Special Report: Anthony Kituuka, as you may already be aware, is no longer the MD of the Equity Bank Uganda. And we have been informed that his decision was informed by his desire to preserve his legacy.
Yet the new development came barely two years after his appointment. His predecessor, Samuel Kirubi had been removed in 2022, ushering in Kituuka as his replacement. Bank of Uganda had directed for Kirubi’s removal, citing a number of non-performing loan facilities the former MD had reportedly approved during his tenure.
One of the said contentious loans was worth a whopping forty-seven billion shillings. The same had questionably been issued out to John Bosco Muwonge, a slippery and reclusive landlord who boasts of dozens of shopping arcades in downtown Kampala. Upon securing the said funds, Muwonge went ahead and spent the same to purchase shopping arcades from his struggling siblings at the time.
Away from Muwonge, some of the rest of the said contentious loans had literally been doled out to Mogas, a heavily stressed fuel company. Equally, he had as well thrown to Dei Industries Limited, billions to use to construct a pharmaceutical factory at Kiryammuli village in Matugga!
Bank of Uganda, upon the borrowers’ failure to pay back the stated loans, declined to renew Kirubi’s MD job tenure. Even so, and, despite his lapses that had caused considerable financial losses to them, Kirubi’s employers, who are Kenyans like him, recruited him again as the Equity Group Holdings’ Chief Operations Officer, away from Uganda.
Moving away from that, Kituuka’s exit was reportedly premised on the alternative job offers by two to three financial institutions in town. His former employers had reportedly, also tried to block his resignation, pledging to process his promotion together with added perks. But the senior banker, unlike his predecessor, assumedly chose to put his legacy above heavenly promises.
To make matters much worse, following Kirubi’s exit and during Kituuka’s own tenure, another heist centered on yet a fresh set of loans worth a whopping sixty-five billion shillings, unfolded. The funds were then said to have been processed by a group of rogue staff at the said bank, and strangely disguised as if the same had been issued out to the said bank’s customers. Yet, in truth, those funds had merely been internally shared out.
What followed was Kenneth Onyango’s arrest. Onyango was at that particular time, one of Equity Bank’s top credit managers. His threats to spill more beans, potentially put a spotlight on the rest of the Equity Bank top managers. Coupled with the DPP’s directives to the police to widen the investigations so as to catch more big suspects, compelled the bank to strangely, lose interest in the case.
As we were still at it, more of the old heists leaked. One of them, centered on a whopping twenty-nine billion contentious debt. The same was said to have been contracted by a company trading as Luwaluwa Investments. And yet its proprietor, Ronald Luwangula was revealed at the same time, to be a business associate of Samuel Kirubi, the former Equity Bank’s MD.
Essentially, the above-mentioned controversial relationship that assumedly existed between Kirubi and Luwaluwa investments, implied that in authorizing its loans, Kirubi ended up committing a conflict of interest. This emphasis, since by the time Kirubi authorized the said set of debts, was also when he had vested interests in the same company.
To add insult to injury, the said company failed to pay back the money. And then, Kirubi strangely moved, controversially writing off its debts, causing a huge financial loss to his former employers. In addition to the one above, Kirubi was said to have authorized yet a similar one worth more than two billion shillings.
Thereafter, the same was issued to one Julius Mujurizi Mwesigwa. Yet, Mujurizi was at that time, allegedly Kirubi’s business partner based in Northern Uganda. The same way that Kirubi had allegedly written off the earlier debts contracted by Luwaluwa Investments, hence, depriving his employers of their income.
But that was to be expected, especially since Kirubi and Mujurizi were allegedly business partners. Much as by writing off his debts, Kirubi ended up also causing a conflict of interest. Despite his departure from there, Kituuka is said to have concealed Kirubi’s contentious loan dealings. He assumedly did while he was serving as the Bank`s financial Executive Director, and prior to replacing Kirubi as the MD.
Apart from Kituuka, Dorothy Kezia, the Head of Finance, is another Equity Bank’s top official accused of concealing Kirubi’s contentious loan dealings. Much as she still remains put at, and working for the Bank. Subsequently, some of the Equity Bank insiders hold the view that their former MD resigned out of the fear of prosecution by his former employers.
They emphasize that his action was a compromise reached between Kituuka and his former employers with the view to spare him from the rigors of prosecution. Either way, Kituuka is no longer part and parcel of Equity Bank. It’s also undeniable that Equity Bank has continuously been grappling with one heist after the other.
Therefore, and finally, the said state of affairs calls for Equity Bank owners and Bank of Uganda’s quick resolution of obtaining financial maze, potentially protecting the savers` funds, and hence, restoring the public confidence in their bank.
Author Profile
- 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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