Earth Finds

Earth Finds

Nyakasura School Blames DFCU Bank For Financial Mess

A secondary school in Kabarole district, western Uganda, is blaming DFCU Bank and other banks of failing to protect their money that was stolen by its employee.

The school been spearheading the fundraising drive targeting various innovation projects but has since lost money entrusted with commercial bank among which is DFCU Bank.

Trumpet News reports that Faisal Bahati, a former staff of DFCU and also a treasurer on the committee of the school’s committee accessed and withdrew the funds through deceitful means.

Although Faisal is in police custody and acknowledged stealing the money totaling to Shs130 millions from three banks, DFCU is yet to refund Shs98 million as earlier promised due to the institution’s negligence.

Bahati, who was among the three signatories, connived with other banks’ employees to withdraw the money. The trio have since been fired by the institution.

In 2017 the Nyakasura School Alumni embarked on a fundraising drive targeted at various innovation projects at the School. A lot of people contributed generously and a 165,000,000/= was realized in cash and pledges.

The school then embarked on a number of key projects and other solicitation initiatives which include, renovation of the water hydram pump, completed the renovation of Balya House, embarked on landscaping, held several corporate social responsibility activities and many more.

Early this year, the committee learnt of theft of their funds orchestrated by a DFCU bank staff, Bahati, who withdrew the alumni funds through deceitful means.

The amount of funds he withdrew from all the three bank accounts is: 30,000,000M (thirty million shillings) from Centenary account, 5,100,000M (Five Million, one hundred thousand shillings) from Equity account and 98,000,000M (Ninety-Eight Million shillings from DFCU.


Robbers Attack DFCU Bank Branch, Rape Female Worker

Dfcu bank has closed its Bwaise branch following a robbery attempt yesterday in which some of its staff were severely beaten by the robbers and are now undergoing treatment.

“There was an attempted robbery at one of our Kampala branches in Bwaise. Several armed men ambushed our staff as they were closing up to leave the branch after work,” the bank said in statement published Tuesday by management on the bank’s website.

“The affected staff are currently receiving medical attention and counselling. We are doing everything to ensure they get back to their feet as quickly as possible,” the statement continued.

The statement said the bank officials were reviewing the security measures in place to enhance the safety and security of our people.

“Our Bwaise branch will remain closed today as investigations are underway. In the meantime, customers are being served at the Makerere and Kawempe branches which are the closest in proximity,” the statement concluded.

Source: Eagle Online

We are in a race with time to unlock Africa's full potential – Akinwumi Adesina

2019 Sunhak Peace Prize Laureate Akinwumi Adesina has pledged to do more to advance Africa's fight against hunger, poverty and youth underemployment.

The President of the African Development Bank, and co-Laureate Waris Dirie, a global champion against Female Genital Mutilation, shared the prestigious US $1million dollar prize at an award ceremony held on 9 February 2019 in Seoul, South Korea.

According to Adesina, "We are in a race with time to unlock the full potential of Africa." Known globally for his dogged determination to reduce global poverty, Adesina declared "My life is only useful to the extent that it helps to lift millions of people out of poverty."

Adesina immediately announced he was donating his $500,000 share of the prize to fighting hunger in Africa.

"There is tremendous suffering going on in the world. While progress is being made, we are not winning the war on global hunger. There cannot be peace in a world that is hungry. Hunger persists in regions and places going through conflicts, wars and fragility. Those who suffer the most are women and children," Adesina said during the award ceremony.

Waris Dirie, has played a leading role in drawling global attention to the fight and against Female Genital Mutilation (FGM), and the need for legislation to ban the practice.

Dirie said, "Female Genital Mutilation scars victims physically, emotionally, and mentally."

The World Health Organisation estimates that more than 200 million girls and women alive today have been cut in 30 countries in Africa, the Middle East and Asia where FGM is carried out on young girls between infancy and the age 15. 

Adesina who believes a peaceful world will be a food secure world, pointed out that only 1% of the world's richest own 50% of global wealth.

"Nothing is more important than ensuring that we feed the world and eliminate hunger and malnutrition. Hunger is an indictment on the human race. Any economy that claims growth without feeding its people is a failed economy. Nobody has to go hungry, white, black, pink, orange or any colour you can think."

The President of the African Development Bank told participants including global leaders:

"There must be accountability to the poor. We must reduce global income inequality. We need wealth, yes, but we need wealth for everyone not just a few. Today, the poor are stuck and only end up eating crumbs, if any at all, that fall from the tables of the rich.

This sense of exclusion and lack of equity or fairness often drives conflicts. We have an opportunity to reverse the situation through sustainable agriculture as a business, and not as an aid program."

More than 1,000 influencers from over the world including current and former heads of state and government, private sector leaders, investors, and development experts, attended the SunHak Peace Prize

and the Peace Summit of Global Leaders. Each year, the SunHak Peace Prize honours  an individual or organisation making significant contributions to global peace and the welfare of mankind.

  • Published in Africa
  • 0

COSASE Again Kicks BoU Officials Out Of Meeting For Lacking Proper Documents

Bank of Uganda officials led by the Governor, Emmanuel Tumusiime Mutebile were yet again kicked out of Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) meeting for appearing without supporting documents to their presentation.

The officials had appeared to respond to accusations by the shareholders and directors of the seven defunct commercial banks that were closed by the Central Bank between 1993 and 2016.

Mr Tumubweine Twinemanzi, the BoU Executive Director of Supervision started off by disputing allegations made by the shareholders of the defunct Global Trust Bank (GTB), regarding the manner in which the bank was shut down.

GTB was closed in 2014 due to persistent losses amounting to Shs60 billion. BoU officials argued that the losses posed a risk to depositor’s funds and interests.

However, while appearing before COSASE in December 2018, the shareholders of GTB insisted that their business model was not designed for quick profits.

They also claimed that they had responded to all demands by the Central Bank to inject additional capital into the business including US$ 10 million between January 2013 and May 2014.

COSASE Chairperson, Abdu Katuntu tasked the BoU officials to respond to the claims by GTB. He wondered why BoU didn’t give GTB time to prosper since the prevailing situation wasn’t unique to the bank.

“You told them to inject money, they mobilised and put in. Why should somebody put in USD 10 million knowing very well that this business will not break even?

They said they knew the market and were persevering and looking for more resources and injecting in the bank knowing that in future they would break even. And when you told them that their future was hopeless, they said ‘why should we inject money in a business which is hopeless’,” Mr Katuntu wondered.

In his response, Mr Twinemanzi argued that the GTB losses were increasing every quarter. He cited a letter written by the shareholders in which, they were complaining of repeated capital calls.

“Mr Chairman, we have submitted in prior meeting sessions with this committee documentation and minutes which reflect the meetings between GTB and BoU where even the shareholders raised their concerns about the repeated cause for capital. Actually one of the reasons for the closure of GTB was the concern by BoU that the shareholders were developing capital call for fatigue,” he submitted.

When tasked to produce the letter, Mr Tumubweine said he had submitted it to the committee, a claim that was disputed by Mr Katuntu.

He noted that the whole presentation was flawed since it wasn’t backed with any evidence from BoU. This prompted several MPs to point out more weaknesses in the presentation forcing Mr Katuntu to adjourn the meeting to Tuesday.

Mr Katuntu asked the Central Bank to present the reports and financial statements of Greenland Bank, International Credit Bank (ICB) and Cooperative Bank as of 2016.

“We need documentation on Cooperative Bank and Greenland for the period ending June 2016. Colleagues, be aware that there is no opportunity for us to adjourn this meeting after tomorrow. We must finish this business tomorrow and not beyond,” he noted.

Mr Katuntu also tasked BoU officials to prove whether or not Nile River Acquisition Company that purchased the loan portfolios of the three banks still exists.


Subscribe to this RSS feed