Otabil breaks silence on collapse of Capital Bank

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Pastor Mensa Otabil, has broken his silence on the controversies in the banking sector, specifically, his role in the collapse of Capital Bank as Board Chairman.

The Founder and General Overseer of the International Central Gospel Church (ICGC) in a statement signed and issued on Tuesday dawn said 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 which comes a year after the Bank of Ghana put the bank on a purchase and assumption.

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

Capital Bank, along with another indigenous bank, UT Bank, collapsed in August last year due to liquidity challenges and all their assets taken over by state-owned GCB Bank.

Capital Bank received GHc610 million from the Bank of Ghana to cure its liquidity struggles and the funds were allegedly mismanaged, leading to its collapse.

Below is a copy of the statement

PRESS RELEASE FROM PASTOR 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.

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