Baz Waiswa

Baz Waiswa

COSASE INQUIRY: Bagyenda, BoU Ex-directors To Appear Before Committee

The former Bank of Uganda Director for Supervision, Justine Bagyenda and together with Ms Margaret Matovu and Apollo Obbo, two other former directors will today face the Parliamentary Committee of Commissions, Statutory Authorities and State Enterprises (COSASE) investigating the controversial closure of seven banks.

The trio according to sources will appear to clear the air about liquidation reports on closed banks running into billions of shillings. On Tuesday, Benedict Ssekabira, another BoU Director facing the spotlight told MPs that he submitted liquidation reports to Bagyenda and the two other directors when he handled the liquidation of three banks.

The liquidation reports detail how assets of International Credit Bank, Greenland Bank and Co-Operative worth over Shs 100b were disposed of. Evidence has since been brought before the MPs indicating that BoU officials wrote off Crane Bank Ltd loans amounting to Shs600b through unclear circumstances.

The MPs inquiry is also focusing on the mismanagement of closed banks by BoU after the Auditor General Mr John Muwanga issued a stinging criticism of the central bank in a special audit that cited massive flaws in the closure of Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), The Co-operative Bank (1999), National Bank of Commerce (2012), Global Trust Bank (2014) and the sale of Crane Bank Ltd (CBL) to dfcu (2016).

NOT JOKING: 200 IGG officials Lined Up To Investigate Bank of Uganda

The Inspectorate of Government (IGG) has set up a strong team of 200 officials to investigate the source of wealth of over 100 Bank of Uganda officials including the governor Emmanuel Tumusime Mutebile and his Deputy Dr. Louis Kasekende.

This is happening when Bank of Uganda is facing a parliamentary committee investigating how seven commercial banks were closed down by the central bank between 1993 and 2016. Already the parliamentary committee working on a tipoff from a report by the auditor general has unearth misdeed by the central bank., a local news website quotes a letter from the IGG to Dr Louis Austin Kasekende, the Deputy Governor, Bank of Uganda, informing the latter of the investigation into his assets, income and liabilities.

“This is to notify you of the decision by Inspectorate of Government to conduct a verification of your income, assets and liabilities as provided under section 4C of the Leadership Code Act.”

“The verification exercise will commence within seven days from the date of this letter. Mr Victor Acidri, a senior principal inspectorate officer and Ms Doreen Tusiime, and inspectorate officer have been authorized to conduct the verification exercise and obtain information in respect of this matter,” the letter adds.

Sources privy to the investigation have told that after several BoU officials declared many assets, the IGG had to deploy more manpower to verify the source of the assets. It is believed that Dr. Kasekende was among the BoU officials who under declared their wealth and sources of income.

The Leadership Code Act 2002 requires all specified leaders to declare their Incomes, Assets, and Liabilities to the Inspector General of Government.

The IGG spokesperson, Ms Munira Ali, told the media that ‘we are verifying incomes, assets, and liabilities of BoU officials because the law requires that we do so. “There is nothing like a witch-hunt, in any case, we have just completed Uganda National Roads Authority, Permanent Secretaries and Accountant and now we are handling BoU officials,”  

It not clear whether the IGG started investigating the BoU officials in relation to the controversial sale of Crane Bank and other commercial banks that is a subject of a Parliament investigation.

Kabira Country Club Christmas Carnival Returns

The second edition of Kabira Country Club Christmas Carnival will take place on 25 November, 2018 at Kampala International School Uganda (KISU) in Bukoto. The hotel apologetically announced they had moved the carnival from the hotel premises 'due to unavoidable circumstances'.

Kabira Country Club is a lavish hotel in Bukoto, a Kampala suburb, offering accommodation, Health & Leisure, Food & Beverage, Conference & Events. It said the carnival is a perfect start to ‘your Christmas Season and ideal occasion to get all your Christmas gifts,’

“Join us for a heartwarming Christmas event that offers you entertainment, delicatesse, artisan market with over 100 vendors, live band, grand tombola raffle, kids’ activities, playground, jumping castle, face painting, and lots more,” the hotel management said.

Kabira Country Club is a full-service hotel, offering elegance and comfort in a relaxed atmosphere in Kampala's northern suburb of Bukoto. With stunning views of the greater Kampala cityscape, Kabira combines gracious hospitality with contemporary style.

With 95 luxurious guest-rooms and exceptional amenities, Kabira Country Club is perfect for a relaxing get away and somewhere to hold a special event or an impressive venue for a business gathering.

5 Reasons Uganda Is Really The Pearl Of Africa

By Caroline Ampaire

Ugandans this week celebrated the country’s Independence countrywide with pride. Many people from other parts of the world love it when they visit the famous Pearl of Africa. Below travel agency Jumia names five reasons why Uganda is loved. Read on.   

  1. The people - Uganda is famous for its people. In 2017, a survey by BBC among expatriates ranked Uganda as the friendliest place. Words like “welcoming” and “easy to make friends” and “hospitable” are readily used when referring to Ugandans.

Uganda is also blessed with diversity. There are an estimated 52 tribes residing in Uganda, each with their own customs that are still practiced to this day.  And with numerous lingual influences, it is no wonder that we have developed Uglish (Ugandan English), our own version of English. Uglish has since been put into a dictionary. 

  1. The food - Ugandan cuisine consists of traditional and modern cooking styles, practices, foods, and dishes in Uganda, with English, Arab, and Asian (especially Indian) influences. There is something for everyone, no matter what you like and no matter the budget. Distinctly Ugandan food like rolex and katogo are readily available on the street and in restaurants. 
  1. The party - If you have spent any amount of time here, then it is no surprise that this is number 3. Ugandans love a good party. There is no shortage of “plot” both in the day and night--be it a music festival, a house party, a food expo, silent disco or drinks at the local bar. You can party till morning and in the comfort of your home too. The best part, you can have foodand alcohol delivered to your doorstep by Jumia. 
  1. The land and wildlife - on top of the people, Uganda is blessed with beautiful lands and scenery. From the highlands of Kigezi to the flat plains of Karamoja, one word ties it all together, beautiful. And the best part is, it’s not too costly to travel around. With initiatives like UG Travelmonth, aimed at encouraging local tourism, there’s a package for everyone. Some of the most popular things to do are gorilla trekking -- the critically endangered mountain gorilla thrives in Uganda’s Bwindi Impenetrable Park, and of the 1000 mountain gorillas left in the world, Uganda is home to at least 400 of these.

Other gems include water sports like rafting and kayaking, along the Nile.

Did you know that about one-quarter of Uganda’s surface is made up of lakes and rivers?! 

  1. The cost of living - With everything Uganda has to offer, it is a very affordable country to live in. According to living index website, consumer prices in Uganda are 24.21% lower than in Kenya, yet in Rwanda, they are 10.25% higher than in Uganda. 

With all this said, go forth and celebrate the independence of the Pearl of Africa.





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