Otabil Breaks Silence on Capital Bank Collapse

“I have preferred not to respond in the public domain, not as an admission of guilt, but out of respect for the due process and the ongoing investigations,” Former Board Chairman of erstwhile Capital Bank, Dr. Mensa Otabil, has said.

This is the first time Dr. Otabil Founder and General Overseer of the International Central Gospel Church (ICGC) has opened up on his alleged involvement in the collapse of the defunct financial institution―Capital Bank.

According to him, various mandated state institutions have begun investigations with the aim at finding individuals responsible for the collapse.

“I have been invited by EOCO and I have submitted myself to their processes and answered all their questions faithfully,” he revealed.

Non-Executive

Following the collapse of the bank, a year ago, Pastor Otabil has had fiery darts hauled at him for not properly playing his role as a board chair.

The criticisms have since increased after reports emerged that he was privy to a GH¢610 million liquidity support from the Bank of Ghana (BoG) that was meant to restore Capital Bank to its feet.

It is alleged that the former board chairman sanctioned the misapplication of the liquidity support and gave approval for the funds to be diverted into other businesses―leading to the eventual collapse of the local bank in August 2017.

But the renowned pastor in his silence breaking statement appeared to disassociate himself from the seeming illegalities explaining that, his role as board chair was without executive responsibilities.

“My position was a non-executive role. I was therefore not involved in the day-to-day management and operations of the Bank,” he stressed.

Gaffe?

Meanwhile, some economic experts have labelled Pastor Otabil’s “non-executive” argument as a gaffe.

According to Prof. John Gatsi, a lecturer at the University of Cape Coast School of Business, it would be inappropriate for a board chair to say that because he is not involved in day-to-day activities of the bank, he is not privy to key management decisions.

“It is very clear that a board chairman is not involved in the day-to-day running of a company but there is a way that the board chairman gets to know about what happens based on the reports that are presented to him,” Prof Gatsi said on Accra based TV3.

Unfazed

Notwithstanding, the misfortunes that may have rolled out of the collapse of the Capital Bank, Pastor Otabil remains resilient in supporting the entrepreneurial spirit.

“I will therefore continue to lend my support and mentorship to inspire others who dare to dream and work towards the promise of Africa’s growth and transformation,” he said in his statement.

By: Grace Ablewor Sogbey/ [email protected]