Shameless Dfcu officials thrown Out of COSASE over Fake Documents


The Parliamentary committee on Commissions, Statutory Authorities and State Enterprise (COSASE) has thrown out Dfcu Bank bosses for presenting unauthentic documents regarding the purchase of defunct Crane Bank. Dfcu officials led by chairman board of directors Jimmy Mugerwa were appearing before COSASE as witnesses in the closure and purchase of Crane Bank in the ongoing Bank of Uganda probe. During the meeting, Dfcu’s Mugerwa made a defense presentation in regards to the terms of purchase of Crane bank agreement, however the presentation was backed by fake documents which were neither…

Read More

URA procures Chinese firm for electronic invoicing


Kampala. Uganda Revenue Authority (URA) has procured the services of Aisino Corporation to provide the Electronic Fiscal Receipting and Invoicing Solution. The solution, according to URA, seeks to mitigate tax administration shortfalls while promoting efficiency. URA, a statement said, it has been encountering a number of challenges, especially in tax administration including poor record keeping, fictitious VAT input tax invoices and incomplete disclosure of business transactions. The solution, which will be rolled out in the 2019/20 financial year, will help to mitigate such challenges. Deloitte defines Electronic Fiscal Receipting and…

Read More

Gen Saleh tells district leaders to account for Shs28b OWC money,


Kasese District leaders are yet to account for Shs28 billion dispersed to them under the government’s Operation Wealth Creation programme (OWC), five years later. Part of the money was used to buy 487 heifers, with 233 of them said to have died, costing the taxpayer Shs535m since each cost Shs2.3m. The chief coordinator of OWC, Gen Salim Saleh, has now tasked the leaders to account for Shs28 billion disbursed to them between 2014 and 2018 for poverty alleviation. “I want you to show me how you utilised the Shs28 billion…

Read More

Juma Kisaame exits DFCU, leaves dfcu investors with a deficit of Shs 212 billion


On February 1st 2019, as the dfcu Bank officials prepared to give Juma Kisaame, a stage-managed dignified farewell; dfcu shares that opened at UGX695, closed UGX5 lower, at UGX690. Stage-managed because the man who grew dfcu from a UGX222 billion asset bank in 2007 when he joined to UGX1.745 trillion in 2016 (a year before the controversial Crane Bank acquisition) – a growth of 686%, was literally shown the exit. The farewell dinner, was held at Kampala Serena Hotel and was graced by the Speaker of Parliament, Rt. Hon. Rebecca…

Read More

COSASE Resumes Work: Shareholders of defunct banks and Amama Mbabazi Summoned


Parliament: The parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (Cosase), which is investigating Bank of Uganda (BoU) over the controversial closure of seven commercial banks, has summoned former shareholders of all the closed banks to testify about the circumstances that led to the closure of their banks. The Committee that is still chaired by Bugweri County MP Abdu Katuntu and deputized by Anita Among will resume work next week, beginning with former shareholders of National Bank of Commerce (NBC) and Teefe Bank together with Nile River Acquisition Company…

Read More

Bryan White Foundation Official Ground Breaking In Busunju On The Criminal Rehabilitation Center Project


Bryan White and the Bryan White Foundation have officially started the construction of a Criminal Rehabilitation Center in Busunju. This Center will be a central point where all the youth from different part of the country are brought together, transformed and skilled into responsible citizens and then equipped with finances to set up self sustaining business ventures. It’s seated on Bryan White’s 500 acres of land and thus offers a vast space for a large center and can accommodate thousands of people at a time, making it very viable for…

Read More

“I only took my belongings from the central bank”, Bagyenda


Former Bank of Uganda Executive Director in charge of supervision Justine Bgyenda has finally admitted that she carried some bags and documents from Bank of Uganda (BoU) premises. Bagyenda made the admission during a hearing of the Committee on Commissions, Statutory Authority and State Enterprises (COSASE) in the parliamentary probe into closure of 7 commercial banks. She was however quick to add that the items she carried from the central bank were her personal belongings including her plates, photos, her consultancy documents among others contrary to claims that she carried…

Read More

Commercial Court Orders DFCU Bank To pay Shs82m to former Crane Bank employee


The High Court has ordered dfcu Bank to pay a former Crane Bank employee damages of Shs 82 million for unlawful deductions to his account and in effect banned city law firms MMAKS Advocates and Bowman’s of messers Kanyererezi Masembe and David Mpanga from representing any entity against the defunct Crane Bank. Crane Bank, of city businessman Sudhir Ruparelia, was closed by Bank of Uganda in October 2016 and later controversially sold to dfcu Bank in January 2017, with the matter now before several courts and a subject of inquiry…

Read More



There have been some allegations from some unscrupulous members of the community and individuals that East Africa’s richest man Mr Sudhir Ruparelia stole money from his own Bank which is false. Ideally, how can you steal from yourself or own business? The peddlers of the allegations need brain resetting. How possible can he make it to Forbes a global media company, focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle and other avenues that make him be recognized as the richest man in Uganda? They claim that he stole shs…

Read More

Justine Bagyenda exposed by CCTV while smuggling BOU’s vital documents


Latest CCTV camera footage has placed former Bank of Uganda (BoU) Executive Director in charge of supervision Ms.Justine Bagyenda as prime suspect when they captured her live conducting ‘unusual’ business inside the Bank premises on a Sunday, instead of going to church to thank God for the gift of life and the wealth accumulated! As if that wasn’t enough, Ms.Bagyenda, who enjoyed unrestricted access to the Bank 24/7 given her senior position at the Bank, also summoned Bank of Baroda Managing Director Ashrin Kumar and renowned city Lawyer Kanyererezi Masembe…

Read More

UTB gets new executive Officer


Ms Lilly Ajarova has been appointed as the chief executive officer of the Uganda Tourism Board (UTB). Ms Ajarova, who has been the executive director of the Chimpanzee Sanctuary and Wildlife Conservation Trust, replaces Mr Stephen Asiimwe who served the agency for about seven years. UTB is the government agency responsible for promotion and marketing of the country as the preferred tourism destination. Mr Asiimwe recently resigned to pursue further studies. The State Minister for Tourism, Wildlife and Antiquities, Mr Kiwanda Godfrey Ssubi also announced the appointment of Mr Ochieng…

Read More

“You Usurped BoU Lawyers’ Powers”, Justine Bagyenda accused


The former Central Bank Executive Director in charge of Supervision Justine Bagyenda has been accused of usurping the powers of the Legal Department, in her ploy to sell off Crane Bank Limited. The accusation came after reports that Bagyenda engaged external lawyers from MMAKs Advocates to offer financial advisory services on the closure of Crane Bank Limited without the involvement of the Legal Department in Bank of Uganda. On Tuesday, BoU officials appearing before the same committee, failed to defend the Shs900m paid to MMAKS advocates for external legal advice…

Read More

Central bank Fails To Defend Shs900m Paid To MMAKS Advocates In Crane Bank Sale


Daily Inspector has come to learn that Bank of Uganda officials have failed to defend the Shs900m paid to MMAKS advocates for external legal advice during Crane Bank sale. BoU officials were Tuesday appearing before Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) in which they were tasked to explain how they hired MMAKS Advocates and gave the law firm work without terms of reference as well as not having minutes of the meetings relating to the work the lawyers were to do in regard to the liquidation…

Read More



Did Sudhir illegally give out loans to himself as claimed by hired Giles Muhame of ChimpReports and Fugitive Okwalinga in their last fake news ? If yes, what are the specific details of these transactions; dates, amounts, companies, proof the he owns the companies etc. You expect the Auditor Generals report to have facts if it’s a real report, many times when we have these fact they act as evidence and we present them to make readers believe our intel, the good thing is that the author himself claims that…

Read More

Cosase: GTB directors seek Shs 315bn compensation


Former directors and shareholders of the defunct Global Trust bank are seeking Shs 315.7 billion in compensation for the alleged illegal closure of their bank. They are demanding full compensation equal to the direct cash equity investments of $35.3 million with interest at the rate of 10 per cent per annum compound from July 25, 2014. They also want payment of $50 million in loss of goodwill inflicted on the directors and shareholders on account of the wrongful closure of their bank. The officials led by Bayo Folayan the former…

Read More

BOU Officials grilled over Shs478b used to recapitalize Crane Bank


Parliament’s committee on Commissions Statutory Authorities and State Enterprises has learnt that Bank of Uganda spent 478 billion to sell Crane Bank, way above the 157 billion shillings it needed to return to adequate recapitalization. The committee has been probing BoU over the closure and sale of seven commercial banks. The MPs on the committee using the Auditor General’s report revealed irregularities in the sale of the banks CBL, Global Trust Bank, Greenland Bank, International Credit Bank, Cooperative Bank, National Bank of Commerce and Teefe Trust Bank. During a probe…

Read More

Government to introduce boat ambulances


The Ministry of Health has included boat ambulances among its priorities in the next financial year 2019/2020 budget as one of the interventions to strengthen emergency care service delivery in the country, a top official has revealed. Dr John Nambohe, the ministry’s commissioner of Emergency Medical Services, said there are huge gaps in emergency response on water bodies whenever disasters hit, which leads to many preventable deaths, citing the recent boat cruise accident that claimed more than 30 lives. “We shall start with a few [boat ambulances] in the over…

Read More

BOU SAGA: Statutory Manager Denies Writing Key Reports For The Sale Of Crane Bank

Mr. Edward Katimbo Mugwanya

The Bank of Uganda (BoU) official who was appointed the statutory manager of Crane Bank Limited (CBL) has told Parliament’s Committee on Commissions Statutory Authorities and State Enterprises (COSASE) that he did not write a handover report or evaluation report before the CBL was sold to its rival dfcu Bank by BoU at Shs200 billion in January 2017. Mr. Edward Katimbo Mugwanya, made the revelation on Tuesday as MPs asked the BoU official to come with the handover report tomorrow, evaluation report, list of depositors and other documents related to…

Read More