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    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

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    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

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    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Stephen Kissa the Pace-setter

    Stephen Kissa: Unveiling the Country’s Pace-maker who set Ace Cheptegei`s World Athletics` Gold and Bronze Medals

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

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    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

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    Cut The Slack: Naysayers Can go Hang but Spice Diana Deserves her Success Moment of Glory for a Crooner her Age

  • Lifestyle
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    • Food
    • Health
    • Travel
    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    The Lost Friends: You still feel rejected even after trying? It wasn’t to be. You were brave. You tried. But you have to let go now

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Know Just How We Impact On Others: I think back to days when a genuine ‘have a good day’ from the store clerk lifted me

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Opinions
    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

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Top BoU official pins fired Justine Bagyenda on missing vital bank sale documents

November 21, 2018
inBusiness, News
Top BoU official pins fired Justine Bagyenda on missing vital bank sale documents

Bagyenda and Mutebile

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The embattled former Bank of Uganda Director for Supervision, Justine Bagyenda will have to explain to legislators where the documents regarding the sale of commercial banks are.

The Investigator has established that all fingers seem to point to the fired Bagyenda regarding the missing inventory. What we can report is that a top Central Bank official revealed to the furious legislators of Cosase, that the missing documents were perhaps picked by Bagyenda when she was fired unceremoniously by the Governor Tumusiime Mutebile, six months to her retirement.

Justine Bagyenda who is expected to appear before the committee probing the illegal closure of the seven defunct commercial banks was the executive director in charge of supervision, at the time of her sacking.

While appearing before Cosase on Tuesday, Benedict Sekabira, the Director Financial Markets Development Coordination said it is only Bagyenda who can reveal where the files are.

The Governor, Prof. Tumusiime Mutebile had initially told the Members of Parliament that he didn’t know where the documents were, prompting him to ask Sekabira to explain.

Reports from the ‘corridors’ of the central bank now hint that Bagyenda was perhaps irked by her unceremoniously departure from the heavy paying office, and thought it wise to punish the governor for his actions.

The documents allegedly picked by Ms. Bagyenda included among others inventory reports of ICB and Greenland Bank.

Some senior BoU officials have sought parliament intervention to view the CCTV footage recordings of the last days of Bagyenda at the Bank after she was told to vacate office to see how she loaded the documents into bags and departed.

Ms. Bagyenda was controversially sacked by Tumusiime- Mutebile in February 2018, six months before her official retirement. As executive director of supervision, her role was to ensure the stability of the banking industry but her boss sacked her after the Crane Bank scandal emerged.

Ms. Bagyenda was heavily involved in the controversial closure and sale of Crane Bank Limited (CBL) to its rival Dfcu Bank in January 2017 at Shs200 billion that was paid in installments, with the central bank, having spent Shs478 billions of taxpayers’ on CBL before selling it to Dfcu Bank.

Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase), don’t have all the required documents of defunct banks.

Sources within BoU say Ms. Bagyenda worked closely with BoU’s deputy governor Dr. Louis Kasekende in the closure and liquidation of some of the banks, for instance, CBL whose closure caused the on-going Cosase probe that so far has not gotten satisfactory answers from the BoU. The problem has been the official’s failure to avail them with all the documents related to defunct banks.

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