The Bank of Uganda is the central bank of Uganda. Established in 1966, by Act of Parliament, the bank is wholly owned by the government but is not a government department (PHOTO/Courtesy).
The list of Bank of Uganda officials who are being verified by the Inspectorate of Government over allegations of excessive accumulation of wealth has leaked.
The Leadership Code Act 2002 requires all specified leaders to declare their Incomes, Assets and Liabilities to the Inspector General of Government.
Whereas the IGG last year tasked all BoU officials to declare their wealth, many of the officials accuse the government ombudsman of witch-hunt, especially in the face of the ongoing investigation over the controversial sale of Crane Bank and six other commercial banks.
A recent special Auditor General’s report poked holes into the process leading up to the sale of Crane Bank and faulted the Central Bank for squandering billions of taxpayers’ money in questionable expenditure purportedly to support the commercial bank’s operations during the time it was under statutory management.
Former BoU director for supervision of commercial banks Justine Bagyenda has already been investigated by the Financial Intelligence Authority (FIA) over allegations of illicit accumulation of wealth and allegations of money laundering.
However, the IGG spokesperson, Ms Munira Ali, dismissed accusations of witch-hunt, insisting that the declarations of assets started with other government entities and BoU is not an exception.
“We are verifying incomes, assets and liabilities of BoU officials because the law requires that we do so. There is nothing like witch-hunt, in any case, we have just completed Uganda National Roads Authority, Permanent Secretaries and Accountant and now we are handling BoU officials,” she said in an interview.
Sources added that the IGG was shocked at the wealth some of the officials have acquired and has already summoned some of them to verify whether they were not acquired using stolen public funds.
“This verification exercise has already started and we have written letters to some BoU officials. They received our letters and those who have not received theirs, they will get their letters,” Ms Munira confirmed.
Some officials declared ownership of assets in upscale city suburbs such as Ntinda, Bukoto, Makindye and Ggaba.
One of the declaration of income, assets and liabilities forms filled by Dr Kasekende shows that he owns property worth about Shs8 billion in upscale areas of Kampala, Wakiso and other areas. He is also a shareholder of Green Hill schools, a farm in Bukasa valued at Shs500 million and several commercial buildings which fetch millions of shillings in rent per year. In the declaration form, Dr Kasekende says he picked loans from commercial banks and used his statutory salary, savings from research, gratuity payments and travel allowances to build rentals and acquire the assets.
It is not clear whether the IGG started investigating the BoU officials in relation to the sale of Crane Bank.
A leaked report by the Auditor General, Mr John Muwanga, submitted to Parliament recently, indicates that during the period Crane Bank was under statutory management after being taken over by Bank of Uganda, more than Shs12 billion was spent by BoU on lawyers and consultancy fees without following the procedures or any indication that the money was meant to revive the bank.
BoU ran the affairs of Crane Bank for three months (October 2016-January 2017) before they sold it to dfcu at Shs200b.
The BoU officials under probe include the Governor, Emmanuel Tumusiime-Mutebile and his deputy Louis A. Kasekende
Other are Board members Judy Obitre Gama, James Kahoza, William Kalema, Keith Muhakanizi and Josephine Ossiya. Mr Tumubwine Twinemanzi the director for supervision, Mary Katarikawe- operations director, Joyce Okello, PA to Governor, Richard Mayebo, Director Risk and strategic management, Elliot Mwebya, IT director and Phillip Wabulya, Director Petroleum Fund are all under investigation.
Others are Deborah Kabahweza, ED Finance, David Kalyango, Chief Internal Auditor, Charles Abuka, Director Statistics, Kenneth Egesa, Director Financial Stability, Valentine Otangole, Director Banking, Olive Kamuli, director Medical Administration, Macky Aomu, Director National Payment Systems and Christine Alupo, Director Board Affairs.
Charity Mugumya, communication director; Hannington Wasswa, Director Commercial Banking, Ben Sekabira, director financial markets, Edward Mugerwa, director IT operations, Lorna Nzaro, Director IT Business automation, Kande Sabiti, procurement manager, Joanita Babumba, deputy director Agricultural credit schemes, Hassan Nyangabyaki, deputy director board affairs, Natamba Bazinzi, assistant director administration currency, and Angella Kasirye, assistant director corporate affairs are also named.
Others are Balam Sempala, deputy director Deposit protection fund, Vito Semakula, assistant director security and compliance, James Banda Byamukama, ITO operations, Kalisa Katongole, assistant director operations, Kezekia Kizito, Deputy director micro finance institutions, Isaac Seguya, Deputy director statistics department, Michael Senkubuge, Deputy director systems and assurance, David Gulemye, Deputy director Financial policy and strategic risk, Solomon Kavuma, deputy director domestic market operations, Timothy Sekirayi, deputy director banking (customer services), Allan Lwetabe, assistant FMD, Cynthia Nakayizza, assistant director banking department, Sophie Kironde, assistant director commercial banking operations and Oscar Edwin for pension administration.
Bosco Bainamazima, Fortportal branch manager, Francis Kakeeto, Mbale branch manager, Julius Turyamwijuka, Masaka branch, Alex Owiny, deputy director Gulu Branch, Milton Opio Orech, Director Security, Stephen Semuga, Director administrative services, Charles Mugisa, chief accountant, Yusuf Mukiibi, assistant director accounts department, Sylivia Juuko, head media relations and Kelvin Kizito Kiyingi, communications are also named.
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