Latest Posts

BoU Painfully Coughs Remaining Tittles Of Defunct Banks As Investigations Bite

The Central Bank of Uganda has finally given up asked owners of the unclaimed certificates of land titles of former defunct banks to apply and reclaim them.

The unclaimed certificates of over 21 land titles were advertised on Wednesday August 5, 20220 by BoU after very many others were allegedly stolen by bank officials or went missing from the bank custody under unclear circumstances.

“Bank of Uganda therefore invites the registered proprietors of the above properties or successors in title to present proof of ownership of the certificates of titles to the Director of commercial banking to claim the said titles” Advertisement said.

The pressure to handover these titles came days after the Criminal Investigations Directorate (CID) investigation wrote to Governor bank of Uganda Prof.Emmanuel Tumusiime to handover Director Commercial banking Benedict Ssekabira for prosecution after being implicated in theft of some of the titles.

In a letter dated July 27, 2020, to the Governor Bank of Uganda, Criminal Investigations Directorate seeks permission from the governor to release Mr Sekabira so that he can be prosecuted. He was asked to appear on July 30. However we learnt that Mr. Sekabira didn’t  report to police on the slated date but the governor has since released him from the bank.

“This  is to inform you that the Director public Prosecution  sanctioned the matter for the suspect to appear in Court and the purpose of this communication is to request you release Mr. Benedict Sekabira to report at CID headquarters on July 30, 2020,  such that he can be produced in court for the charges of concealing titles deeds under sections 278 of the penal code” reads the letter to the governor.

It further adds “The Directorate has been investigating the above matter that arose from the Committee of Commissions, Statutory Authorities and State Enterprises (COSASE) with directive to the Inspector General of police t immediately upon adoption of Special Audit Report on defunct banks seize all the land titles in possession of JN Kirkland and Associates and MS SIL Investment arising from the loan portfolio sold to Ms Nile River Acquisition  Company BY bank of Uganda”

The MPs on the Parliamentary committee on Commissions, Statutory Authorities and State Enterprises (COSASE) probing  banks then  tasked Mr Sekabira, who became a controversial figure during the probe on the closure of seven banks, to prove that he had been properly appointed liquidator of the banks.

The location of the inventory reports on the closed banks  became a source of controversy with Mr Sekabira who was the liquidator of the said banks indicating that he filed the said reports and submitted them to three former BoU officials including Justine Bagyenda, Margaret Matovu and Apollo Obo who were supposed to submit them to the governor.

It should be remembered that during the probe by John Muwanga the Auditor General (AG), bank of Uganda was tasked to account for 25 properties that went missing following the takeover of Global Trust Bank (GTB) in 2014.

BoU was also ordered to place caveats on all the lost titles to protect the properties and ensure that the titles are recovered.

In the draft BoU audit report, the AG said at the time of closure of GTB, BoU correspondents indicated that 25 certified titles which had been taken to GTB as security for loans were found to be missing.

The AG adds that Article 4.2 of the Purchase of Assets and Assumption of Liabilities Agreement required the liquidator (BoU) to preserve and safely keep all files, books of accounts and records.

Loading

Don't Miss

EXPOSED! Muyenga Tycoon’s Maid Cited In Land Wrangle

In recent days, Muyenga, Y2K Zone a push Kampala suburb,

Parliament Orders Closure Of Fuelex Petrol Stations For Adulterating Fuel

The Parliamentary Committee on Trade And Industry led by Mbarara

Big Story: Parliament Probes UETCL Bosses Over Corruption, Mismanagement & Controversial UGX 28Billion Compensation Deal

Members of Parliament on the Committee on Environment and Natural

‘Back Off Buganda Land’ Kabaka Mutebi Castigates People Pushing For Abolition Of Mailo Land Tenure System

The Kabaka of Buganda Kingdom Ronald Muwenda Mutebi II has

Big Story: IGG Probes Over Shs1bn Ubos Fraud

The Inspector General of Government (IGG) is investigating top officials

EXPLOSIVE: How Speaker Kadaga & Confidant Hon. Okupa Spent Over US $764,000 (Shs2.8 BN) In-less Than 2 Years In Travels Abroad

Since taking office as Deputy Speaker of Parliament way back

Ham Vs DTB Appeal: Bank Of Uganda Runs Out Of Case, Leaves DTB To Carry Its Own Cross

Bank of Uganda has officially quit the case involving city

Amnesty International Joins Push To Free Presidential Runner Robert Kyagulanyi

The Ugandan authorities must immediately lift the police and military

Exporters Call For Strong Action Against EAC States’ Trade Barriers

Manufacturers have called on the government to impose tough measures

Big Story: How KCCA Officials Messed Up Youth Fund Programs, Stole Billions of Gov’t Funds In Shoddy Deals

Kampala: If there is any government Authority that frustrating President

I Predict Museveni, NRM Victory In 2021 Elections

By Faruk Kirunda Kampala: As we dive into the high

Crisis: Lord Mayor Lukwago Defies Court Order, Appoints Balondemu As Chairman K’la District Land Board

Veteran lawyer Hajji Elias Lukwago, who is the Kampala city

Scandal: Stanbic Bank Bosses Allegedly Steal Borrowers’ Land Titles, Mortgage Them To Dfcu Bank

Several officials at Stanbic Bank are in deep trouble after

Scandal: KCCA Officials On Spot For Blowing Shs 8Bn Under The Guise Of Renovating Old Tax Park

Several officials at the Kampala Capital City Authority (KCCA), are

Covid-19 Crisis: Ugandan Students Expected To Sit For UNEB Exams In March 2021

All indications are that a dead year will not be

BoU To Appeal In Supreme Court Over Trashed Crane Bank Case

The Bank of Uganda (BOU) has said it will be

Shame As Top Police Boss Is Convicted Of Car Theft, Ordered To Pay Over Shs282M

Untold shame has engulfed the Uganda Police a senior officer

Just In! Energy Mafias Rock Parliament As Patriotic Young Turks Question AIGP Akullo’s Involvement In Min. Energy Corruption

Panic has rocked Parliament as renowned Parliamentarian and Lawyer Hon.

Energy Mafias Debunked Part III: How Werikhe, Turyagyenda Corruptly Swindled Shs15 Bn For 3 Electricity Distribution Projects In Acholi, Bunyoro & Kiruhura

FUNDING THE COUP THROUGH ENERGY AND MINERALS CORRUPTION By the

Just In: Top Energy Officials Fired On Presidential Orders Over Massive Theft Of Electricity Distribution Funds

By Our Reporter Kampala: Two senior officials of Rural Electrification

Salary Scam Hits KCCA AS 29bn Is Paid To Ghost Workers

After Eng Andrew Kitata took over as the acting Executive

Hard Times: Uganda Records 49 New Covid-19 Cases As Deaths Rise To 13

Uganda has on August 15 registered 49 new COVID-19 cases,

Trespass: UETCL Ordered To Pay 200M For Illegally Installing High Voltage Power Lines In Private Land

The High Court has ruled against the Uganda Electricity Transmission