In a financial world increasingly shaped by agile Fintechs and digital-first lenders, dfcu is something of an old soul. At 60 years old, it carries the legacy—and the burden—of being one of Uganda’s most established financial institutions. But legacy alone doesn’t guarantee relevance. For years, dfcu wrestled with stagnating earnings, a flatlining share price, reputational bruises from Crane Bank acquisition, and skeptical investors. Yet 2024 marked a stunning reversal. Group profits surged by 151% to UGX72 billion. Non-performing loans halved and the share price, long stuck in neutral, appreciated by 12%—a quiet but significant signal to markets. “This underscores our…
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The Supreme Court in the United Kingdom has dismissed attempts by Uganda’s dfcu Bank and its shareholders, to block a ￡170 million (UGX825.8 billion) suit brought against them by shareholders of the defunct Crane Bank. Crane Bank shareholders sued dfcu Bank, its holding company, dfcu Limited, as well as dfcu Bank’s former board chairman, Jimmy Mugerwa (now dfcu Limited Chairman), Juma Kisaame, the former dfcu Bank CEO. Also sued are dfcu’s majority shareholders at the time⏤CDC Group Plc, as well as Norfinance AS, Rabo Partnerships B.V., and Arise BV, as well as the respective directors of these shareholder companies, namely…
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Fresh from securing an English appellate court order that dfcu Bank, its former management and directors, must answer claims that they participated in corruption and bribery of Central Bank officials so as to buy the former Crane Bank on the cheap, shareholders of the now closed Crane Bank have welcomed the ruling and vowed to pursue their search for justice in English courts. In a media statement released on Friday, 28th July 2023, Crane Bank shareholders said they were “delighted with the judgment of the Court of Appeal, which vindicates their position” that “their claim for hundreds of millions of…
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A group of youths under the Poor Youth Network have petitioned the President Yoweri Museveni over what they have termed as ‘excessive legal fees payments’ in court case between the Bank of Uganda and former shareholders of Crane Bank Limited (under receivership). In the petition, Ssempala Zahid, the national spokesperson for Poor Youth Movement copied to the World Bank, the Speaker of Parliament, and IMF among others, calls for the president’s intervention into the matter so that the case is settled outside court to save the tax payers money. “We are writing to inform you that, on 23rd June 2020,…
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Commercial Court’s Hon Mr. Justice David K. Wangutusi, will on Monday August 26th rule whether the case brought against city businessman and Ruparelia Group Chairman, Dr. Sudhir Ruparelia by Bank…
City Businessman and billionaire Dr Sudhir Ruparelia, has applied to the Commercial Court to dismiss a case brought against him and his real estate firm, Meera Investments Ltd by Bank…
The Auditor General (AG) Mr John F.S Muwanga, has declined to consider documents from Bank of Uganda that could hold clues to how UGX270bn out of the UGX478.8bn that was allegedly used to recapitalise the defunct Crane Bank was used, because they were submitted late. According to a leaked letter from the office of the Auditor General, that this news…
A letter, said to have been authored by disgraced former Bank of Uganda, Executive Director, lifting key anti money laundering reporting requirements for dfcu Bank in regard to a Shs570…
On this day, 2 years ago on October 20, 2018, Bank of Uganda took over the management of Crane Bank- pursuant to “Section 87(3), 88(1)(a) & (b) of the Financial…
The revelation by the Auditor General and corroborated by an interview with the former Executive Director Supervision (EDS) Mrs. Bagyenda, that Bank of Uganda did not carry out an independent…
