Executive Director of IMANI Africa, Franklin Cudjoe believes former Board Chair of now-defunct Capital Bank, Mensa Otabil might have been misled by his Chief Executive Officer.
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.
The report cites an emergency Board and Executive Committee meeting on October 13, 2015, which noted with concern, the manner in which the GHc 610 million liquidity support to the struggling bank was being used.
The money, which was expected to be used as liquidity support for the bank’s business was diverted by management with the approval of the Board Chair, leading to the eventual collapse of the Capital Bank in August, 2017.
Mr. Cudjoe in a Facebook post, however, said the Pastor could have been ignorant about the risks associated with the deals his CEO was involved in.
“I am tempted to believe that Pastor Otabil was misled by his CEO.It does seem that the Pastor didn’t quite posses 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 wrong doing.”
Mr. Cudjoe however said Dr. Otabil should face the law if he is “found culpable beyond ignorance of deals.”
Otabil has demonstrated ‘highest level of integrity’ – ICGC
Meanwhile, the International Central Gospel Church (ICGC) has affirmed its loyalty to its head pastor, Dr. Mensa Otabil, amid controversy over the role he may have played in malfeasance that led to the collapse of Capital Bank.
ICGC’s leadership and membership stressed what they described as Dr. Otabil’s integrity and transparency over 30 years of service 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.”