By Spy Uganda
Kampala, Uganda – Forum for Democratic Change (FDC) Member of Parliament, Hon. Ibrahim Ssemujju Nganda, has alleged that Stanbic Bank bribed Members of Parliament (MPs) to pass a bill allowing the government to borrow USD 190 million to settle its obligations with power distributor Umeme.
Speaking on Capital Gang this morning, Ssemujju claimed that Stanbic Bank had a vested interest in the loan approval, as it stands to gain approximately USD 35 million in interest from the government once the loan is processed. He accused MPs of being compromised to facilitate the swift passage of the bill, which was among those approved by Parliament this week.
“The government is being forced to borrow USD 190 million to pay Umeme, yet Stanbic Bank is at the center of this transaction. They will make USD 35 million in interest. This is why they bribed MPs to ensure the bill is passed,” Ssemujju alleged.
Parliament has been under scrutiny over its handling of key financial bills, with critics arguing that lawmakers often rubber-stamp borrowing proposals without due diligence. Ssemujju’s allegations, if proven true, could deepen concerns over the influence of financial institutions in shaping Uganda’s legislative decisions.
Efforts to get a comment from Stanbic Bank regarding these claims were futile by press time. Similarly, Parliament has not officially responded to the allegations.
The approval of the borrowing plan comes as Uganda prepares to conclude its contract with Umeme, with the government moving toward direct electricity distribution through the Uganda Electricity Distribution Company Limited (UEDCL). However, concerns remain about the financial burden such borrowing places on taxpayers.
This is a developing story.
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