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WHATSUP NEWS has picked up reliable information that the Central University College (CUC) belonging to Pastor Mensah Otabll and his church International Central Gospel Church (ICGC) is likely to be absorbed by the government following reports the University is distressed.
The University is one of the assets of Pastor Otabil who is the Chairman of the defunct Capital Bank. Pastor Otabil and several other directors of Capital Bank are facing lawsuits over their fraudulent diversion of parts of the over GHC 600 million Capital Bank bailout given them by the Bank of Ghana to prevent the bank from collapsing.
The university is said to be one such business that benefited from the largess of capital Bank but is currently suffering following government‘s takeover of the bank.
Whatsup News gathered that the university has failed to pay its staff for some months now and expenses are weighing down on the school.
Sources say the only way the school would be saved is for the administration to increase tuition fees. However, tuition at CUC is one of the highest in the whole country and a move like that may backfire, Whatsup News gathered.
Pastor Otabil and his church who are major shareholders in the CUC also hold Slgnificant shares in Capital bank which was run down by wanton misappropriation of depositors funds.
Otabil and his directors are currently facing a lawsuit and a possible criminal prosecution following the squandering of funds totaling GHC 610 million given Capital bank by the Bank of Ghana. The funds were meant to bailout the bank, but a bulk of It was diverted to fund private businesses of OtabII and Co.
Source: Whatsup News