A businessman and a former Cairo Bank credit officer have been sentenced to four years in prison and fined Shs 100 million each for their roles in a fraudulent scheme that defrauded Cairo Bank of Shs 200 million. The Buganda Road Court delivered the verdict on February 21, 2025, concluding a nearly decade-long legal battle.
Robert Kisolo, a 45-year-old businessman, and Specioza Nassuna, 43, a former credit officer at Cairo Bank, were convicted on five counts, including forgery, obtaining credit by false pretenses, and obtaining money by false pretenses. The court found that the duo conspired in 2016 to manipulate bank processes to secure a fraudulent loan.
According to court records, Nassuna, leveraging her position at the bank, facilitated the approval of a fictitious loan by forging documents to make Kisolo appear eligible for the credit. The prosecution revealed that forged land titles, financial statements, and company records were used to mislead the bank into disbursing the funds.
The fraud came to light when Cairo Bank conducted an internal audit and discovered inconsistencies in the loan records. An investigation led to the arrest of Kisolo and Nassuna, who denied any wrongdoing. However, the prosecution presented strong evidence, including forged documents and witness testimonies, proving their collusion.
Presiding Magistrate Sarah Muwonge noted that the sentence served as a warning against financial fraud, emphasizing that the banking sector’s integrity must be protected. “The court cannot ignore the impact of this fraud on the financial system. Such acts undermine trust in banks and financial institutions,” she ruled.
Both Kisolo and Nassuna have been remanded to Luzira Prison, with the court ordering that failure to pay their fines would result in an additional two years of imprisonment.
