Police in Mbarara is investigating the circumstances under which two armed men stormed Dfcu bank in Mbarara and robbed a depositor shs 10m at gunpoint. The victim Sharif Kakooza says today afternoon he went to deposit shs 10m on his account in Dfcu bank Mbarara branch. Kakooza adds that while he was at the counter, two armed men with pistols approached him and put him on gunpoint and instructed him not to say anything but to just walk out of the bank. The two also ordered other people who were…

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BoU blames Shs484b deficit on 2008 global financial crisis

central bank

Bank of Uganda (BoU) has defended the Shs484.9b request for recapitalisation, saying it suffered the deficit as a result of the global financial crunch of 2007/2008. The global financial watershed began in 2007 with a crisis in the subprime mortgage market in the United States, and later developed into a full-blown international banking crisis. Governments around the world were forced to step up efforts to ease the strain on their economies. BoU officials have not explained the government intervention that might have eroded its assets and created the deficits in…

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Gov’t studying four more towns for city status elevation


Government is studying four more towns for possible elevation to city status, a move that would increase the number of new cities to 13, the Minister of Local Government, Col Tom Butime, has said. The proposed municipalities are Masaka, Moroto, Soroti and Nakasongola. While appearing before the parliamentary committee on Public Service and Local Government on Friday, Col Butime said when the studies are concluded, a Cabinet paper will be prepared and presented for possible approval. Government has already proposed Gulu, Arua, Lira, Mbale, Jinja, Entebbe, Hoima, Mbarara and Fort…

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Rajiv Ruparelia gives Fresh Kid Scholarship through Ruparelia Foundation


Rajiv Ruparelia, the son of property mogul Sudhir Ruperalia, through Ruperelia Foundation, has offered seven-year-old rapper Patrick Ssenyojo aka Fresh Kid a full scholarship to study at Kampala Parents School. In a Facebook post, Rajiv says he was moved by Fresh Kid’s ambition given his age. He stated that he hopes the scholarship will enable him become an influential person to the young generation. “I met Fresh Kid today and I’m moved by his ambition given his age. Through Ruperelia Foundation, we are offering him a full scholarship to study…

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Bank of Uganda seeks Shs484b for recapitalization despite corruption scandals


Government is putting pressure on the Members of Parliament (MPs) to approve Shs484.2 billion for the capitalisation of the Bank of Uganda (BoU) which has failed to account for Shs478 billion it claims it spent on Crane Bank Limited while under statutory management between October 20, 2016 and January 25, 2017. According to the Auditor General John Muwanga, out of Shs478 billion, Shs320 remains unaccounted for by BoU. This issue came up as MPs probed BoU on the irregular closure seven banks between the years 1993 and October 2016. The…

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A court in Kampala has ordered listed lender DFCU Bank to pay consulting firm Real Marketing Sh994,268,100 ($266,000) for breach of contract. The matter arose from a loan and its collateral from the defunct Global Trust Bank, whose assets and liabilities it inherited after the latter’s closure by the Central Bank about five years ago. DFCU also bought Crane Bank in 2017. The High Court’s Commercial Division gave the bank 30 days until April 19 from March 19, to oblige. The award arose from an initial $139,201 (Shs520,312,457) price of…

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IGG sabotaged investigations into the Central bank operations.

Inspector General of Government (IGG) Justice Irene Mulyagonja when they appeared before legal committee to present their budget at Parliment. Photo by Geoffrey Sseruyanghe

The Inspectorate of Government (IGG) Irene Mulyagonja ordered decline to proceed with a probe on Bank of Uganda officials even when he summoned them to his office sometime back. The motive by the IGG to stop investigating the mess at the Central Bank remains unknown and has since sparked off debate in top government offices. “Even when an investigative committee of Parliament, COSASE investigated and recommended that top officials in the Central Bank should personally be held liable for the mess caused while closing off seven private banks, the IGG,…

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