Did you know Mensa Otabil is board chair of collapsed Capital Bank?

Did you know Mensa Otabil is board chair of collapsed Capital Bank?

- Mensa Otabil is reported to be the board chair of one of the collapsed bank - Capital Bank

- The bank had its license withdrawn due to falls in their capital

- Click here for the latest stories in Ghana

Ghana’s financial sector has been hit by a major directive from the Bank of Ghana following the takeover of Capital Bank and UT bank by GCB bank.

Did you know Mensa Otabil is board chair of collapsed Capital Bank?

Mr Fitzgerald Odonkor (left), CEO of Capital Bank, in an interaction with Dr Mensah Otabil (right), the Board Chairman of the bank, and Dr Stephen Enchill, the Vice Board Chairman

READ ALSO: More banks expected to collapse soon

According to the Bank of Ghana, these troubled banks were asked to sacrifice their management due to what the bank of Ghana described as the severe impairment of their capital.

This means that the collapsed banks will have to lose their management to that of the GCB bank - a development which struck fear and panic among many customers.

Meanwhile, checks by YEN.com.gh reveal that General Overseer of the International Central Gospel Church, Dr Mensa Otabil headed the leadership of Capital Bank as the board chairman of the bank.

Governor of the Central Bank, Dr Ernest Addison, has hinted of plans to prosecute all heads of management who may have resulted in the collapse of these banks.

READ ALSO: More banks expected to collapse soon

With the massive take over of these banks by GCB Bank, there are high expectations of some workers of the bank to be laid off as GCB bank is feared to not have the capacity to manage all 53 branches of banks.

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Source: Yen.com.gh

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