back to top
HomeBusinessSeruga Titus: BoU Injects Shs 475Bn In Crane Bank For Three Months...

Seruga Titus: BoU Injects Shs 475Bn In Crane Bank For Three Months But Fails To Account For It

Published on

- Advertisement -spot_img
By Seruga Titus

One would assume that at the time of closure Crane Bank had cash in all its branches, Crane Bank had cash in safes, and money at the Central Bank, what happened to this money? Did it all go to BoU officials as goodwill, under normal circumstances an audit should have been done in the presence of previous crane bank management.

The auditor generals report put it clear that 270 billion shillings out of the 475 billion injected into Crane bank during the three months was never accounted for, was this classified expenditure?

How could Crane Bank limited (In Receivership) under management of a statutory manager appointed by Bank of Uganda spend 475 million shillings in just three months? One would argue that they paid off creditors, can we know which creditors were paid and how much was paid?

Bank of Uganda auctioned and sold CBL to DFCU, the central bank had no inventory report of CBL during the sale of CBL, they relied on audits done by DFCU Bank after almost four months of management by the statutory manager. This DFCU audit didn’t indicate anywhere money found in Bank branches, it’s didn’t indicate balance on BoU account.

Anyway BoU sold the CBL to DFCU at 200 billion shillings, surprisingly DFCU didn’t pay anything to Bank of Uganda. Who took the 500 billion bad book of Crane Bank, this alone was enough to pay off Creditors and leave a balance as per accountability provided to the Auditor general.

Crane Bank Limited 48 Branches were sold to DFCU at only 10 billion shillings, a few weeks down the road DFCU puts the value at 50 billion, where did the 40 billion come from in just weeks? Did BoU officials get something on the side as a result if undervalued branches?
During Parliamentary proceedings, Parliament heard that there were no documents to support the auction, there were no minutes of an pre-sale meetings. Business was done on WhatsApp and messages were deleted.

Enough of this, the central Bank can not go down this low.

The latest act of trying to liquidate a company that is not in control of the Central Bank is another act of madness that will lead to legal challenges.
How do we completely clean Bank of Uganda from the mafia? How do we make individuals accountable for their errors that cost Uganda money?

Related

Mukono Residents Demand Accountability From Hon. Nsibwa Fred Kagwa Over Theatre Construction Funds At Nakifuma Health Centre III

Mukono residents are demanding accountability from Hon. Nsibwa Fred Kagwa, the Member of Parliament...

Shincheonji Taekwondo Team Wins Medals Again At International Competition, Shining On The Global Stage

At the 2025 Park Chung-hee Cup International Open Taekwondo Championships: 4 Gold, 7 Silver,...

Bebe Cool Reflects On Key Lessons From His Kenya and Dar es Salaam Media Tour

After two weeks in Nairobi and Dar es Salaam, promoting his Break the Chains...

Kadaga Dumps Namuganza As Allies Suffer Defeat In NRM Primaries

Veteran politician and First Deputy Prime Minister, Rt Hon. Rebecca Kadaga, appears to have...

More from The Capital Times

Business Boom In Namugongo Ahead Of Martyrs Day

Business has picked up this morning at Namugongo Martyrs shrine according to traders. The...

Minister Kasolo In Hot Soup Over Alleged Orungo Voter Attacks Accused Of Orchestrating Violence Fo Intimidate Opponents in NRM Primaries

A political storm is brewing in Orungo sub-county after shocking allegations emerged linking Uganda’s...

African contemporary singer Liboi pairs up with Kenyan producer Kayrop on new single “twende sote”

NAIROBI - JULY 11, 2025 — African contemporary singer Liboi has teamed up withKenyan...