Deputy governor Louis Kasekende together with directors at the bank of Uganda organized a press conference in the absence of the the Governor and they started  challenging the outcomes of the COSASE Committee  claiming that the outcomes of the report were”totally wrong”. The question to ask is “WHY DOES HE ALWAYS COME OUT TO SPEAK TO THE PUBLIC IN THE ABSENCE OF THE GOVERNOR?” we want to find his motive. We would also want to know where he (Kasekende) was when all this mess was happening at the central bank…

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The hunter is hunted: Nakalema’s anti-corruption unit begins investigations on IGG.


The Head of state house anti-corruption unit Colonel Edith Nakalema  has started investigations on the alleged corruption  IGG office which is headed by Irene Mulyagonja. It should be noted  that a one whistleblower who happens to a Staff at the Inspectorate of Government (IG) petitioned the State House Anti-Corruption Unit demanding an investigation into alleged corruption, illegal and irregular recruitments that they say had marred the agency. The whistleblower in the petition dated 3rd March 2019 said a number of regional inspectorate officers have acted in their positions for more…

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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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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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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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MTN Uganda Chairman Charles Mbire in panic over money laundering


MTN Uganda Chairman Mbire is in panic over money laundering. The evidence shows that Foreign Funds were wired via Mobile Money to Uganda a thing that triggered investigations for security purposes There were reports that the Chairman of MTN Uganda, Charles Mbire was to be quizzed by a joint team of security officials over the telecom top officials’ alleged plot to overthrow the government. Rumors had it that Mr. Mbire, was to be questioned on the alleged involvement of MTN’s top officials in the creation of special mobile money accounts…

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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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