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…

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Things fall apart as Justice Bamugemereire and UPDF soldiers clash over investigations on Mutungo land


There was a scuffle at Mutungo hill as UPDF soldiers guarding contested Mutungo land threatened to shoot at counter terrorism police officers guarding members of the Justice Catherine Bamugemereire judicial commission of inquiry into land matters. Bamugemereire and her commissioners had gone to visit the land that has pitted Buganda prince, David Kintu Wasajja against Bendicto Kiwanuka’s family and Dr Muhammad Kasasa. The land is currently being used by External Security Organisation (ESO). One of the UPDF officers on guard identified as Julius Katuriba  (RA 095301) yelled out instructions to…

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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…

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Top city media boss whatsapp leaks soliciting for a bribe from a lawyer


A leaked  WhatsApp chat has exposed the greed and dubious business between a city online editor and an unidentified party who according to the leaked whatsapp is a lawyer.  The conversation  shows a plot to write and publish news content against Sudhir Ruparelia and his associates so as to tarnish their names. The leaked WhatsApp conversation shows the self proclaimed media guru whose identity iS withheld reminding the party they address as “counsel” about “what we agreed on the previous weeks.” “Sorry, I hadn’t got time to access the files…

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SP Baguma redeployed one year after being exonerated of murder


Police authorities have redeployed former Kampala Central Division police commander, Aaron Baguma, a year after he was exonerated of murder charges by Director of Public Prosecution. In a redeployment message released on Friday, SP Baguma has been deployed in the private security and fire arms department under the directorate of Operation commanded by AIGP Asuman Mugenyi. At the rank of Superintendent of Police (SP), Baguma was accused of failing to rescue businesswoman Donah Betty Katushabe, who had been kidnapped, confined and tortured to death at Pine Car Bond belonging to…

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“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…

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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…

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MPs withdraw Bagyenda’s BOU vehicle, security


Members of parliament directed Bank of Uganda (BOU) to withdraw the vehicle and security they have been providing to their former executive director bank supervision, Justine Bagyenda.For some months now, Bagyenda who retired in July 2018, has been appearing before the parliamentary committee on Commissions, Statutory Authorities and State Enterprises (Cosase) alongside BOU officials to answer queries related to the closure and sale of seven commercial banks. The affected banks include; Teefe bank which was closed in 1993, International Credit bank (1998), Greenland bank (1999), The Cooperative bank (1999), National…

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Law firms AF Mpanga, MMAKS banned from representing any entity against Crane Bank


Commercial Court Judge Justice David Wangutusi has ordered law firms MMAKS Advocates and Bowmans AF Mpanga Advocates to stop representing any entity seeking legal action against Crane Bank. The ban means that dfcu as the successor of Crane Bank, can suffer all previous liabilities inherited from Crane Bank- provided the victims of these liabilities, were never privy to the Purchase of Crane Bank Assets & Liabilities, a source privy to the matter told Watchdog Uganda. “This means dfcu stands a big risk and could lose the case in which 400…

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BoU’s law firm breaks silence; denies colluding with Bagyenda to ‘steal’ BoU documents, but leaves several unanswered questions regarding MMAKS’ role in the mess


Bank of Uganda’s external law firm, MMAKS Advocates has broken silence, denying any role in the ‘theft’ of critical documents at Bank of Uganda, in which disgraced former Executive Director, Banking Supervision, Mrs Justine Bagyenda is a prime suspect. MMAKS however did not respond to and or explain, many other accusations brought against their law firm in the media and or during the ongoing Parliamentary probe against BoU’s murky closure and sale of seven defunct banks. In a statement dated 12th January, released on their official Twitter handle and circulated…

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COSASE members order withdrawal of Bagyenda’s BOU car


Members of Parliament have today directed Bank of Uganda (BOU) to withdraw the vehicle and security they have been providing to their former Director Bank Supervision, Justine Bagyenda. For some months now Bagyenda who retired in July 2018 has been appearing before the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) alongside BOU officials to answer queries related to the sale of seven commercial banks. The affected banks include; Teefe Bank which was closed in 1993, International Credit Bank Ltd (1998), Greenland Bank (1999), The Co-operative Bank (1999),…

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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…

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Bobi Wine and other co-accused appear in court


Gulu grade one magistrate, Isaac Imoran Kintu, has adjourned hearing of the treason case against Kyadondo East MP, Robert Ssentamu Kyagulanyi, and co-accused to March 19, 2019 This was after prosecution told court that investigations into the matter were still ongoing Kyagulanyi, popularly known as Bobi Wine together with Arua Municipality MP and 32 others, today appeared before the Gulu Grade One magistrate The accused were arrested in August last year, on allegations that they were involved in the election-related fracas in Arua that resulted into damage on a vehicle…

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“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…

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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…

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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…

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A new plot by the key suspects in the fraudulent  sale of former seven banks to use opposition Forum for Democratic change politicians to frustrate a probe on the bank of Uganda by the COSASE has been exposed. According to a source, the suspects Deputy governor Louis Austin Kasekende ,Justine Bagyenda the Ex Executive director supervision bank of Uganda and Dfcu’s Chairman board of directors Jimmy Mugerwa and out going Managing director Juma Kisaame are in bed with Leader of opposition in Parliament Hon Betty Achan and Ibrahim Semujju Nganda…

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Auditor General to probe Central bank over Shs480b to Crane Bank


New details from confidential documents to the parliamentary committee investigating alleged irregularities at the central bank highlight weaknesses in the accountability of billions of shillings injected in the seven closed commercial banks. In the case of Crane Bank saga, after Bank of Uganda (BoU) officials failed to account for Shs478b spent after its takeover, the MPs on the committee on Commissions, Statutory Authorities and State Enterprises (Cosase)have instructed the Auditor General (AG), Mr John Muwanga, to do a forensic audit into the liquidity support to Crane Bank Ltd (CBL). The…

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