IGP Ochola Appoints Exodus Sacco Bosses Amidst Missing 5Bn Scandal

The newly elected leaders of the Police Exodus savings and credit cooperatives organization (Sacco) have today taken over their offices of responsibilities at a function held at SACCO headquarters Naguru.

The Joint Chief of Staff AIGP Brig Jack Bakasumba oversaw the function.

In his remarks, AIGP Bakasumba urged the new leadership to serve to the interests of the members of the Police Sacco.

“Be honest, and patriotic because we have put confidence and trust in you.We shall always be there in a case of any strategic guidance so that you serve in the interest and betterment and transformation of the exodus Sacco the police officers have a lot of hopes in you don’t let them down,” he said.

“Always keep the members informed about whatever you are doing because we must change the negative public opinion about the Sacco.”

Senior Commissioner of Police Wilson Omoding, the newly elected chairman of the SACCO pledged his total commitment to build and improve the services of the Exodus Sacco.
“We shall do what we can to make sure that this Sacco is moved forward, I will not let you down, we shall always be open for your strategic guidance an ideas on how to develop and take the Sacco ahead,” said Omonding.

Exodus Savings and Credit Cooperative society is still undergoing a forensic audit, after allegations of improper accountability from the SACCO’s members.

The SACCO, which boasts of 28000 members, is the Forces’ third-biggest financial cooperative in the country, after the Uganda People’s Defense Forces’ Wazalendo SACCO, and the Uganda Prison Services’ SACCO. With savings of up to Shs.200billion,Wazalendo is Uganda’s biggest financial cooperative, while at an assets’ worth of shs.6billion and 9,385 members strong, the Prison Services’ SACCO is not in bad standing either.

But unlike the two, the Police SACCO has for long been beset by controversy, ranging from allegations of improper accountability to members’ failure to have timely access to their savings.

Mr. Joseph Kitandwe, the registrar of cooperatives who ordered the SACCO’s audit says, it had become inevitable:

 

Exodus is not the only Police SACCO. In 1989, the former Police chief Mr. John Kisembo and former head of criminal investigations Mr. Chris Bakiza had formed the Uganda Police Savings Association Limited. Then, 18 years later, in 2007, then-Police Chief Kale Kayihura started Exodus Savings and Credit Society. Much as both institutions have as their objective to mobilize savings and give loans to the members at reasonable interest rates to better their livelihoods, the current crisis at Exodus SACCO has left many members disgruntled.

At the heart of the crisis is shs.5billion of member savings, for which Exodus cannot apparently account. Before his unceremonious exit, Kayihura had himself ordered for a forensic audit to establish the circumstances under which the money went missing. More than a year later, the results of that audit are yet to be made public.

On the matter, recently police officers who are members stormed the SACCO headquarters after the regional branches where they used to get the SACCO services long ceased to offer loans or any financial services to them.

Exodus Sacco has branches inKabarole, Gulu, Moroto, Masaka, Arua, Lira, and now, Kabale, whose branch was opened early this month. Two other branches in Soroti and Iganga are expected to be opened to the members by end of June, police said.cooperator

 

Leave A Reply