Founder and General Overseer of the International Central Gospel Church (ICGC), Dr Mensa Otabil, has been explaining his managerial role in the now defunct Capital Bank.
The renowned man of God has been hounded by some since news went viral about how the top hierarchy of the Bank, inappropriately disbursed funds from the Bank of Ghana (BoG).
According to a report released last week by the BoG, Capital Bank misapplied 620 million cedis Liquidity Support it (BoG) extended to the then distressed financial institution.
The amount was meant to help the struggling bank stay viable.
But the managers, in what the Central Bank calls deceit, allegedly diverted the money into some other ventures.
In a statement issued early Tuesday, over his role in the collapse of Capital Bank as Board Chairman, Pastor Otabil explained that his "position was a non-executive role", but pointed out that "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," he added.
The full statement is published below.
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 clari?cations 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 con?dent 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.
Source: Peacefmonline.com
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There is no way you can escape guilt by explaining your role. Of course as a Board Chair your role is not to be in charge of day-to-day running of the bank and it is the same for all the banks that managed to stay afloat. However, you were briefed during board meetings and it is unforgiveable to suggest these issues escaped your notice. Why can't you admit you are human and made a mistake? That would sound reasonable. I guess that would be impossible because it would tarnish your 'infallible' brand you have labored to build over the years, isn't it? You can use all the grammar but only one thing happened that led to the collapse of Capital Bank: There was criminal and willful negligence and spectacular leadership failure supervised by you! There is nothing more truer than that!
Every business experiences up and downs at certain times .They always pick up after a recession(down) and so if you close it down when it is in recession you have down a great disservice to the nation. If they have allow them to continue ruining they will definitely stand on their feet again. Even in managing our home there are at times that we spend more than we earn but with time things normalize. You came into power and you have raised their Capital deposit so high where do you expect them to get the money from, God will not rest until He deals with politicians who come into power with the sole aim of destroying the businesses of others the perceive as their opponent or enemies. Remember you will not remain in power forever. The journalist who are doing your bidding will surely face the punish of God. Let us all be honest in dealing with each other for Jesus said that , what ever you have down to the least of these people you have down it to him. Let us learn to number our days on earth.
The Board is NEVER responsible for the day to day running of an organization. The CEO who is responsible for the day to day running of the organization REPORTS and IS ACCOUNTABLE TO THE BOARD of which YOU WERE THE CHAIRMAN. HOW DID YOU SUPERVISE THE CEO? The buck stops with YOU.
You call this man a symbol of hope for Ghana? Is high time we treat all Ghanaians the same. This man is part and parcel of those who led the bank to collapse so he should answer for it. Let the Church members keep quit there.
Thank you Pastor Otabil,so full of wisdom,God give me a quarter of your Grace
Aaaah Pastor, I guess u have to read something on corporate governance before this response. As a non-executive board chair u were in the best position to have brought something better on board free from conflict of interest, bais etc. U cannot exonerate yourself from this fiasco.
What of those who lost their monies? What of our ¢610m?
Otabil paaaa!!! As a Board Chairman, do you want to be running the day to day affairs of the Bank? Who tell you that. As the Chairman, you are responsible for the direction of the Bank and you choose to direct it into the ditch. Your bank was in a liquidity crises and BOG supported you with GH610m. What did you preside over. What are you talking about. If it is Wayome it different. Your point 2 and 3 was not well thought. Most people are from a poor background but it is how you turn things around. I am tempted to say things were going on well until you became the Board Chairman. Otabil, you were a Shareholder and a Board Chairman so your statement about the staff is also not correct. You did not do what is required for their betterment.
so what is the role of the chairman of board of directors of a company? i don't think pastor otabil is telling the whole story. his excuses do not add up.
A wise man will always use short answer for any question. This is the hallmark of a great man who is going far. God bless you sir and make you the symbol of hope for Ghana and Africa as whole.