In a startling revelation that sends shockwaves through Uganda’s banking sector, a staggering fifty billion Uganda shillings earmarked as compensation for World War veterans has mysteriously disappeared from Centenary Bank. The bank, long associated with one of Uganda’s mainstream religious faiths, the Catholic Church, now finds itself embroiled in a scandal of monumental proportions.
For starters, Centenary Bank is one of the fastest growing financial institutions, closely trotting behind Stanbic Bank. The bank last week released their numbers for 2023 showing a stellar growth in all key performance metrics. Customer Deposits rose by UGX177.1bn, jumping from UGX3.9Bn to UGX4.1trillion, while loans to customers rose by UGX475.2bn, shooting from UGX2.8tn to a staggering UGX3.3tn. Then, income grew by UGX190.3bn, skipping from UGX962.3bn to UGX1.15tn, while net Profits rose by UGX47.5bn from UGX249.6bn to UGX297.1bn.
With these soaring numbers that would make any financial institution green with envy, one would expect only jubilation. Yet, beneath the surface lies a tale of betrayal and deceit that threatens to tear apart the very fabric of Centenary Bank. Documents obtained by The Investigator media website shed light on the concerning disappearance of the veterans` funds, prompting calls for a thorough investigation into this latest financial debacle. The missing funds, wired to Centenary Bank in December last year, by the Ministry of Finance, Planning, and Economic Development, were intended for the benefit of surviving veterans or their relatives.
The trail of the funds reveals a complex journey, originating from the Ministry of Defence and Veteran Affairs, which purportedly received the money from the British government. However, despite assurances from the bank that the transfer had been successfully executed, subsequent inquiries by the veterans’ association revealed a chilling reality.
Initial communications with Centenary Bank indicated that the funds had indeed been deposited, accompanied by a bank statement attesting to the transaction. Yet, when the veterans’ association sought further clarification on accessing the funds, they were met with a stunning revelation – the account was devoid of any funds whatsoever.
Insiders privy to the situation allege a calculated scheme orchestrated by influential figures within both the finance ministry and security circles. It is purported that the funds were diverted for personal gain, with the perpetrators clandestinely lending out the money to moneylenders for exorbitant profits, while veterans languish in anticipation of their rightful compensation.
The consequences of this egregious act are profound, as aging veterans pass away without receiving the support owed to them for their sacrifices. As investigations unfold, questions surrounding accountability and transparency within government institutions loom large, casting a shadow of doubt over the integrity of Uganda’s financial systems.
The Investigator remains committed to uncovering the truth behind this brazen act of corruption, pledging to keep the public informed with timely updates as our investigations progress. In the pursuit of justice for Uganda’s veterans, accountability must prevail, and those responsible for this reprehensible betrayal of trust must be held to account.
Contacted earlier today, the General Manager, Corporate communications Ms. Beatrice Lugalambi could neither confirm nor dismiss this ugly development. She however asked for more time to allow her consult the concerned people in the bank. “I have no idea about such allegations. Kindly allow me to consult with my people and revert later,” she said. We shall indeed return with the Bank`s statement on the matter if she, this time round, revert with the same.
For clarifications, additional information and or reactions, please reach out to the writer via [email protected] on WhatsApp: 0751857785.
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- Mr. Stephen Kasozi Muwambi is a seasoned crime investigative writer, majoring in judicial-based stories. His two decades’ experience as a senior investigative journalist has made him one of the best to reckon on in Uganda. He can also be reached via [email protected]
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STATEMENT ON WORLD WAR VETERAN FUNDS COMPENSATION
Centenary Bank has noted with concern a caption by an online news channel regarding World War Veterans’ compensation funds amounting to Ugx 50 billion allegedly received by Centenary Bank for payment to beneficiaries.
We take this opportunity to clarify that an account was opened with us in anticipation of the funds to come and all mandates were duly regularized. However, we regret to inform you that no money has ever been received on this account to date.
Please note that all bank operations are through records with audit trails of funds movements which are available for review by anybody interested in verifying funds movements.
The Bank is in touch with the concerned parties and continues to engage all stakeholders on this issue.
For any clarification that may be required, we encourage customers with any concerns to report to any of our branches or call our toll-free helplines 0800200 555 / 0800335344, or email us via [email protected]
Management