• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

BOU probe: Cosase tasks BOU officials for accountability of Shs487bn

Currently, the committee is probing top Central Bank officials over their role in the alleged irregular closure and sale of seven commercial banks between 1993 and 2017 as raised by the Auditor General (AG)John Muwanga’s 2017 forensic audit report.

watchdog by watchdog
7 years ago
in Business, Finance
7 0

Warning: Trying to access array offset on value of type bool in /home/90/81/2028190/web/wp-content/themes/jnews/class/Image/ImageNormalLoad.php on line 70

Warning: Trying to access array offset on value of type bool in /home/90/81/2028190/web/wp-content/themes/jnews/class/Image/ImageNormalLoad.php on line 73
ShareTweetSendShare

By Stephen Kalema

Bank of Uganda spent Shs478.8 billion in process of taking over and selling Crane Bank to Dfcu Bank.

However, while appearing before the Parliamentary Committee on Commission Statutory Authorities and State Enterprises (Cosase) on Monday, the Central bank officials failed to account how the spent the money.

This was revealed by Anita Among, Cosase Vice chairperson also Bukedea Woman Member of Parliament during a brief press meeting yesterday.

She said the officials were sent back to bring valid documents related to the closure and sale of Crane Bank to dfcu Bank.

“They tendered in documents that could not convince the committee members on how Shs478.8 billion was spent. Some of the documents were duplicated by BoU officials,” Among revealed, adding,”The loan book of Crane Bank was an irony as there are instances where two clients are attached to the same loans. At the time of takeover by BoU, CBL loans amounting to Shs768 billion constituted 65 percent of the total assets. Shs529 billion worth of net loans were transferred to Dfcu Bank except the insider loans,”

Meanwhile Crane Bank needed only Shs157 billion capitalisation to stay afloat.

Currently, the committee is probing top Central Bank officials over their role in the alleged irregular closure and sale of seven commercial banks between 1993 and 2017 as raised by the Auditor General (AG)John Muwanga’s 2017 forensic audit report.

In his report, the AG question the Governor Emmanuel Mutebile and his team on the expenditure of more than Shs478.8 billion which they said was for liquidity support and other interventions in Crane Bank after they took over the management on October 20 2016.

The AG enquired into the source of the money BoU injected in Crane Bank and wondered how Mutebile’s team arrived at Shs478.8 billion.

For compiling the inventory report, forensic review and investigations, IT support and hiring of external lawyers, BoU officials spent Shs12.2 billion.

This money is part of the Shs478.8 billion they say was injected in Crane Bank.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
Share1Tweet1SendShare

Related Posts

Joshua Kato
Business

JOSHUA KATO: Tax Amnesty re-introduced – A timely opportunity for businesses

10th July 2025 at 09:47
Business

Is Artificial Intelligence Beneficial or Detrimental?

10th July 2025 at 00:17
Business

Henry Mulindwa: A Daily Monitor editor who’s lived with loyalty, love and dedication to friends and company

9th July 2025 at 20:19
Next Post

Speaker Kadaga roots for women rights in leadership

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1131 shares
    Share 452 Tweet 283
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    53 shares
    Share 21 Tweet 13
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    39 shares
    Share 16 Tweet 10
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2290 shares
    Share 916 Tweet 573
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    50 shares
    Share 20 Tweet 13
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Museveni wants to secure and protect the telecom infrastructure

How Opposition Instability Could Pave the Way for Museveni’s Victory in Uganda’s 2026 Elections

13th July 2025 at 11:18
Mashable is a global, multi-platform media and entertainment company For more queries and news contact us on this Email: info@mashablepartners.com

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is the undisputed king of Kampala

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0
Museveni wants to secure and protect the telecom infrastructure

How Opposition Instability Could Pave the Way for Museveni’s Victory in Uganda’s 2026 Elections

13th July 2025 at 11:18

President Museveni lauds Chief Justice Owiny-Dollo for upholding truth and transforming the Judiciary 

12th July 2025 at 23:33

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda