Capital Bank Collapse: Otabil innocent, Boulders report 'useless' – Adongo

Bolgatanga Central MP, Isaac Adongo, has jumped to the defence of the founder of the International Central Gospel Church (ICGC), Pastor Mensa Otabil, saying the former Board Chairman of now-defunct Capital Bank, did nothing wrong as far as the collapse of the financial institution is concerned.

According to him, the Boulders Advisors report, based on which the motivation speaker is being vilified, is a “useless” document.

Per that report, Dr Otabil, as board chairman, allegedly gave his blessing to the frittering of a GHS620 million liquidity support from the Bank of Ghana, by diverting same into related parties and businesses with which some board members were affiliated.

About GHS130 million of that money, allegedly went into the setting up of Sovereign Bank – which also collapsed recently.

After incessant trolling on social media, Dr Otabil issued a statement in mid-August, exactly a year after both Capital Bank and UT Bank went bust and were taken over by GCB Bank, after being declared by the central bank as “irredeemably” insolvent.

In that statement, Dr Otabil said he served a non-executive director who was not involved in the day-to-day running of the bank.

Speaking at a public forum organised by Progressive Alliance Media Communications (PAMC) on the banking crisis, Mr Adongo said: "That report [Boulders Advisors' Report] is the most useless piece of work and the most useless share of public funds to friends".

"Since this matter started, you realised that I have not commented on the role of Pastor Otabil? That is because he did no wrong contrary to what the Bank of Ghana and government will want us to believe," the opposition National Democratic Congress MP said.