The International Central Gospel Church, ICGC has affirmed its loyalty to its General-Overseer, Dr Mensa Otabil, amid controversy over the role he may have played in the financial irregularities that led to the collapse of Capital Bank
According to an investigative report conducted into the collapse of Capital Bank, Dr Mensa Otabil who was a Board Chairman of Capital bank seems to be aware of the misuse of liquidity support of about GHc 610 million from the Bank of Ghana.
However, despite the reports, ICGC’s leadership and membership has pledged its support and loyalty for Dr Mensa Otabil in a statement of support.
“Throughout this period, you have demonstrated integrity at its highest level before us. Many of us have built our Christian character around the values you continue to exhibit. The transparency with which you have led this church continues to motivate us to do same when it comes to matters of integrity. At a time like this, we affirm our loyalty to you and celebrate you as the embodiment of Christian character.”
How Funds was misused
Portions of the investigative report on the collapsed Capital Bank read;
"Instead of using the money the central bank gave the Capital Bank as liquidity support for the bank’s business, the management, with the approval of the Board Chair, diverted the money for other uses, leading to the eventual collapse of the financial institution in August 2017.
The monies were moved by a member of the Board, Ato Essien into companies believed to be owned by him and others on the money.
Some of that money was also reportedly presented as capital to secure a license for Sovereign Bank, which eventually collapsed.
Among the noted transactions were GHc 27.5 million used for business promotion and handled by a board member; transfers to IFS amounting to GHc 23.9 million, transfers to Nordea Capital amounting to GHc 65 million, and transfers to All-time Capital amounting to GHc 130 million.
In a related development, President of IMANI Africa, Franklin Cudjoe, has said, “I am tempted to believe that Pastor Otabil was misled by his CEO,” in relation to the bank’s misapplication of GHS610 million liquidity support given to it bank by the central bank.
His comment comes on the back of an investigative report that indicated that Dr Mensa Otabil may have been party to the misuse of liquidity support given by the Bank of Ghana (BoG) to Capital Bank.
“I am tempted to believe that Pastor Otabil was misled by his CEO. It does seem that the Pastor didn’t quite possess the financial ‘spirit’ and eye to detect that the financial engineering his CEO engaged in was beyond normal limits of risk.”
“Is there evidence that other board members probably more experienced warned Board Chairman pastor about the varied seeds his CEO was sowing all over the lands that created a hole of Ghc 610m? As I have said, there is no evidence that board chair pastor actively colluded with his CEO to embezzle Ghs 610, so we cannot accuse him of wrongdoing.” Franklin Cudjoe wrote in a Facebook post