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    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    Deal: Over 50,000 Housing Units to be supplied as NWSC and NHCC Sign Water Partnership MOU

    From Streams to Screens: Here Unveiling the IT and Digital Transformation of Uganda`s National Water and Sewerage Corporation Corp

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    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

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    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

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    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    All Smiles for and Of Joy: The Groundless Beauty is in Realizing that Sometimes Real Superheroes Live in the Hearts of Small Children Fighting Big Battles

    All Smiles for and Of Joy: The Groundless Beauty is in Realizing that Sometimes Real Superheroes Live in the Hearts of Small Children Fighting Big Battles

    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

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    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    A Nation on Edge: Unpaid Water Bills Prompt No Mercy as Police and Prison Services Are Cut-off NWSC Taps Over UGX43.3Bn Unpaid Flow

    A Nation on Edge: Unpaid Water Bills Prompt No Mercy as Police and Prison Services Are Cut-off NWSC Taps Over UGX43.3Bn Unpaid Flow

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Euros 165m Grant: NWSC Secures French Agency’s Funding with Focus on Expansion of Water and Sanitation Infrastructure in Newly Designated cities

    Euros 165m Grant: NWSC Secures French Agency’s Funding with Focus on Expansion of Water and Sanitation Infrastructure in Newly Designated cities

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    Cecilia Barbara Atim Ogwal: The Beauty Queen, Banker, Wife, Mother, Businesswoman, Consultant, Legislator, Advocate and a Politician That Logged Out at 77 Amid G-77

    Cecilia Barbara Atim Ogwal: The Beauty Queen, Banker, Wife, Mother, Businesswoman, Consultant, Legislator, Advocate and a Politician That Logged Out at 77 Amid G-77

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    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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    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    Deal: Over 50,000 Housing Units to be supplied as NWSC and NHCC Sign Water Partnership MOU

    From Streams to Screens: Here Unveiling the IT and Digital Transformation of Uganda`s National Water and Sewerage Corporation Corp

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    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

    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
    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    All Smiles for and Of Joy: The Groundless Beauty is in Realizing that Sometimes Real Superheroes Live in the Hearts of Small Children Fighting Big Battles

    All Smiles for and Of Joy: The Groundless Beauty is in Realizing that Sometimes Real Superheroes Live in the Hearts of Small Children Fighting Big Battles

    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    A Nation on Edge: Unpaid Water Bills Prompt No Mercy as Police and Prison Services Are Cut-off NWSC Taps Over UGX43.3Bn Unpaid Flow

    A Nation on Edge: Unpaid Water Bills Prompt No Mercy as Police and Prison Services Are Cut-off NWSC Taps Over UGX43.3Bn Unpaid Flow

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Euros 165m Grant: NWSC Secures French Agency’s Funding with Focus on Expansion of Water and Sanitation Infrastructure in Newly Designated cities

    Euros 165m Grant: NWSC Secures French Agency’s Funding with Focus on Expansion of Water and Sanitation Infrastructure in Newly Designated cities

    African Water & Sanitation Academy Receive Breakthrough as National Water and Partners Roll out Partner Africa- Project

    FIRED UP: G77+China and NAM Summits Lauds NWSC As ED Mugisha Calls on a Course to Professional Action Through the Utility Engineering Community

    Cecilia Barbara Atim Ogwal: The Beauty Queen, Banker, Wife, Mother, Businesswoman, Consultant, Legislator, Advocate and a Politician That Logged Out at 77 Amid G-77

    Cecilia Barbara Atim Ogwal: The Beauty Queen, Banker, Wife, Mother, Businesswoman, Consultant, Legislator, Advocate and a Politician That Logged Out at 77 Amid G-77

    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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Equity Bank Records: Crucial Meeting Called as MD Kirubi, Two Other Senior Officials are Given Marching Orders

The handover process commencing today might last for thirty days. That’s how messy the mess in-there is

November 20, 2022
inBusiness, Crime news, Featured
Simbamannyo Exploits: Equity Uganda MD Samuel Kirubi, Credit Manager Dragged to Court over the mock Auction

Sacked: ED Samuel Kirubi (Courtesy Photo)

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An extraordinary all-staff general meeting has been erratically called today (Monday 21st 2022) for a special `announcement` from the top management at Equity Bank. “You`re invited for an important announcement at a virtual townhall meeting on teams,” read the communication that was emailed to all staff countrywide last night. The Investigator reports.

We came across this communication at the backdrop of our investigations in regard to intel that had slipped into ours, about the reported sacking of Samuel Kirubi, the five-year long serving Managing Director for Equity Bank – Uganda. “You could be right. For, we have just been invited for an urgent meeting tomorrow, for an important announcement,” one of the staffers we called for the strep (situation report) at the Bank responded last night.

Earlier in the day, news had hit our editorial room indicating how the country MD for Equity Bank, the Kenyan Samuel Kirubi, had been ordered to clean his desk and leave office with immediate effect. These orders were also relayed to two senior managers in Faith Lapula, the Manager in charge of Recovery and, Enock Kakumirizi, the Collections Manager. That the affected officials are attached to the larger credit section of the Bank, echoed a signal on what could be the matter.

Indeed, the public is knowledgeable of several outcries regarding this financial facility`s variances in loans given out to their clients. In these pages lies several stories of how the top management at the Bank connived with city businessman Sudhir Ruparelia before they fraudulently sold him two prime properties. These are Afrique Suits in Mutungo and, Ssimbamannyo commercial facility in the city center. The properties belonging to Architect Peter Kamya were sold to Sudhir seven days before the auction due date they had themselves, widely advertised in papers.

Now, our tentative findings indicate that Kirubi and his subordinate accomplices had their plight driving into their direction via issues to do with bad loans and discrepancies surrounding the same. Intel before us has it that Kirubi`s sacking was partly sparked off by the Country`s regulatory body, Bank of Uganda via an audit. We are authoritatively informed of at least three big loans Kirubi is supposed to write off under instructions from BOU, before he can finally handover. This stance, because the same had already gone bad under his watch.

The handover process commencing today might last for thirty days. That’s how messy the mess in-there is. Apparently, the Central Bank had also, for over a year now, jammed to renew their approval of Kirubi in the MD capacity, citing incompetence on his side. Upon sourcing for Kirubi`s replacement following this refusal to renew him, the incoming MD reportedly called for an internal audit so as to get an insight of the uphill facing him. Indeed, BOU carried out an audit that resulted in, even recommending for the writing off of the three huge loans.

Sources mention the three big loans as that of a prominent but controversial city businessman, John Bosco Muwonge, which staggers around UGX47Bn. Information is rife that Muwonge bought most of his siblings Godfrey Ssebalamu and Nabukeera`s properties using most of the money from Equity Bank and some from Bank of Africa. The other loans are that of Mogas whose digits are also in Billions, as well as another of a Matugga-premised Company whose particulars are for the next story. In Faith Lapula and Enock Kakumirizi`s case, we are ably informed, the duo is faced with accusations of undeservedly selling clients` mortgages prematurely.

They have hitherto been based at Katwe-premised Branch on the third floor. We collect how teary curses from customers are haunting them left, right, and center. This stance, as they allegedly, used to sell properties of clients who were under recovery, but straggling to pay in slow bits.

“They would wait for such clients` crawling payments to reach around 75% of the loan repayment, then sell off their properties cheaply,” offered the source. They would allegedly use the proceeds from such sales to pay off the Bank`s 25% balance and walk away with the rest of the money, of course accompanied with tears of loss from their victimized clients.

This fraudulent practices were unveiled through a court case that was dismissed with heavy costs on Friday, whose particulars we shall delve into in upcoming stories in this regard. Reliable information also has it that after Kirubi writing off the above-mentioned loans, the hitherto fast-growing financial institution will have registered the worst loss of their lifetime

Author Profile

Stanley Ndawula
Stanley Ndawula
Stanley Ndawula is a two and a half decades’ seasoned investigative journalist with a knack for serious crimes investigations and reporting. He’s the Founding Editorial Director and CEO at The Investigator Publications (U) Limited
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Tags: bank of ugandaEquity Banks Samuel Kirby sacked with immediate effectFaith Lapula and Enock Kakumirizi
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