Capital Bank Collapse: Mensa Otabil fights back

The embattled former Board Chairman of Capital Bank, Pastor Mensa Otabil, has sought to clear his name in the rumpus surrounding the bank’s collapse, saying in a press release that he played a ‘non-executive’ role and so was not involved in its day-to-day running.

The leader of the International Central Gospel Church (ICGC) noted that he accepted to be Board Chairman in a bid to help strengthen a promising Ghanaian enterprise that had potential but also challenges.

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

The pastor’s name has been making the rounds on social media lately, in renewed public concern following revelations that managers of the defunct bank diverted some GH¢610million the central bank had given them to stop the downward slide of the then-struggling concern. Handlers of the bank are alleged to have diverted the money into buying properties and re-routing part back to the central bank to create another bank – the Sovereign Bank.

Since the collapse of Capital and Sovereign Banks, several state institutions -including the Economic and Organised Crime Office (EOCO) – have been working to arrive at a comprehensive understanding of what happened and who was responsible for what; for which reason Dr. Otabil has been invited to respond to queries.

He noted that as a believer in the rule of law, he will continue to cooperate with the mandated institutions of state as they complete their investigations.

“I have been invited by EOCO and I have submitted myself to their processes and answered all their questions faithfully. I am confident that in the process, the national interest and the rights of all parties involved will be protected,” he said.

To him, his 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 added.



He noted that despite the accusations and allegations against him, he remains resolute in his 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 toward the promise of Africa’s growth and transformation,” he said.