Breaking! ULS President Isaac Ssemakadde, Sheila Namahe & Stanbic Bank Caught In UGX3B Fake Gold Deal Cobweb!

Breaking! ULS President Isaac Ssemakadde, Sheila Namahe & Stanbic Bank Caught In UGX3B Fake Gold Deal Cobweb!

Posted on 28 February 2025 0
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By Spy Uganda Investigations Desk

You Pay Back My Money: No Nonsense American business man Robert Turner Causing Ssemakadde, Sheila Namahe & Stanbic Bank Running Stomachs
The Stanbic Bank Receipt Showing How Money Moved From Maxim Advocates account To Mohammed Abdi Rashid A Day After it dropped on Account from Robert Turner

Kampala, Uganda–TheSpy Uganda Investigators have unearthed overwhelming evidence linking flamboyant Uganda Law Society (ULS) president Isaac Kimaze Ssemakadde and his law firm partner Sheilah Namahe Wagidoso to a multi-billion shilling fake gold and money laundering scheme. The duo, operating under their law firm Maxim Advocates, is accused of allegedly receiving and quickly redistributing funds fraudulently acquired from an American businessman, Robert Turner, in what now appears to be a well-orchestrated financial crime.

The Money Trail That Exposed the Fraud 

READ RALATED HERE:

http://Exclusive Intelligence! Squicky Bum Time at Stanbic Bank As DPP Orders Arrest of Top Managers Over UGX 3B Fake Gold Money Laundering Deal! ☛ https://www.spyuganda.com/exclusive-intelligence-squicky-bum-time-at-stanbic-bank-as-dpp-orders-arrest-of-top-managers-over-ugx-3b-fake-gold-money-laundering-deal/

Proforma Invoice GW Nov12 (1)

The Invoice From Green Wave, Maxim Advocates’ Client to Robert Turner, whom they denied first that they didn’t know him,yet the account being quoted on which to load the money was Maximum Advocates account 

Turner, a businessman dealing in previous minerals based in the United States, wired USD 840,000 (approx. UGX 3.2 billion) to Maxim Advocates’ Stanbic Bank account on November 13, 2024, under reference No. IT24318UG01752271. This transaction was made based on Proforma Invoice No. GWM 11/2024, which detailed that the funds were meant for government taxes, logistics, and customs handling related to a 150kg gold consignment.

However, just a day later, on November 14, 2024, USD 750,000 was swiftly transferred from the Maxim Advocates account to another individual, Mohamed Abdi Rashid, a businessman operating a hala business at Communications House in Kampala. This rapid movement of funds raised serious questions, especially given Ssemakadde and Namahe’s earlier claims that they had no knowledge of Turner or his money.

Documents, including the proforma invoice and bank transaction records, indicate that the duo was fully aware of the source and purpose of the funds they received. The presence of an invoice detailing the transaction’s purpose directly contradicts their denials.

Stanbic Bank’s Suspicious Role

Another critical angle in this scandal is how Stanbic Bank Uganda, a financial institution with stringent international compliance obligations, failed to detect and halt the suspicious transaction. According to banking regulations, such a large sum should have been withheld for verification until the recipient provided proof of its source and intended purpose.

Financial crime experts suggest that Stanbic Bank’s Garden City Branch, where the transaction was processed, should have flagged the transfer as high-risk. Instead, the funds were withdrawn and transferred without any apparent scrutiny. Investigators are now looking into the role of Ms. Rachel Tamale, the bank officer who handled the transaction. There is growing suspicion that either gross negligence or internal collusion facilitated the money laundering scheme.

Stanbic Bank Responds

When our Spy Chief sought a comment from Stanbic Bank’s PRO Kenneth Agutamba, he responded this, read;

Hello Andrew, Apologies for the tardiness-will do better next time. Given the context, this below, is the only comment we can make. I hope it’s understandable.

“Given that your inquiry is subject to an active investigation, we are unable to provide specific details about the transaction or individuals involved, as doing so may compromise confidentiality and the integrity of the outcome,” Kenneth Agutamba, Head of Communications, Stanbic Bank Uganda. Regards,”

Screenshot of Our Email Conversation

American Businessman Threatens to Blacklist Uganda

Outraged by the fraud, Robert Turner has demanded a full refund of his USD 1 million, warning that if his money is not recovered, he will mobilize the U.S. government, under President Donald Trump, and American business circles to blacklist Uganda from future investment. Turner has vowed to use his influence to ensure that no American or European investor dares to put their money in Uganda, citing corruption and weak financial oversight.

This warning, if executed, could deal a significant blow to Uganda’s investment climate, particularly at a time when the country is seeking to attract more foreign capital for economic growth, and this has been president Museveni’s latest “song” after “Mpa enkoni”, “twende Nairobi”  and “Kasonko Yeye”.

Ssemakadde and Namahe’s Desperate Attempts to Silence the Media

Prior to these damning revelations, Ssemakadde and Namahe had attempted to intimidate media houses from reporting on the scandal, threatening lawsuits against any journalist or publication that exposed their involvement. However, with bank records, invoices, and financial transaction evidence now public, their denials are quickly crumbling under the weight of hard facts.  These bold legal brains infact has the gutts to write to a government Media House Vision Group and Next Media services warning them not to even just attempt to write about it or they would dance to their tunes in court. With the warning letters hovering over their heads, the cowardly media houses humbly coiled their tails and waited for Jesus Christ to call them on their judgement day in heaven! Imagine 😂

Ssemakadde is currently in hiding following the two arrest warrants on his head over his alleged contempt of Court charges, where he’s supposed to serve 2 years in prison unless he appeals and defeats the sentence already passed in absentia.

Our calls to Sheila Namahe for a comment proved futile after our repeated calls went unanswered for two days. Save for the first day when she simply pressed busy button 🔘.

What Next?

With evidence piling up, pressure is mounting for accountability and action against those involved in the fraud. Investigators are now expanding their probe into other possible beneficiaries of the scam and assessing whether more individuals within Stanbic Bank, Maxim Advocates, and their networks were complicit.

Watch the space for Episode 3

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