The leadership and membership of the International Central Gospel Church (ICGC) has reaffirmed their support to their founder Dr Mensa Otabil, over the issues of  the role he may have played in malfeasances that led to the collapse of Capital Bank.

According to an investigative report by the Bank of Ghana, Dr. Otabil, the former Board Chairman of the now-defunct bank, appeared to be aware of the the bank’s misapplication of GHS610 million liquidity support given to it bank by the central bank.

Dr Mensa Otabil has been widely discussed in the media in the past week since the Bank of Ghana report found its way in the media space.

However, In a statement to declare its support for their head pastor, ICGC’s leadership and membership described Dr. Otabil as a man of integrity and transparency in the over 30 years of service since he managed the churc.

The statement read; “Throughout this period, you have demonstrated integrity at its highest level before us. Many of us have built our Christian character around the values you continue to exhibit. The transparency with which you have led this church continues to motivate us to do same when it comes to matters of integrity. At a time like this, we affirm our loyalty to you and celebrate you as the embodiment of Christian character”,

Background 


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 Alltime Capital amounting to GHS 130 million.