion old Ghana cedis (GHS60M) before the end of the calendar month of December, 2020 as we commence productivity now.

Many see the Menzgold customer body purportedly locking horns with the Company; I see a customer body in the light of a readily available huge market, representing an embodiment of personal and corporate brands unmatched confidence, a preservation of which is extremely necessary for our possible present and future endeavors. Consequently, our immediate very swift resolution of this still pending partial debt matter, is a need and a must in other to be able to happily shake hands again with these cherished customers.

We as a group cannot and would not wait for a perfect timing or favorable, perfect condition before we get productive as that would never happen. Perfection is the sole preserve of deities.

Sadly, we are just mortal human beings. Let us be minded also that unfortunately, Utopia too is a myth. For us at Zylofon, if there is a time to get to work, adjust and readjust to get productive whether or not we were productive yesterday lies in yesterday. I urge you all Zylofonians as we affectionately call ourselves, that the time is NOW. I would only entertain a conversation IF anybody can convince me based on thorough research work and data, that music business (contents creation and its monetization) is not a trade and that, producing music/content and monetizing it the right way does not yield income.

In as much as we share more in, regret deeply and sincerely apologize for the consequence of our shipwreck, which obviously has contributed to somewhat sour socio-economic plights for our patrons and mainly for us as a company, our period of lamentation is over, we are very much motivated, our hearts and spirits are poised to wrestle and to win. Admittedly, our journey seems very dark amidst earthquake and boisterous thunderstorms with persistent unnecessary and unjustifiable heckles. Refreshingly, we are human; fearfully and wonderfully made in the image and likeness of the almighty God, we're bestowed with limitless potentials and can do ALL things through God who strengthens us. For this reason, we shall subdue this intimidating fowler and worrisome elements comprising the "forces of darkness". WE SHALL OVERCOME.

May the Lord God almighty, Allah most merciful and most gracious bless us all and continue to be a LIGHT unto our path and a lamb unto our feet. #FollowTheLight.