Mensa Otabil breaks silence on the collapse of Capital Bank

By Clement Edward Kumsah
Mensa Otabil

Founder of the International Central Gospel Church (ICGC), Dr Mensa Otabil, has broken his silence on his role in the collapse of the Capital Bank as Board Chairman.

Dr Mensa Otabil in a statement issued Tuesday, August 14, 2018, stated that during his non-executive role as a Board Chairman of the bank, some decisions that were made turned out well while some did not turn out as well as had been anticipated.

"As far as I can tell, everything was done with the best of intentions and the interest of various stakeholders in mind.

"My foremost concern, as has been the case over the past year, is for the well-being of those who lost their jobs and those who may have been adversely affected in any way as a result of these developments. My heart goes out to them and to their dependents. I continue to pray for God’s guidance and sustenance as they navigate the course of their lives," he stated in the nine-point statement.

He concludes in the statement, that he will continue to cooperate with the state institutions probing the collapse of the 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.

Below is the full statement from Dr Mensa Otabil

 Re: Capital Bank And Related Matters

Greetings!

1. I have observed with concern, the ongoing media discussions regarding developments in the Banking Sector and my role either directly or indirectly.

2. I accepted to be Board Chairman of Capital Bank in a bid to help strengthen a promising Ghanaian enterprise that had potential but also challenges. I was excited about the prospects of a young man from a disadvantaged background who was daring to create opportunities and employment.

3. My position was a non-executive role. I was therefore not involved in the day-to-day management and operations of the Bank.

4. In the course of time, some decisions made turned out well while some did not turn out as well as had been anticipated. As far as I can tell, everything was done with the best of intentions and the interest of various stakeholders in mind.

5. My foremost concern, as has been the case over the past year, is for the well-being of those who lost their jobs and those who may have been adversely affected in any way as a result of these developments. My heart goes out to them and to their dependents. I continue to pray for God’s guidance and sustenance as they navigate the course of their lives.

6. Since the takeover of the bank exactly a year ago today, various mandated state institutions have been investigating and working to arrive at a comprehensive understanding of what happened, why it happened and who was responsible for what. I have been invited by EOCO and I have submitted myself to their processes and answered all their questions faithfully.

7. For some time now, many discussion platforms have made varied references to me and to my perceived role. Some have reached out to me for clarifications regarding issues that have been raised.  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.

 8. Notwithstanding some unforeseen outcomes, I remain resolute in my belief in the Ghanaian and African 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.

9. Meanwhile, as a believer in the rule of law, I will continue to cooperate with the mandated institutions of state as they complete their investigations. I am confident that in the process, the national interest and the rights of all parties involved will be protected.

Shalom, peace and life to you.

Signed, Pastor Mensa Otabil. 14th August 2018.

Ghana News: Latest news in Ghana