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Travelling in rural Uganda and interacting with the population whose farming activities are imperiled by unprecedented rainfall patterns, one is likely to hear farmers who have worked the same land…
Borrowers and owners of the defunct International Credit Bank (ICB), Greenland Bank and Cooperative Bank whose properties were taken over and sold by Bank of Uganda irregularly and at giveaway prices, will have to wait a little bit longer for justice to be served. CEO East Africa Magazine has learnt that the Office of the Directorate of Public Prosecutions (ODPP) has asked the Uganda Police’s Criminal Investigations Directorate to conduct further inquiries on the allegations made against former Bank of Uganda officials, in the irregular sale of the banks. The case was opened by the Criminal Investigations Department (CID), on…
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Borrowers and owners from the defunct International Credit Bank (ICB), Greenland Bank and Cooperative Bank whose properties were taken over and sold by Bank of Uganda, in a process that the Parliament of Uganda found to be flawed, could be close to getting justice as the Directorate of Public Prosecutions (DPP) has ordered police to round up, question and search the homes of a city lawyer and two former officials and one current official of Bank of Uganda. Mr. Odiit Andrew, the Senior Assistant DPP/Head, Land Crimes Department at the Directorate of Public Prosecutions in a July 7th 2020 (Ref:…
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Dr Michael Atingi-Ego has taken over office as Deputy Governor, Bank of Uganda (BoU) effective August 03, 2020, replacing Dr Louis Kasekende who handed over office in January this year. Dr Atingi-Ego, a seasoned economist assumed his role today following his appointment by president Museveni on April 23, 2020. Museveni had on 29th vetted his name for parliamentary approval as provided for in Article 161(3) of the Constitution of the Republic of Uganda and was cleared by Speaker of Parliament, Rebecca Kadaga who wrote to president Museveni clearing him for the No. 2 job at Bank of Uganda. In her…
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Slightly over two years after an investigation by the Parliamentary Public Accounts Committee on Commissions, State Authorities and State Enterprises (PAC – COSASE) ended, with stern recommendations to punish Bank of Uganda officials implicated in the wrongful and illegal closure and sale of 7 defunct banks, shareholders of the closed banks could be about to see justice served. The Criminal Investigations Department (CID) of Police has confirmed that it has started investigations into the matter with a view to bringing the accused officials to court to face justice. The investigations follow a petition by a one Nelson Habaasa and…
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The Speaker of Parliament Rt. Hon Rebecca Kadaga has summoned the minister of Finance Matia Kasaijja to appear before Parliament, next week on Thursday to update parliament on when a new Deputy Governor, Bank of Uganda will be appointed. Speaking in today’s plenary seating Kadaga reportedly was concerned that since the Deputy Governor’s contract expired on January 14th 2020, there has been no replacement leaving only the Governor, Prof Emmanuel Tumusiime Mutebile to take on all the responsibilities of the governor. “I am concerned about this crisis, therefore I hereby order the Minister of Finance Matia Kasaija to appear before…
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Report of the Presidential Tripartite Committee Dr Louis Kasekende, the former Bank of Uganda Deputy Governor, served Bank of Uganda for about 28 years and 13 of those as Deputy Governor, the second highest position at Uganda Central Bank. You would have expected a boisterous star-studded send-off with big speeches and champagne-toasting chief executives from the financial services sector and the global multilateral lenders, but none of that happened. On January 13th 2020, on the eve of his contract expiry, Kasekende handed over his office to Dr Emmanuel Tumusiime Mutebile, the Governor in a quiet affair. Earlier that day, it…
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Dr. Louis Kasekende, the Bank of Uganda Deputy Governor whose contract has a few days to expire has spoken out for the first time, saying that he is serving his contract to its end and any decision after that is up to the appointing authority. Speculation has been rife in the media on when and whether his contract will be renewed or not, citing his being mentioned during the Parliamentary Public Accounts Committee on Commissions, State Authorities and State Enterprises (PAC – COSASE) probe on the closure of 7 banks. Although Dr. Louis Kasekende’s name was never mentioned directly in…
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Bank of Uganda (BoU) is undercapitalised to a tune of UGX671.712Billion According to the Auditor General, John Muwanga this poses a risk to the Central Bank’s operations. Auditor General, John Muwanga says this financial position poses a risk to the Central Bank’s operations The details of the Central Bank’s woes are contained in the 2018/2019 audit report of Bank of Uganda which carries queries that were raised by the Auditor General’s team. The audit report highlighted that as per the Bank of Uganda Act, Section 14 (3), the issued and paid up capital of the Bank shall be a minimum…
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