A very big question mark is currently hanging over the activities of acclaimed super-rich Ghana businessman, Nana Appiah Mensah, as he is just about to introduce his business to Nigeria in 2 weeks’ time. Nana and his team have already committed huge funds to announce their arrival in Nigeria with the launch of 2 of his businesses, MenzGold and Zylofon Group with a concert in Lagos on August 24. They are also planning to also open their offices in Lagos around that time. All these plans appears to have tainted, as Nana may be stepping into Nigeria with a questionable personality and corporate image; going by recent development in his country home, Ghana.
Few days back, (August 6) the Bank of Ghana alerted the public via a publication in national dailies, to be wary of Nana’s company, MenzGold, warning that “anyone who transacts business with the company is doing so at his or her own risk”!
In the papers, few days ago
The BoG in the notice 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. However, in a response to the BoG notice, Mr Mensah branded the central bank a joke for attempting to use his business as a cover-up for the collapse of banks in the country.
And few days ago, the news that the country’s anti-corruption agency is going after Nana over the activities of MenzGold hit the front pages of National newspapers in Ghana. For a corporate organization taking its first steps into a big economy like Nigeria, it appears rather awkward that the owner of the business is being fingered in questionable financial cases at this material time.
The New Crusading Guide’s cover recently
The EOCO (Ghana’s version of Nigeria’s EFCC) has invited Nana for questioning over the activities of his company. An official of the company has even told the media in Accra that the MenzGold CEO will be honoring EOCO’s invitation by Friday next week.
In Nigeria, Nana is relatively unknown and he does not have a business history that links him to the country. In Ghana, MenzGold and Zylofon Media are known, particularly in the entertainment sector.
The launch concert in Nigeria, which is tagged ‘The Nigeria Invasion is billed to take place at the Eko Convention Centre in Lagos. On the bill to perform at the event are all the artistes who are signed on the Zylofon Music record label namely; Shatta Wale, Stonebwoy, Becca, Kumi Guitar, Joyce Blessing and Obibini. While the organizers have paid Nigerian artistes, 2face, Patoranking, M.I, Phyno, Olamide, Ycee, Tekno and Niniola to perform. Two Nigerian DJs, DJ Neptune and DJ Obi have also been contracted for the show. Millions of naira has been paid to these Nigerian artistes.
The poster of the concert to be held in Lagos
Concerning the alleged financial cases Nana is facing in his country, it remains to be seen how that rubs off on his new venture in Nigeria. Having been disclaimed in Ghana, would the business of MenzGold be trusted and embraced in Nigeria? That remains to be seen. Also, being a relatively unknown company, many are also watching how the big concert being put together will end out.
Another worrying issue is the general apathy of Ghanaians to the activities of Zylofon. Based on investigations, not many Ghanaians are enthusiastic about the planned big concert in Lagos. There is no buzz about the event in Ghana. This is rather surprising as it was meant to be one of the biggest events to be staged by a Ghana outfit in Nigeria.
This piece was put together by our Senior Editor