Finance (474)

DAPCB Top Officials Under Probe Over Shs1.6bn Fraud Dispute

An investigation has started to look into circumstances under which the Departed Asians Properties Custodian Board and it’s Executive Secretary George William Bizibu took UGX. 1.6 billion shillings from a city investor and failed to deliver a property promised, PMLDaily reports.

The investor, Margaret Ssekidde of Seroma Ltd later reported the matter to the President who in turn asked for an investigation into the affairs of the DAPCB.

“The accounts of the Departed Asian Properties Custodian Board have been frozen and top officials are under probe,” a source close to the investigation told PMLDaily.

Details of the full investigation are still scanty but the DAPCB has in the last few years been a subject of controversy.

A select task force of the parliamentary Committee on Commission, Statutory Authorities and State Enterprises (COSASE) investigating the body found that many properties had been disposed of without following due process.

MPs put Finance Minister Matia Kasajia to task to explain why Chief Executive Bizibu, who also had a torrid time explaining audit queries that have marred operations of the government agency is working without a formal appointment as Executive Secretary.

The MPs concluded that Mr Bizibu was in office illegally.

The Parliamentary inquiry started after the Board chaired by Mr Kasaija claimed unspecified amount of money was paid to undisclosed claimants for properties which were sold by the Custodian Board prior to receiving repossession claims by original owners.

The MPs then challenged the Custodian Board to publish a list of the beneficiaries to confirm whether they did not pay ghost claimants.

While appearing before COSASE at the time, Mr Bizibu, admitted the accountability queries when questioned by MPs.

Sudhir Ruparelia: Remember Me Not For My Money But Because I am A Good Man

To some people, the legacy they leave behind when their time on earth ends matters more than what they possessed while they walked the earth’s surface and such a people is Dr Sudhir Ruparelia, arguably the richest man in Uganda.

Ruparelia’s business acumen is barely rivalled and is wealth is everywhere for people to see but with all that achievements, he wants to be remembered for the little things he did for his people; for his goodness.

Through his Ruparelia Group with businesses real estate, education, finance, hospitality and agriculture in Uganda, Rwanda, UK, India and the United Arab Emirates, Ruparelia has been touched and transformed many live his philanthropic arm, the Ruparelia Foundation.

Ruparelia, himself a generous person, told the Billionaire Tomorrow website in an interview he wants to be remembered not for the money he has but as a good man and a man who keeps his word.

“I just want people to say, I know Sudhir is a good man, a man of his word. “I think, to me that is the biggest reward I can get from people when I am gone. That’s what I want,” he told the Billionaire Tomorrow website.

Ruparelia has over the years exhibited a level of generosity that many rich people in Uganda may struggle to equal or surpass. Through the Ruparelia Foundation, Sudhir has done a lot of corporate social responsibilities and charities. 

In the interview with Billionaires Tomorrow, Sudhir tells a story about a man called Gandesha who introduced into the world of business in Kampala just after he had returned from London in 1985.

Former Crane Bank Employees Drag DFCU To Court With Several Troubling Demands

The mess that emanated from the dubious closure of Crane Bank in October 2016 and it eventually being sold to dfcu Bank in January 2016 rages on with the matter now sucking in former employees of the commercial bank that was founded by businessman Dr. Sudhir Ruparelia in 1994.

The former Crane Bank employees say they were unfairly and fraudulently dismissed by dfcu and now they are making a number of claims through a court suit No. 335 of 2020 among other things for dfcu Bank to be ordered to produce and permit the applicants and their advocates inspect and make copies key employment and transactional documents.

The documents being demanded for perusal are the Purchase of Assets and Assumption of Liabilities Agreement between the Bank of Uganda and dfcu Bank and lists of employees referred to in paras 5.4, 5.5(a)-e), 56, 5.7 and 5.8 of the Written Statement of Defence (WSD) and in the list of documents attached to the WSD, plus their respective contracts of employment with Crane Bank Ltd (CBL) and/or the respondent.

Others issues that the former employees of Crane Bank want addressed are written notices of resignation as referred to in para 5.4(b) of the WSD, all contracts of the “employees retained by the respondent, list(s) of former CBL employees that were laid off for reasons implied in para 5.6(a) of the WSD, all documents showing that the respondent promptly paid “appropriate termination packages.

The applicants contest many other issues that are contained in the WSD like demanding to prove that all documents showing that the respondent made an ex gratia payment of UGX 1,000,000/- to all laid-off employees as indicated in para 5.8(e) of WSD, and all documents notifying former CBL employees about the respondent’s grievance redress mechanism referred to in para 5.8(f) of the WSD and that costs of this application be paid by the respondent with a certificate for two counsels.

The ruling is set for April 28, 2021 at 11:00am

SOURCE: The Capital Times

Equity Bank Beats COVID-19 Stress To Register 51% Balance Sheet Growth

Financial services provider Equity Group Holdings, which operates the Equity Bank brand in the great lakes region, has weathered the COVID-19 disruption to register a 51% growth in its balance sheet with total assets growing to Kshs1.015 billion up from Kshs674 billion the previous year.

The growth delivered through both organic and merger & acquisition strategies saw the group become the first financial institution to cross the trillion shillings rubicon in East and Central Africa.

The growth has been driven by a 53% increase in customer deposits which grew to Kshs741 billion up from Kshs483 billion, while long-term debt financing grew by 71% to Kshs97 billion from Kshs57 billion with shareholders’ funds growing by 24% to Kshs139 billion up from Kshs112 billion.

Deployment of the 51% growth of funding enabled loans to customers grow by 30% to Kshs478 billion up from Kshs366 billion. Cash and cash equivalents grew by 186% to Kshs247 billion up from Kshs86 billion. Investment in Government securities grew by 26% to Kshs217 billion up from Kshs172 billion.

Net interest income grew by 23% to Kshs55 billion up from Kshs45 billion driven by a 30% growth on customer loan book and 26% growth in investment in Government securities.

Non-funded income grew at 27% to reach Kshs38 billion up from Kshs30 billion to contribute 41% of the total income. Forex trading income grew by 77% to stand at Kshs6.2 billion up from Kshs3.5 billion.

Diaspora remittances commissions grew by 76% to Kshs1.5 billion up from Kshs0.9 billion. Volume of Forex trading increased by 51% to Kshs863 billion up from Kshs571 billion with Diaspora remittance contributing 32% of the volume of forex traded.

Total operating costs grew by 67% to Kshs71 billion up from Kshs42.5 billion driven by a 496% growth in gross loan provision of Kshs26.6 billion up from Kshs5.3 billion in the prior year, increasing the cost of risk to 6.1% up from 1.3% the previous year. The higher loan loss provisions enhanced NPL coverage to 89%.

As part of the Group’s commitment to support lives and livelihoods, keep the lights of the economies on by avoiding massive disruption of economic activities, the Group accommodated Kshs171 billion of loans for customers whose repayment capacity was adversely impacted by Covid-19. This represents 32% of the entire gross loan book of Kshs530 billion.

As at 31st December Kshs40 billion of the restructured loans had resumed repayments and normalized. A deep dive review of the entire Kshs171 billion accommodated loans revealed doubts on the future viability and quality on Kshs9 billion of loans promoting the downgrade of the said doubtful loans to NPL (IFRS 9 Stage 3) increasing the NPL portfolio to 11% up from 10.4% as at 30th September 2020, and 9% as at the end of the previous year and closing the year with 23% accommodated loan book equivalent to 11% of the balance sheet.

The Group’s cost income ratio improved to 48.5% from 51.1% the previous year driven by improvement in cost of funds from 2.9% to 2.8% and enhancement of yields on government securities from 10.1% to 10.7% despite realization of capital gains on the securities trading of Kshs3 billion up from Kshs1.1billion the previous year and 117% growth of mark to market gains to Kshs7.4 billion up from Kshs3.4billion.

Yields on loans declined from 12.6% to 12.4% due to increased suspended interest on increased NPL book and change of loan book mix of local currency to US$ currency to 57%:43% from 64%:36% ratio in favour of the local currency as a result of acquisition and merger of BCDC in DRC and increase of 186% on cash and cash equivalent. The profit after tax contribution from the business outside Kenya grew to 28% from 18%.

The Managing Director and CEO Dr. James Mwangi said: “The previous global pandemic was the Spanish Flu which occurred in 1919, a century back, and hence the world had lost its memory and had to re-learn, adapt and adjust making 2020 an exceedingly difficult and challenging year.

Our corporate purpose of ’Transforming lives, giving dignity and expanding opportunities for wealth creation’ became the guiding compass of the organization’s essence on how to navigate through the crisis and the challenging environment. Our results and performance became a human story of resilience and determination to live an ethical human purpose.”

Equity Bank To Support Agribusiness SMEs With New Structured Trade Commodity Finance

Equity Bank Uganda has launched a new loan portfolio dubbed “Structured Commodity Finance Loan (SCF)”; a financing solution aimed at supporting the growth of agribusinesses and smallholders.

The structured commodity finance loan will allow agribusinesses to borrow against their agricultural inventory which can be used as collateral for security and repayment. Agribusinesses stand to benefit from SCF by receiving financing to ensure that cash flow is available for maximum output; with the intention of repaying the loans once sale of the agricultural produce is complete. A financing solution that will allow them to sustain customer demand and have access to new markets and customers.

Commenting during the launch of the new financing solution, Equity Bank Uganda Executive Director Anthony Kituuka said, “Agriculture remains a key sector in our economy and as Equity, we have chosen to invest in upscaling smallholder and medium holder farmers because they play a key role in the growth of the economy. With the new Structured Commodity Financing, farmers and agribusiness SMEs can now effectively manage their liquidity and mitigate against risks related to the production, purchase and sale of farm outputs.” 

Working with the farmers, Equity will isolate assets which have relatively predictable cash flows attached to them through price discovery and discounting.  The agribusinesses will then use these to mitigate risk and secure affordable credit with flexible repayment terms.

With the new facility, customers can now access loan amounts of between shs30 million to shs5 billion at competitive interest rates per annum determined on a case-by-case basis and repayable within flexible periods as agreed during the application process.

Farmers and agribusiness SMEs looking to access the new financing solution will need to have an existing bank account with Equity Uganda while new customers will be required to open new accounts with the bank and provide previous banking history and statements. All agribusiness SMEs will also have to provide proof of operation in the commercial agribusiness sector for at least one year and demonstrate ability to repay the loans as well as meet the other mandatory loan application requirements.

Other than SCF financing, Equity offers farmers various financing solutions including production loans which aims at improving crop and livestock production, asset finance loans for farm machinery such as tractors, marketing loans and processing loans which allows them to add value to their farm inputs and increase sales.

Numbers Do Not Lie, Especially In Investing - Rajiv Ruparelia

Last week, the Ruparelia Group, unveiled Bukoto Living, 9-floor condominium homes project—altogether, 27 homes in a 2-3-4- and 5-bedroom configuration, in Bukoto, Kampala.

The affluent suburb of Bukoto and the surrounding Naguru, Ntinda is a mixed residential and commercial areas, with a large number of small businesses, NGOs, supermarkets, hospitals, schools and upscale shops. Bukoto Living itself is built just about 150 metres from the main Kira Road, placing the central business district within just 10-20 minutes.

Bukoto Living comes on the heels of Tagore Living- another Group property, comprising of 28 modern homes, in Kamwokya-Kisementi, just a stone throw-away from Acacia Mall, the Kisementi shopping precinct, Kitante Golf-Course and the affluent Kololo neighbourhood.

In a few weeks, Ruparelia Group will be breaking ground for One-10 Apartments, an exclusive Luxury Homes Project on Prince Charles Drive, in Kololo, comprising of 110 2,3,4-bedroom apartments, also for sale.

Back to Bukoto Living, the 2-Bedroom Apartment– the most affordable option, comes with 160 sqm of space split into 2 bedrooms, a kitchen, living room and dining as well as an additional room for the housekeeper/Maid and a 12 sq/m balcony, that opens up to beautiful views. It costs USD 168,000.

The 3-bedroom apartment costs USD 210,000; the 4-bedroom goes for USD 330,750 and the 5-bedroom for USD362, 250.

At first impulse, this may look like, it is quite on the high side- but think again!

Let us say, there is another alternative option in Najjera (about 13 km away from Kampala City) where a 3-bedroom house on a 50×100 plot costs on average UGX350-400 million (roughly USD100,000). This appears, cheaper, compared to the Bukoto-Living 3-bedroom apartment which goes for USD210,000 (UGX770,000,000)?

Right? But lets us think again

Independent property professionals will tell you, the three most important things to consider, is location, location and location! And I agree, because to a great extent, location also plays a big role in influencing other key variables such as value, expected cash flows and therefore return on investment, convenience etc. Location also determines occupancy rates.

And when it comes to the property itself, you need to critically analyse other factors, like price, quality and durability of materials used, the track record of the developer etc. All these are important for keeping costs of maintenance low, higher future value and post-purchase peace of mind.

Whether, for owner-occupied or investment purposes, you need to make a decision, that will enable you to get more from your investment, as well as do more, should you choose to live in the property as your own home.

Numbers do not lie

According to the Ministry of Transport’s Annual Sector Performance Report FY 2018/19, the travel time in Greater Kampala Metropolitan Area (GKMA) was 4.1 minutes per km which translates to about 14.6Km/hr in 2018/19 compared to 4.2 minutes /km in 2017/18. So roughly from Kampala to Najjera/Kiira/Buwate, a distance of about 13km, it takes an average of 53 minutes to leave home and get to work. But we all know, this is on average, because during peak-time it could take more than 1 hour for a one-way journey.

So in a week, you use up to 10 -12 man-hours a week, depending on if you also work weekends and up 578 man-hours or up to 72 man-days a year! For a working couple, that is a whole 144 man-days a year! This does not include time spent on picking and dropping children to school and other social engagements.

Depending on what you do, this time has economic value both directly and in terms of lost productivity. At the end of the day, how much is your man-hour worth? Let us assume, your man-day of 8 hours is a conservative UGX200,000, that means, a working couple, could lose up to UGX 57,600,000) annually, trying to get to and back from work. Multiply that, by 10 years, the average it takes to pay for a mortgage, the family will have conservatively lost UGX576,000, 000- that’s just about two-thirds of a modern 3-bedroom home in Kololo or Bukoto.

Away from economic value, imagine if your family were able to create a fresh 130 man-hours in a year. Would you use it to sleep better, spend more time with your children, do a self-improvement course, learn a new skill or start a new business?

Imagine the possibilities of doing more!

Another 2012 Ministry of Works and Transport study titled:Average Travel Time & Vehicle Cost in Greater Kampala Metropolitan Area (GKMA), found that on average, an owner of a saloon car spends an average of UGX19,700,000 annually on fuel, repairs and maintenance. And you will agree with me is that much of these costs are influenced by the location of your home which determines the state of roads, security and distance away from the city centre. If a couple owns two cars, the total cost of ownership could reach nearly UGX40 million a year and UGX400 million in 10 years!


That is half of what you need to own a 3-bedroom apartment at Bukoto Living!

If you are buying or building a home as an investment to earn income from, you need to consider the fact that the kind of Grade A properties such as the ones we are developing, attract up to between 80-90% occupancy rates and up to USD2, 750 (UGX10,725,000) in monthly rental income for a 3-bedroom apartment, compared to a maximum of USD380 (UGX1,500,000) in the city outskirts, for a house, the same size.

Do the maths—instead of investing 700 million in two bungalows in Buwate/Najjera/Namugongo, only to earn an irregular USD760 (UGX 2,812,000) why not invest in a 3-bedroom apartment in Bukoto living for UGX770,000,000 and earn up to 3 times more?

Invest with Meera Investments, Uganda’s most experienced, trusted and financially stable property developer

Meera Investments Limited, part of Ruparelia Group- Uganda’s largest business conglomerate, has for the last 25 years been involved in developing several iconic real estate projects in Uganda. With over 300 properties- ranging from hotels, schools, commercial and residential projects in the choicest locations in Kampala, Meera Investments, is proud to be the preferred provider of modern and innovative working and living space solutions to over 150,000 people in Kampala daily.

We have been able to leverage economies of scale to affordably secure the finest locations, employ a combination of local and international teams of designers, architects and engineers, as well as source for the most durable building materials. We pay particular attention to the finer details, such as ergonomic and efficient layouts and beautiful world-class finishes as well as onsite amenities, such as security, lifts, internet, standby generators, swimming pools and gyms etc. The result is a world-class property, at very competitive market rates.

A pre-Covid-19 2019 independent Knight Frank Property Report for Kampala showed that on average, a 2-bedroom residential unit sold for USD225,000 and USD325,000 for a 3-bedroom residential unit. On average 4-5 bedroom houses seated on between 0.25-0.5 acres went for USD1,000, 000.

Now, compare that with the average USD168,000; USD210,000; USD330,750 and USD362,250 for Bukoto Living’s 2-3-4- and 5-bedroom residential units respectively!

Think again!

Numbers do not lie, especially in investing!

Rajiv Ruparelia is the Managing Director of the Ruparelia Group. Consisting of 28 companies, the Group is mainly involved in education, real estate development and management, hospitality, floriculture and broadcasting.

MPs Insist Governor, Deputy Governor Shouldn’t Be On BoU Board

Members of Parliament’s Committee on Legal and Parliamentary Affairs maintain that the Governor and Deputy Governor of Bank of Uganda should cease being part of the central bank's board because it brings about conflict of interest noting that one of the board's roles is to supervise the management of the bank headed by the governor and the deputy. By chairing the board, the MPs, say is akin to self-supervision.

Despite contrary views from the Central Bank itself, the MPs have stuck to their guns, saying that maintaining the status quo, would make the governor and deputy governor accountable to only themselves, which is a flaw in corporate governance.

The MPs, who include, Hon. Abdu Katuntu, who chaired the 2018/19 probe into the Central Bank by the Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) said that it is important that in light of previous governance issues at the Central Bank, it was important that the affairs of the Central Bank, be brought under control.

“Who supervises the governor and the deputy governor in the execution of their duties? None. We don’t have any institution that supervises the governor and the deputy governor, in this country. None,” Hon Katuntu submitted.

Giving an example of Kenya, where the two roles have been separated, an austere Hon. Isala Eragu Veronica Bichetero, the MP for Kaberamaido County asked the Deputy Governor, “What do you take your board for?”

The MPs also rejected a proposal by the Central Bank that the approval of their budgets should be left to the board instead of Parliament.

The MPs were responding to a submission by the Deputy Governor, Mr Michael Atingi-ego who submitted that separating the Chief Executive and Board Chairman roles would be tantamount to “diverting the governor from his/her core mandate of delivering price and financial sector stability.”

“We need to maintain the status quo to support the stability in business continuity and to ensure adequate representation of executive management on the board,” Atingi-ego said, adding: “We need somebody who is involved at the management level to be able to present their (management) position to the board.”

The Committee is hearing views from stakeholders, in regard to The Constitution (Amendment) Bill, 2020, tabled by Igara County East, MP Hon. Mawanda Michael Maranga.

The Bill seeks to amend certain parts of Article 161 of the Constitution. Hon Mawanda wants the role of the Governor and his deputy separated from that of BoU Chairman and Deputy Chairman respectively.

Immediately Handover Office, Gender Ministry PS Tells EOC's Sylvia Nabatanzi, Others

The Permanent Secretary in the Ministry of Gender, Labour and Social Development, Aggrey Kibenge has ordered the chairperson of the Equal Opportunities Commission Sylvia Nabantazi Muwebwa and other senior staff to handover office, official documents and assets in their possession to the Under Secretary/Finance and Administration, Equal Opportunities Commission following the expiry of their office tenure.

The employment contract of Nabantazi and others at the commission expired on January 19 and efforts to have the appointing authority, President Yoweri Museveni, renew it have been futile. This has got te PS to write to the Solicitor General for advice; no response has been received. This has left the PS with no option but to ask the affected individuals led by their chairperson Nabatanzi to handover the office.

Nabatanzi tenure at the EOC came to the end amid corruption and abuse of office charges. Sylvia Muwebwa Ntambi and nine others were charged for abuse of office following a complaint to President Yoweri Museveni by a whistleblower calling for his intervention. According to a petition dated May 22, 2019, the whistleblower accused her of causing financial loss of over Shs200m through termination of workers contracts and forcing workers to resign and replace them with her relatives and friends.

Since she took over the chairperson-ship of the commission, the whistleblower said Nabatanzi has unfairly dismissed over 11 staff, terminated over 10 staff contracts, and four contracts have not been renewed. In 2017/ 2018, the Auditor General advised the commission to employ people on permanent contracts however the chairperson declined and this has since led to financial losses.  However, the Director of Public Prosecution recently dropped all the charges brought against her.


Personal Sacrifice, Commitment, The Traits You Need To Achieve Saving Goals

By Michael Kanaabi Dollar

The Covid 19 lockdown experience and the untold suffering that came with it as basic needs became out of reach for most hand to mouth or daily income earners in urban areas that became jobless was a life-changing experience.

“ It is as a result of this that we the founders of Nazzikuno Charity Foundation decided to start a micro-savings project dubbed Afford to prevent another crisis among low-income earners like was the case in the lockdown when they had no money to buy, sugar, salt, soap and other necessities having been rendered jobless and incomeless by the lockdown,”  Tonny Ssenfuma Chairman and Founder Nazzikuno Charity Foundation said.

Speaking during the launch of this savings scheme at Busega Community, Lindon Natukwasa an Entrepreneur, Speaker and ICT trainer advised community members to record and watch carefully all their income and expenditure. He said, “Many times when you make proper records and analysis of these figures, you will realise you are spending more than you should on at times unnecessary items minus doing any savings.”

As a result after spending on the basic necessities daily, it is also important for one to put aside some money in savings however small it may be daily.

All this Natukwasa said starts with a personal decision to take a step against all odds which will involve personal sacrifice as you go along the way but the results will be worth it especially when it comes to savings.

“For example, something as simple as choosing between buying more stock in your retail shop instead of taking out your family to a funky dinner may help you grow your business and afford the luxuries you want later. The same is the case with for example postponing a decision to buy a car and acquiring a plot instead which accumulates in value.”

Take decisions that will help you save and invest while keeping a good record of your finances, he emphasized.

Chartered Accountant and Entrepreneur Dorcus Nakiganda Bateefu another keynote speaker at the event advised all those in attendance to indulge in businesses they are passionate about as this makes it easy when it comes to perseverance in the hard times and also keeps one learning continuously and improving because of that genuine interest.

Bateefu said the same principle should be applied to starting a saving culture and sticking to it at an individual level. “You will need to sacrifice a lot to save daily and consistently and this will include cutting down on personal costs and luxuries. With an objective you intend to achieve like expand your business, acquire a plot of land or expand your current project well laid out, the burden will be a little easier she noted.

On top of that, separating personal cash from business finances is key to achieving savings goals and sustainability, reinvestment of profits especially in the early stages of a business will help it grow faster and achieve one's desired goals she added.

Clement Kizza a prominent local Leader in the Busega Kibumbiro Community urged his subjects present not to despise humble beginnings and small jobs because it is from these that one can realise an income to build their savings and get capital for bigger projects.

When it comes to savings, one should follow up on the money they are going to save besides endeavouring to diversify their sources of income and staying focused on their savings goal to achieve their original objective.

Samuel Katamba Nazzikuno Charity Foundation's Head of Programs said they intend to build on Afford’s savings program to encourage more savings in the community and create creditworthy members that can not only access loans from the program but outside it as well given the good savings track record they will have.

With members allowed to save a minimum of 500 shillings daily, the program is open to all, you simply need consistency to be able to save whatever amount you commit to doing consistently so as to achieve your goals besides being assured of accessing basic necessities from member shops on credit when the need arises Katamba concluded.

Museveni Must Punish Kasekende, Bagyenda, Sekabira – Petitioners

Two petitioners Sam Kakuru and Brian Arinda want former Bank of Uganda (BoU) officials Justine Bagyenda and Louis Kasekende to be punished by President Yoweri Museveni for their role in collapsing close to seven commercial banks.

Also targeted by the petitioners is Benedict Sekabira and Margaret Kasule who currently work at Bank of Uganda as director Financial Markets Development and head legal respectively. 

Three year\s ago parliament’s COSASE after deep and wide investigations recommended that the above officials are held accountable directly for their role in selling and collapsing seven commercial banks in ways described as dubious.

“Your Excellency as you may be aware that it’s now almost three years since COSASE committee of the Parliament closed its investigations into the irregular sale of seven defunct banks, with recommendations to hold culpable the implicated officials, but nothing yet has been done.

“A forensic parliamentary audit by the Committee on Commissions, Statutory Authorities and State Enterprises (PAC-COSASE) discovered that the three – Kasekende, Bagyenda and Sekabira, profited from the botched closure of seven commercial banks and other fraudulent acts during the process,” the petitioner’s letter reads in part.

“Your excellency, there has been overwhelming evidence according to COSASE report of 2019 all over citing corruption scandals in the central bank to mention but a few; fraudulent closure of 7 defunct banks, irregularities on appointments within the Bank Of Uganda, conflict of interest in bidding processes in the construction of Bank of Uganda currency centers, among others in the bank of Uganda,” the petition filed by Kakuru and Arinda reads in part.

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