KAMPALA, Uganda: Equity Bank Uganda has once again found itself at the center of financial controversy, as allegations of unauthorized deductions from customers’ accounts resurface. The bank, already notorious for its murky dealings, is now facing intense scrutiny after allegedly emptying the account of senior counsel Friday Roberts Kagoro, a partner at the esteemed law firm, Muwema & Co. Advocates and Solicitors.
Muwema & Co. Advocates, a firm well known for taking on cases against Equity Bank, has in the past pursued legal action against the institution over high-profile financial disputes. Among these was the infamous case involving the fraudulent sale of Ssimbamannyo properties – a case that ended tragically with the untimely death of its proprietor, Architect Peter Kamya. Currently, the firm is representing Mathias Magoola of Dei Bio Pharma in a colossal UGX 500 billion dispute against the same bank.
The Shock Transaction
On Saturday, February 1, 2025, Counsel Kagoro was met with a shocking revelation when he attempted to make a transaction, only to find his account wiped clean. Just two days prior, he had deposited an amount far exceeding the sum he intended to withdraw. His attempts to contact the bank for a resolution were futile, prompting his firm to issue a strongly worded complaint to Equity Bank’s Managing Director.
“Our client’s account on Saturday 1st February was debited with over UGX 28,000,000/= without his knowledge… Your illegal and fraudulent removal of our client’s monies from his account caused him loss of business and trust in the bank because safety of his funds is not guaranteed,” read the statement issued by Muwema & Co. Advocates.
Counsel Kagoro is now demanding an immediate reimbursement of UGX 50 million in damages and a detailed explanation from the bank regarding the debited funds. He has vowed to pursue legal action should the bank fail to comply with his demands in the shortest time possible.
Unremitted Funds Saga
In yet another dispute involving Equity Bank, a separate case has emerged concerning a pending remittance of USD 1,093.39 belonging to Vastara Gotabang International Ltd. According to the company, the funds were meant to be transferred to Kosnic Lighting Limited, a UK-based firm, following an application made at Equity Bank’s Main Branch at Church House on July 11, 2024.
Despite Equity Bank’s acknowledgment of receipt and official endorsement of the transaction, the funds were never remitted to the intended recipient. Frustrated with the bank’s failure to account for the missing funds, Vastara Gotabang International Ltd engaged legal representation from Muwema & Co. Advocates.
The company’s lawyers further exposed an alarming discrepancy in the remittance records. “Further, upon enquiry by our client, the remittance form issued by yourselves indicates remittance of Hong Kong dollars which is alien to our client’s instructed currency and that of the beneficiary,” read the demand note sent to the bank.
A Pattern of Financial Irregularities?
Equity Bank Uganda has faced a growing number of allegations concerning its financial dealings, with multiple legal battles tarnishing its reputation. The bank’s repeated failure to honor transactions and safeguard customer funds raises serious concerns about its operations and regulatory oversight.
As these cases unfold, all eyes remain on the bank’s next move. Will Equity Bank issue a public apology and rectify these glaring financial anomalies, or will it maintain its stance of apparent indifference? For now, the affected parties and legal representatives remain steadfast in their pursuit of justice. Watch this space for further developments.
Author Profile
- 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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But you people until when shall we keep trust in your confidence in keeping our finances as equity bank because where it has reached its like the bank lacks more secure efforts to clients
I have personally lost business in that bank.
They advertised a hotel which I paid for and it took me three years fighting to own the hotel.
I have suffered financial set back until now
Sadly the government has done nothing to protect its citizens from being robbed by these mafia banks because they pay alot of taxes to them
The people with fixed accounts Are they still safe, as the issues are rising up.