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Inexperienced Otabil shouldn’t have been board chairman – Atuahene

Pastor Mensa Otabil was the board chairman of defunct Capital Bank

An economist and a banking consultant, Dr. Richmond Nana Atuahene, says Pastor Mensa Otabil cannot insulate himself from the issues surrounding the dissolution of Capital Bank.

If he does that, Dr Atuahene opined, it means there is no corporate governance.

Barely a year after the collapse of Capital Bank, Pastor Mensa Otabil has broken his silence over the issues surrounding the development.

In a press statement dated Tuesday, August 14, 2018, the General Overseer of the International Central Gospel Church said he was not involved in the day-to-day running of the Bank as his position was a non-executive one.

READ: ‘My role was non-executive’ at Capital Bank – Otabil responds to critics

But speaking on 3FM’s morning show, Sunrise, on Tuesday, Dr. Atuahene expressed astonishment at Pastor Otabil’s position, arguing that although the Chief Executive Officer is the one responsible for the day-to-day activities of the bank, the board chairman – Pastor Otabil – has the overall oversight responsibility.

“No one is saying you’re the CEO,” the banking consultant said. “The CEO is responsible for the day-to-day running of the business but you [Pastor Otabil] are the overall oversight and the overall oversight is the head of the board and you being the head of the board being the board chairman, then you are basically responsible.

“A board chairman is responsible for setting the strategic direction and strategic agenda for the bank ensuring adequate time for discussion for strategic issues.”

‘Same boat’

According to him, the chairman of the board is the chief pilot people are looking up to him.

In corporate governance, he lectured, anytime a bank goes down, the board chairman, the board members, the CEO and the deputy CEO are held accountable.

“The board chairman, the board members and the senior management team are all in the same boat.”

He further went on to say Pastor Otabil cannot prove ignorance of the situation, since it was his deed as the board chairman.

“The [board] chairman should ensure the strategic direction, oversight responsibility of the institution so if you tell me he is saying that then he himself didn’t know what he was there for.”

Pastor Mensah Otabil shouldn’t have been a board chairman in the first place, Dr. Atuahene said.

“How does a pastor who has no expertise in banking, who has no experience in banking, who has no competence in banking, who has no knowledge in banking become the board chairman?”

By Helena Charway||Ghana

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