By Andrew Irumba
Kampala: Ugandan tax payers have become slaves of Central Bank (BoU) corruption and outright theft in the country’s top banking institution.
From the crane bank debacle, where billions of tax payers money will have to be paid in compensation for wrong calls for liquidation of Crane Bank Ltd to internal syndicated thefts.
The country needs to award Dr.Sudhir Ruparelia for unmasking their treasonous acts when they connived to use their powers entrusted to them to act on our behalf as a country, but chose to represent their bottomless greedy stomachs and closed the only thriving indigenous Bank at the time. By the way, Crane Bank was closed closed just a few months after it had won numerous Awards of Excellence, not only in Uganda but regionally. And these Awards were being attended and supervised by BoU top officials.
Back to the issue; This year alone, we saw two banks closed, EFC & MCBL. In all these cases there is no proper pre closure feasibility studies and even those done are always corruption driven, that’s according to our well-placed source inside.
The continuous reports of billions being stolen from accounts currently pose the biggest threat to Ugandans, with the latest being shs60 billions stolen in just seconds, that’s according to the Daily Monitor.
We understand there are three key departments continuously involved at the heart of these misdeeds; Supervision, Financial Stability and Legal. It’s now a debate on whether or not the three directorates are playing their key roles in safe guarding Uganda’s financial sector.
Worse still these bosses have mastered the game of convincing the president on how clean their operations are, regardless of the continued cries from the public. Unfortunately, the president seems to have sided with the wolves who have mastered the art of “we can explain this Muzei”.
We believe that they have for long taken Ugandans for granted and with this alleged 60bn loss, it’s now time for heads to roll, if we must safe guard the Central Bank.
In the recent months the central bank has been at the heart of very fierce financial scandals namely;
- The alleged 500m counterfeit post bank notes put in the official banking system
- Charles Kasede Ochieng reportedly caught on camera stealing old currency notes intended for destruction
- Embattled Justine Bagyenda, the Queen of liquidation scandals, together with her friend Kasekende
- Procurement of the BNPS (Uganda National Payments Switch) system lack of transparency
- Syndicated theft of shs60 billion from Bank of Uganda accounts by external hackers who have full access to obtain money from BoU, to mention but a few.
- And now, Standard Chartered Bank has just announced they’re exiting Uganda after over 100 yrs of operations here. No new Banks are entering the market ,but rather, more are leaving.
“Actually, Mr.Irumba, much more corruption within the central Bank never gets into the public domain, that one I assure you. We’ve very strong information flow mechanisms on how we contain information flow as much as possible,” added our inside source.
But finally and very finally; In the history of mankind, Michael Atingi-Ego, the Deputy Governor BoU, is the first man in Uganda, which is North of the Limpopo, Africa and globally to deputize a close to 3 year old dead stinky corpse, without complaint!
He’s enjoying the board room and office conversations with a dead man every morning as he presents his reports for ‘guidance and action’ plans!
Apart from Uganda being known to be the pearl of Africa, housing the biggest lake and freshest waters in the world (Lake Victoria), Atingi-Ego should be awarded for being the most loyal employee of Government, having direct hotline with African spirits, from whom he gets guidance by osmosis.
Uganda has been without a substantive governor for close to 3 years since the demise of the award winning economist, late Prof. Emmanuel Tumusiime Mutebile. But in essence, to the appointing authority, a dead Mutebile still does wonders more than the living in the banking sector, the reason he’s still failed to find his match.
