Inside story: How EFC Uganda sank into a financial crisis
Sensing trouble, Shem Kakembo (left), the Managing Director; Denis Kibukamusoke (2nd left), the Executive Director and Gerald Ssevume (centre), the CFO, were the first to jump ship, leaving the Chairman, Charles Nalyaali (2nd right) with both a capital and a people problem.
Bank of Uganda, Uganda's central bank, on January 19th, 2024 placed EFC Uganda Limited under liquidation, revoked its license, and ordered the winding up of its affairs.
This in effect fired all the bank's employees and board and put all the remaining affairs of the financial institution under the Central Bank.
This, the Central Bank said was due to "significant undercapitalisation and poor
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