Its not over for DFCU as Kibukamusoke also quits his job.


The problems affecting DFCU Bank are not to end very soon as many top officials within the banking institution are quitting day after day. The financial institution is currently undergoing tough times ever since fraudulently swallowing other banks that included Global Trust Bank, Crane Bank among others.

All these banks were swallowed by  DFCU in a scandalous dirty transaction that involved many  Bank of Uganda Executives and other prominent people within the banking institution.

News that Daily Inspector has is that Denis Kibuuka Musoke who has been with the institution for over 20 years has left DFCU bank where he worked as Head of Retail Banking.

Dfcu Bank has over the past 12 months undergone bad publicity within which Shareholders, Board of Directors and top quality staff have quit.

Just last month, Dr. Winifred Tarinyeba Kiryabwire, who had been a director on the board of Dfcu bank resigned and left the board of the bank.

The exodus of top officials from Dfcu Bank continued the same month as Agnes Tibayeyita Isharaza who is now head of legal services at the National Social Security Fund (NSSF) quit.

Ms Isharaza was days ago appointed to that position by the Minister of Finance Matia Kasaija who supervises NSSF.

Sources at Dfcu say Mr Musoke had resigned due to internal fights at the bank and for that reason, he quit to join Top Finance bank.

Rukh-Shana Namuyimba, the Communication Manager at dfcu Bank says  Miranda Bageine Musoke, the Head Personal Banking will in the meantime act in the capacity of Head Personal & Business Banking.

“We remain focused on delivering on our strategic business objectives,” Namuyimba said in a statement.

Kibukamusoke has been part of dfcu’s success story for a cumulative 8yrs.

“ He was with us before as Head Business Banking left then returned in 2015 as Head Consumer Banking and has made a significant contribution to growing our business. He’s been a great leader, colleague, mentor and coach to many who will be missed,” Namuyimba said.

She added: “So it’s mixed feelings as he leaves the Bank. But for the most part, dfcu is supportive whenever its really great people make alternative career progressions because it also reflects positively on the Bank. So we wish him all the best.”

Dfcu bank posted its 2018 profits indicating a sharp fall from its 2017 results. The results indicate a decline in the deposits, the bank registered 0.4 per cent decline from Shs1.987 trillion registered in 2017 to Shs11.979 trillion in 2018.

Liquidity squeeze curtails lending; lending grows by a mere 4 per cent from Shs1.334 trillion to Shs1.393 trillion in 2018.

The bank also registered assets decline by 4.6 per cent from Shs3 trillion to Shs2.88 trillion and as a result, Dfcu in 2018 experienced a 21 per cent decline in income from Shs519.8 billion to Shs410.6 billion.

Mr Auditor General Mr. John Muwanga in his report on defunct banks faults Dfcu Bank for engaging in transactions that did not follow proper guidelines as it bought of Crane Bank Limited assets at Shs200 billion, paid in installments.

Dfcu bank also bought the assets of Global Trust Bank without following guidelines as laid in the Financial Institutions Act, 2004.

The sourcing of Dfcu bank as a buyer of both banks happened over telephone, according to Ben Sekabira, a senior banking officer at BoU.

Former director of bank supervision Justine Bagyenda was at the forefront of selling the two banks to their rival Dfcu bank

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