Ghc 27.5m For 'Business Promotion', Ghc 2.6m For Rebranding And Other Frivolous Expenditures — How 'We''ll Spend Millions And Billions' For God Mensa Otabil And Capital Bank Board Wasted Bailout Money

Pastor Mensa Otabil

Ghanaians are the biggest ostriches this planet have ever seen. No matter what goes on with pastors like Otabil their indoctrination would not allow them to admit one man is amassing so much wealth at their own expense.
Otabil literally tells them I need your money to chop, ostensibly to serve God in heaven and they happily give it to him yet diss anyone who dares make any comments about it.
Yet this same Mensah Otabil presided over the collapse of a bank (Capital Bank) and details emerging out of the collapse paint a not so flattering picture of the preacher.
Otabil, and the rest of the Capital Bank board, wantonly chopped a huge debt relief given them by the Bank of Ghana.
The money, amounting to Ghc 610m in total, was misused by members of the board for their own interest instead of being used to help the bank’s issues of insolvency.
Citi News writes based on the incriminating report…
The then-Board Chair of the now-defunct Capital Bank, Dr. Mensa Otabil is suspected to have been party to the misuse of liquidity support given the bank by the Bank of Ghana (BoG), according to an investigative report sighted by Citi News.
The report cites an emergency board and Executive Committee meeting on October 13, 2015, which notes concern with the manner in which the GHc 610 million liquidity support to the struggling bank was being used.
Instead of using the money the central bank gave the Capital Bank as liquidity support for the bank’s business, the management with the approval of the Board Chair, diverted the money for other uses, leading to the eventual collapse of the Capital 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 money. Some of that money was reportedly presented as capital to secure a license for another collapsed bank, Sovereign Bank.
Among the flagged transactions were GHc 27.5 million used for business promotion and handled by a board member; transfers to IFS amounting to GHc 23.9 million, transfers to Nordea Capital amounting to GHc 65 million, and transfers to Alltime Capital amounting to GHc 130 million.
Concerning Alltime Capital, the report noted that “Mr. Ato Essien stated that the placement of GHc 130m with Alltime Capital was strategic and funds would be paid back by March 2016.”
Dr. Otabil also assured management that he would ensure the funds were returned by March 2016.
Alltime Capital provided evidence that it was acting as an arranger for two separate commercial papers purchased by Capital Bank and issued by MC Management services limited.
The commercial papers are seen to be signed for Capital Bank by both its CEO, Rev. Fitzgerald Odonkor, and Chief Business Officer, Horace Tettey, according to the report.
Nordea Capital was also reported to have received GHc 65 million from Capital Bank, but it denied receiving the money.


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