Former Board Chairman of the now-defunct Capital Bank, Pastor Mensa Otabil, has expressed concern about individuals and entities adversely affected by the collapse of the bank.
“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,” the General Overseer of the International Central Gospel Church said in a statement issued on Tuesday, 14 August 2018.
Following the collapse of the bank, it emerged that Pastor Otabil sanctioned the misapplication of GHS610 million liquidity support given by the Bank of Ghana (BoG).
Instead of using the money to restore Capital Bank to its knees, the management, with the approval of the International Central Gospel Church founder, diverted the money for other uses, leading to the eventual collapse of the local bank in August 2017.
The monies were moved by a member of the Board, Ato Essien into companies believed to be owned by him and others, on the Board. Some of that money was reportedly presented as capital to secure a licence for another now-defunct bank, Sovereign Bank.
Among the flagged transactions were GHS 27.5 million used for business promotion which was handled by a board member; transfers to IFS amounting to GHS 23.9 million; transfers to Nordea Capital amounting to GHS 65 million; and transfers to All-time Capital amounting to GHS 130 million.
According to Pastor Otabil, he was not involved in the “day-to-day management and operations of the bank” as his position was a “non-executive role”.
“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,” he explained.
Nonetheless, he said he has submitted himself to the Economic and Organised Crime Office (EOCO) and other state institutions involved in the investigation of the activities that resulted in the collapse of the bank.
Meanwhile, a former Area Manager of the bank, Edem Adimado, has become an Uber driver to make ends meet following the collapse of the local bank.
Speaking on the Executive Breakfast Show (EBS) about life after the loss of his job, Mr Adimado said finding a job as a banker again has been difficult, forcing him to venture into the Uber business.
He told sit-in host Benjamin Akakpo that: “I looked at my skills in operational management, I do a lot of policy drafting and implementation, process flow implementation, so, I wanted to put that into good use in terms of trying to assist some companies or microfinance but the difficulty I had with that was the Capital Bank name that was attached to it, so, it did not go far, and, so, that also became a challenge.
“After that I felt I’m experienced, so, I want to be able to get into the industry again. I attend interviews and the first question is: ‘Why couldn’t you do anything to prevent the collapse of the bank (Capital Bank)?’ All the interviews I attended, Capital Bank becomes the focus of the discussion.
“So, after living off my savings for a long time, I realised I need to start doing something for the family because I have rent to pay, fees to pay, so now I drive Uber, I’m an Uber driver.
“It’s not all that [profitable] but it’s a means to an end, at least, I can get something to put food on the table. The sad part is, you have all these skills but it’s now behind the steering wheel. At some point it gets a bit depressing but I must live, I cannot go and stand on the street and beg. I must live so if it’s something I can do, I’ll do it. I also MC weddings on the side so that’s what I do for now, it’s been very difficult.
“Now I’m thinking of how to pay my rent which is due this week, until manner falls from heaven, I pray God touches the heart of my landlord”.
A former Head of E-Banking at the bank, Raymond Addai-Danquah, also disclosed that he is selling his uncompleted building to pay his rent, which is due next month, as a result of hardship due to the loss of his job after the bank collapsed.
Mr Addai-Danquah, who says he now sells pork for a living, said life has been difficult after the collapse of the bank to the extent that: “I’m even selling my uncompleted building to get money to pay my rent. When people call me, they think there’s a problem with the property but I find it difficult to tell them I’ve been at home not doing anything. I need to pay my rent which is due next month.”