KAMPALA, Uganda — A professional accountant has raised serious allegations against Equity Bank, Azima Financial Services Limited and Jabo & Co. Advocates, accusing them of involvement in an unregulated cross-border lending scheme and potential money laundering, according to a letter sent to the Chief Magistrate of Buganda Road Chief Magistrates Court.
Jovia Namale, who identified herself as a whistleblower and a professional accountant, submitted a detailed letter dated June 6, 2025, to Ronald J. Kayizi, the Chief Magistrate, urging immediate judicial intervention and investigations by regulatory bodies. Namale claims the scheme exploits borrowers and undermines financial integrity in Uganda.
At the core of the allegations is an asserted conflict of interest involving Jabo & Co. Advocates, which reportedly represents Azima Financial Services Limited in debt enforcement cases at Buganda Road Court. Namale claims the law firm has financial ties to Azima and its offshore lending operations through John Jabo, brother of Henry Jabo, a senior figure at the firm.
Namale asserts that Equity Bank has served as a “financial conduit” for these transactions. She detailed how, according to a former Azima employee referred to as “Ritah,” micro loans were allegedly disbursed internationally daily through personal accounts controlled by John Jabo at Equity Bank, bypassing formal banking regulations. Namale cited Azima Financial Services’ account number 1043202550700 at Equity Bank, along with John Jabo’s personal account, as areas for the Bank of Uganda (BOU) to investigate.
The letter further alleges that borrowers, despite listing personal bank accounts with other institutions in their loan agreements, were “forced” by Azima’s management to use a third-party Equity Bank account for loan disbursements. This practice, Jovia said, “blatantly contradicts standard financial procedures” and helps conceal transactions from external oversight, potentially aiding money laundering.
Henry Jabo’s involvement is also highlighted, with Namale claiming he held the position of company secretary at Top Finance Bank (now Salaam Bank Uganda) and used this role to draft loan agreements with “hidden exploitative terms” designed to trap borrowers in debt cycles.
Namale called for four specific actions:
Judicial intervention to ensure transparency regarding financial conflicts of interest in cases involving Azima at Buganda Road Court.
Investigation by the Bank of Uganda into all personal and corporate accounts linked to John Jabo at Equity Bank concerning unregulated cross-border lending.
An anti-money laundering investigation by the Financial Intelligence Authority (FIA) into transactions through Equity Bank that facilitated Azima’s offshore lending, with consideration for immediate account freezes if violations are confirmed.
Equity Bank to disclose its involvement in processing loan transactions outside formal banking regulations.
Namale stated she was motivated to speak out as a “personal friend and confidant” of Ritah, a former senior credit analyst at Azima, who allegedly witnessed these practices before leaving the company due to “deep internal moral conflicts.” Ritah now reportedly works at UAP Old Mutual.
The whistleblower emphasized that Azima strategically files its debt cases at Buganda Road Chief Magistrates Court due to its convenient location. Namale claims this court has become “central to its enforcement mechanisms,” allowing Azima to exert legal pressure while obscuring its full financial dealings.
The letter was carbon copied to The Judiciary, Uganda Law Society, Bank of Uganda, Financial Intelligence Authority, and Equity Bank Risk & Compliance.
