Savannah News Online Reporting Only What Matters Most
Related Articles
Honestly, I do not begrudge those who say they stand by Dr Mensa Anamua Otabil. Certainly, not all of us will be incensed by the unforgettable injury he has caused this nation. I am guided by the fact that when Atta Ayi, Johnson Kombien and other hardened criminals were arrested in this country, they had people who equally sympathised with them and, actually stood by them. This is not to say I am equating Dr Otabil to these notorious criminals. The point is that, no matter the situation you find yourself, you will find people to stand by you.
Before those standing by Dr Otabil tongue lash me, let me state that the revered man of God is a good critic but hates to be criticized. The last time he was criticized, he described his critics as persons who “look like insult”. In this writeup, I will criticize him, and admittedly, I “look like insult”.
Some few years back, we were outraged by GHC51m paid to businessman Alfred Agbeshi Woyome. This money was ordered by the court. Issues were raised about the payment and most of us painted it with the corruption brush. Songs were composed with Woyome’s name and the rest of the story is history.
Now, the country is faced with another serious scandal in which GHC610m of the poor tax payers’ money was dished out to some group of persons of which Dr Otabil was their Chairman and that money is turning out to be something they have ‘chopped free’. It is important we understand what really happened!
Before October 2015, Capital Bank of which Dr Otabil was the Board Chairman, had emptied it coffers and could not meet the request of depositors for their funds. They are yet to explain what they used depositers money for, though. The Bank of Ghana decided to rescue the bank by advancing GHC610m of tax payers’ money to managers of the bank. As soon as the GHC610m hit Capital Bank’s account, Dr Otabil conveyed an emergency Board meeting on October 13, 2015 to decide on how to “share” the jackpot they had hit.
First, the Board approved GHC27.5m to a member of the Board for ‘business promotion”. Whatever that meant, only Dr Otabil and his Board can explain. The Board then increased fees and benefits, including first class and business class air tickets for all members of the Board of Directors of the distressed bank. GHC130m of the BoG was given to All-time Capital which was expected to pay back by March 2016. Another company, MC Management Services Ltd owned by Dr Tettey Nartey and Abdul Rahman Abukari got GHC100m. Printo Construction and Supplies Ltd owned by one Paanii Tackie got GHC20m whilst Nordea Capital got GHC65m. Dr Otabil then supervised the Board to approve GHC2.6m and 50,000 dollars for rebranding of the bank. Mind you, the GHC610m BoG money was intended to bailout Capital Bank in order to meet requests of depositors. The money was not free money to be shared like what Dr Otabil and his people did.
Now, check what happened after Dr Otabil recklessly shared our money to cronies. Dr Nartey and Rahman Abukari of MC Management Services after getting GHC100 from Otabil decided to set up a Bank. They needed GHC120m in order to meet the minimum capital requirement at the time to set up the Bank. By whatever arrangement, GHC30 from the GHC65M Dr Otabil gave Nordea Capital was advanced to Dr Nartey and co. In essence, Dr Nartey’s MC Management Services Ltd got GHc130m from Ghc610 BoG. The managers of this company cleverly used the BoG money to outsmart the latter to grant them license to set up a new bank called Sovereign Bank, now defunct.
It is being alleged that the MD of Capital Bank, Ato Essien, Dr Otabil, managers of MC Management Services and Nordea Capital were business associates. So the plan, as alleged, was that Dr Otabil and Ato Essien approved those monies for them to establish a new bank so they could turn round to be majority shareholders of the new bank. They used BoG money to bait the same BoG to give them go ahead to setup a bank. Smart move. Isn’t it? Unfortunately for them, the two banks have collapsed and BoG now wants to push the GHc610m to the struggling poor tax payer to pay when those who caused this problem are moving about organising “Greater Works”.
To those who stand by those involved in this shady deal, they should stand by them well. We cannot stand by people simply because they are men of God and must be treated differently when they violate the laws of the land. Dr Otabil and his gang must pay for what they have caused Ghana.
By Amos Amorse
