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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One word! Corporate greed. So dont come here trying to put up this kontomire defence.
Oooh Otabil, so you couldnt translate all your so called leadership principles to make Capital Bank work well. Theory is definitely different from practice. Be humble man of God and accept that you failed as a Board Chair. This is the Chistlike example...
Pastor Otabil wants to be an Executive Board Chairman in order to be responsible for the colossal failure. My goodness! I am dumbfounded by this logic. No wonder the Capital Bank failed. Pastor please the bank of Ghana does not approve Chairman of Banks as Executive Directors. You were suppose to provide leadership and ensure effective controls and risk management over the bank's operations. You failed monumentally and the best you can do is to keep quite. This man Paaaaaaa
Bank of Ghana Corporate Governance A. Board of Directors’ Oversight Responsibilities 2. The board of directors shall show concern for and set the tone for risk management in the institution. The overall responsibility for risk management including that of AML/CFT risk within the institution shall rest with the board of directors.
Belly up Ignorance is not a virtue, it is a cancer. As a man of God, couldnt he depend on God to query issues brought to him? And David enquire of the Lord....should I?
Dear Pastor Otabil, There is no ***barred word*** referred to as "non-executive chairman"! It is not recognized in law! you were a member of the board! You owed the company a fiduciary duty! Your alleged culpability does not stem from the fact that you were not an executive director please. It is because you are alleged to have approved and supported certain illegalities that came to your attention, and for which, in your fiduciary capacity, you should not have allowed. Simple. Dear Pastor. You cannot escape blame with your usual rhetoric. This is the law, please, and it has strict interpretation, unlike your sermons where you are free to play with words! thank you.
Pastor, it is very unfortunate this happened during your tenure as the NON-EXECUTIVE CHAIRMAN. I believe that no human is perfect and that applies to you so be candid and sincere to admit that you are a human and things didn't work out well under your watch. I agree that you could not see all the nefarious activities of the CEO but that doesn't exonerate you from blame because I remember you preached a sermon in which you taught that Adam had to take the responsibility for the initial mistake of his wife Eve. This was under leadership teaching so just admit that as a leader you were not in charge of the day to day activities of the bank but going by your theory of "Adam & Eve", you didn't get it right at a point. This defensive approach to suggest that you are perfect will not help matters. This is where I expect your church members to also admit that you are a human and to err as they say, is human.
This is the Year of PERFECTION, ORDER, PURITY
1) I stand with God (Truth) James 4:17 'If anyone, then, knows the good they ought to do and doesn't do it, it is sin for them' 1 John 2:4 'He that saith, “I know Him,” and keepeth not His commandments, is a liar and the truth is not in him'. 2) I stand with Ghana (Rules, Law, and Order) 1 Peter 2:13-14, 17 "Submit to every human institution because of the Lord, whether to the Emperor as the supreme authority, or to governors as those sent out by him to punish those who do evil and to praise those who do good. . . . Honor everyone" (1 Peter 2:13-14, 17). I do not Stand with an human being/individual against God
Theory is different from practical, you can preach well by quoting from bible, but you could not put in to practice. As for church offering and tithing it easy to collect but managing people and resources is different ball game