Capital Bank collapse: Mensa Otabil hides behind Holy Bible

Founder of the International Central Gospel Church (ICGC), has been playing mind games with the congregants, blaming the devil for collapsing Capital Bank, which his church owned 3percent, and on which he had served as Board Chairman.

According to Dr. Mensa Otabil Otabil, the Capital Bank incident was retaliation from the devil for the discomfort he suffered during the Greater Works conference, at which several internationally renowned men of God converged.

At last Sunday’s service, Dr. Otabil, interestingly ignored the warnings of his ex-Managing Director, John Kofi Mensah, who in an August 2014 memorandum, cautioned that, Capital Bank, had capitalization issues and may not be able to meet its obligations to its clients and risk collapsing. Most ICGC members save with Capital Bank.

Mr. Mensah’s 2014 memo (see page 8) was sighted and published by the Insight Newspaper in January 2015, which said that, Capital Bank’s CEO, had described the bank’s situation as a “time bomb” saying the then First Capital Plus Bank, was on the verge of collapse. This means that the bank’s problems started as far back as 2013 and beyond.

Interesting the Capital Bank sued the Insight Newspaper and its owners, including Kwesi Pratt, were dragged to court in an apparent attempt to hide the truth surrounding the status of the bank.

But Dr. Otabil, told the congregation which included his longtime friend, Finance Minister, Ken Ofori-Atta and his wife Angela, “this year’s Greater Works was a point of departure and something huge took place. We poked somebody’s eyes. And when you poke somebody’s eyes, he’ll hit your hand. So what we’re experiencing is the hard-hitting. But the eye has been poked already. I said the eye has been poked already. The eye has been poked already.

“We transited and something massive is coming out of it, something massive. It cannot be stopped, it cannot be delayed, it cannot be denied. It’s coming because God has decreed it; it’s upon this nation. What happened at Greater Works was not just for ICGC. It was the turnaround of Ghana’s destiny.

Dashing behind the Holy Bible, he claimed that Ghana was on course to experience a “massive” economic turnaround, and told his congregation on Sunday 20 August, that Ghana’s fortunes, would increase in “leaps and bounds” beginning this year.

Pastor Otabil said, the recent takeover of Capital Bank – which his church owned 3percent – is a sign of good things to come for both ICGC and Ghana as a nation.

Ghana’s destiny was taken back and Ghana’s destiny is turning around and nobody can stop it. No devil in hell can stop it. We have poked the devil’s eye and we have the victory in Christ Jesus. It is not Otabil’s battle, it is bigger than me. We trust His promises.

“I believe that this nation from this year is leaping forward. The story of this nation will change. It will have a ripple effect over the story of Africa. There’ll be great economic growth, great financial growth. It’s going to be bigger, it’s going to be better, it’s going to be greater, it’s going to be massive, it’s going to be beautiful, it’s going to be pleasant.

But when God promised the redeemer, He said that He’ll bruise the head of the serpent, but the serpent will also bruise His heel.

“You can’t bruise the head of the serpent and go scot-free. Your heel will go through something so we understand what is going on. I understand what is going on. We are fully confident of what is going on. We know how the story is going to end. We know the glory of God will be revealed. We know that this nation will rise. We know that victory is coming to the people of God, so we don’t personalise our problems. We understand the promises of God that it is going to be better. You have to trust His promises and then you have to trust His plans.

“…So it’s going to be bigger, it’s going to be better, it’s going to be greater, it’s going to be gold,” he told his congregation on Sunday 20 August.

Dr Otabil also said ICGC and its members, will enjoy a time of plenty like never seen before.

“The money is coming and it’s coming big. We have stepped into money. We have stepped into a season of wealth. We have stepped into a season of abundance. The devil cannot stop it. There’s going to be a massive wealth transfer coming to the children of God. It’s going to be massive. I said it’s going to be massive. There’ll be massive projects being done, massive institutions being built. There’s going to be an acceleration in the next 10 years. This church going to build things it has not done in its 30-year history, and it’s going to be done in a very short time because there is going to be a massive wealth release. Oh yes, I know it with all my heart.”

He said despite the bad news, he cares less about his enemies. “You know I don’t care about my enemies being destroyed; they are not on my agenda. I want to do well … I mean what’s the value of your enemy being destroyed and you, too, not doing well? So your enemy is down and you are down and you are happy? No. I don’t care what happens to my enemy. I care what happens to me. I want to rise. I want to flourish. I want to blossom. I want things to work out for me. Please don’t focus on what would happen to your enemy.

“… And at this point really I’m not concerned about enemies, no, enemies are not my agenda. My life is too important to focus on enemies. All I want is God, when I come out of this; it’s going to be double. When I come out of this, I shall come forth as gold.



“I just came here to encourage myself and to encourage somebody that if you learn to stay your mind on Him, no matter what’s going on, just keep your mind like a horse rider keeps the horse under control, keep your mind stayed on Him,” he urged his congregation.

John Kofi Mensah’s memo surfaced, following last week Monday’s announced takeover of UT Bank and Capital Bank, by GCB Bank, because of the inability of the two banks to turn around their negative capital adequacy position revealing the true picture and giving context to Capital Bank’s collapse.

The August 2014 memorandum, read “I regret to mention that unless we act ourselves and so with all the promptitude that it deserves, things may go out of hand, including the possibility that the Bank of Ghana may step in, by which time it will be too late for us to make excuses, with all of us risking sanctions,” the memo stated.

Mr. Mensah, also stated that he would regard any non-action on his warnings a vote of no confidence in his vision for the company.

“…the Board’s acceptance or otherwise of my proposals would go a long way to assist my interpretation of the Board’s willingness to share in my vision for the Bank and its customers at large. I will certainly interpret that as a vote of no confidence in my ability to steer the bank to its destination with your respective backing and cooperation.”

The memorandum addressed to the Board of the Bank also outlined cases of mismanagement that had compromised their shareholder’s credibility.