Good Riddance! Prof. Balunywa Is Poised As Kasekende’s Replacement To Clean Up Dented BOU Image

Whoever meets Dr. Kasekende on streets looking for jobs should not wonder how? Things aren’t going on well and man is having sleepless nights.

News coming to our desks from reliable sources profoundly tell that Prof.  Juma Waswa Balunywa born 3 December 1955, a scholar in management, leadership, entrepreneurship and also an academic administrator, who serves as the Principal of Principal of Makerere University Business School (MUBS) and once worked with Bank Of Uganda on board of directors, has been tipped as a real replacement to the outgoing Deputy Governor Louis Kasekende.

However, with no doubt, it’s Prof. Balunywa’s economic policies which had turned MUBS from Uganda College of Commerce (UCC) Nakawa to a leading model school in the country. Although cabinet granted MUBS a university status as Kampala Metropolitan University, the MUBS council feel it is better to retain the current status given that it is the only leading business constituent college of Makerere University majoring in business studies.

This has come in a time when Dr. Kasekende who is struggling to have his contract retained or extended has been lobbying powerful figures close to the presidency to retain his number two slot at the central bank.

It is already in mention that troubled Kasekende is supposed to step out of office in mid-January 2020. However, it is understood that given that the board hasn’t renewed or given him an extension of the contract, this has forced Dr. Kasekende to lobby the powerful figures within government without success.

Kasekende has for long been touted to replace aging Governor Prof. Emmanuel Tumusiime Mutebile but a fallout resulting from a parliamentary inquiry into illegal closures of seven commercial banks has since tipped matters against most senior managers at the central bank.

The seven banks are Teefe bank (1993), International Credit bank ltd (1998), Greenland bank (1999), the Cooperative bank (1999), National Bank of Commerce (2012), Global Trust bank (2014) and Crane bank ltd (2016). Bank of Uganda (BoU) is the central bank of the Republic of Uganda but according to reports Kasekende had for long been involved in shocking nasty things sorounding swindling of volumes of billions.

Apparently, what breaks Kasekende’s heart according to preliminary indicators that confirmed to this website is that Prof Balunywa was over the weekend at Rwakitura, at President Yoweri Museveni’s country home where he led a delegation of MUBS staff and council members to meet the president and First Lady and Minister of Education and Sports over the long standing salary increment in public universities.

We’ve further learnt from credible sources that forced with no clear position on his contract, Kasekende over the weekend sent emissaries led by former Minister of Finance, Planning and Economic Monitoring, Gerald Ssendawula and Catholic clerics to President Yoweri Museveni’s country home of Rwakitura over the weekend to lobby the president with a view of retaining him Kasekende at BoU.

The delegation which is reported to have been dominated by male clerics argued that it is true BoU needs urgent changes but the changes must be uniform and implemented at a given time without necessarily targeting some individuals. It is common in Uganda for politicians and technocrats to run back to religious leaders for protection or seeking job promotion. And given that Kasekende is faced with uncertainty in his contract, an awkward situation with little assistance but  rather to fall back to religious and political leaders to lobby the president.

Earlier on, reports emerged that Kasekende had unsuccessfully tried to meet President Museveni in an effort to try and explain himself before the appointment authority. Kasekende could have resorted to lobbying the religious leaders after his key contacts in State House were reshuffled and therefore, it complicates matters for him.

It should be remembered that TheCapital Times earlier this week learnt that troubled Kasekende over the weekend was in Kabale meeting the Permanent Secretary Ministry of Finance and Secretary to the Treasury Keith Muhakanizi.

Parliament recommended changes at BoU after the Commissions, State Authorities and State Enterprises (COSASE) investigations recommended that there is leadership deficit at BoU.

However, a section of society opposed to his stay at the helm of central bank say retaining/extending contract will be underminding the resolution of parliament recommended that there was need to restructure BoU more so the offices of Governor, Deputy Governor and the board.

However, the same people say Kasekende isn’t a right person to retain the job because under his leadership, scandals after scandal have rocked the bank putting its name in disrepute.

Some Of Nasty Thing LOUIS KASEKENDE Did At Bank Of Uganda

1. He has been Sheilding Mafias who stole 7 Banks. A confidential special audit report of the Auditor General (AG) revealed weaknesses in the management of Central Bank and questioned the Governor and his team for the hitches in the closure of at least seven commercial banks.

2. Kasekende ordered to Procument at Bank Of Uganda to Purchase pens worthy Shs357,000 Each.

3. He was involved in Smuggling 90Billion cash for his interest and was Chartered into the Country on a Private Jet.

4. Kasekende’s Wife Bank statements of Edith Kasekende detailing transfer of funds from China Railway Corporation totalling to 6Billion.

5. Kasekende was involved in the Unnecessary Legal fees to MMAcKs Advoacates – Masembe Kanyerezi and David Mpanga.

6. He is further cited in Coniving With Justine Bagyenda Sold and transfered Banks on Phone Calls.

7. Kasekende ON 20th October 2016, Bank of Uganda said injected a tune of 478Bn for the purpose of liquidity support. Instead Money Was stolen In the Name Of Crane Bank and it was closed.

8. The AG also poked holes in the Purchase of Assets and Assumption of Liabilities (P&A) deal BoU officials Kasekende inclusive signed with Dfcu on January 25, 2017 for the purchase of Crane Bank Limited.
“I was not provided with the negotiation minutes leading to the P&A agreement. In the absence of the minutes, I could not determine how BoU selected the best evaluated bidder and how the terms in P& A were determined,” the report said.

9.  Kasekende and his Team failed to recover Shs500b from defunct Banks. Kasekende and his team are also questioned on the expenditure of more than Shs478.8b they say was for liquidity support and other interventions in CBL after they took over the management on October 20 2016.

9. Closed banks were sold at 80% discount, yielding only Shs32b.
In the case of ICB, Greenland and Cooperative Bank, the total loan portfolio sold at Shs135b included secured loans of Shs34.5b which had valid legal, or equitable mortgage on the real property and were supported with legal documentation but were sold to Nile River Acquisition Company at a discount of 93 per cent.

10.Fraudently Transfered Meera Investments Properties To DFCU working with Jimmy Mugerwa,David Mpanga &Timothy Masembe.

11. At the End – Auditor General report noted that BoU did not carry out a valuation of the Crane Bank assets and liabilities but relied on an inventory.


Leave A Reply