A concerned citizen has petitioned President Yoweri Museveni over the incompetency of Bank of Uganda Governor Emmanuel Mutebile, his deputy Louis Kasekende and Finance Minister Matia Kasaija.
In a letter received by the State House Anti-Corruption Unit on February 19, 2019, the petitioner, a one Dr Paul Bamutaze, reveals that he is concerned by the ongoing mismanagement of the affairs of the central bank and the illegal sale of properties of several banks such as Crane Bank, Global Trust Bank and National Bank of Commerce among others.
“The petitioner has been following the Cosase committee proceedings and was surprised at the shocking utterances by the Governor of Uganda ‘that liquidation reports are hidden away from him by his junior staff’ this is so worrying as to whether the Governor Bank of Uganda still has the authority over the management and affairs of the Central Bank of Uganda,” the petition reads in part.
“The Governor Bank of Uganda and the Deputy Governor are under a supervisory duty over and above all the employees of the Central Bank and in the best interest of the country’s economy. Your excellence, the Governor, Deputy Governor and the Minister of Finance have since failed in their ability to fulfill their administrative, managerial and supervisory roles.”
It is in this regard that Dr Bamutaze seeks President Museveni’s intervention by exercising his powers as the appointing authority and fountain of honour by relieving Mutebile, Kasekende and Kasaija of their duties whom he says have failed Ugandans.
“Your excellence, the actions of the Governor Bank of Uganda, the Deputy Governor Bank of Uganda and Minister of Finance have cause so much financial instability and if not immediately well handled are likely to cause an economic crisis,” says Bamutaze in a letter copied to among others the Speaker of Parliament, Prime Minister and NRM Secretary General.
He also requests the president to prompt an out of court settlement for the ongoing court matters between BoU and former Crane Bank owner Dr Sudhir Ruparelia as well as have Justine Bagyenda, former Central Bank Director of Supervision prosecuted for her heinous action and abuse of office.
“If this government is so much interested in the fight against corruption, the actions should beign now and the culprits be brought to book. It is for the fact Mr Oresident that the Central Bank has become a laughing matter from the public,” notes Bamutaze.
He signed out by saying, “As it is your excellence, the financial economy is currently stunted and the incompetence of the leadership at the Central Bank of Uganda threatens the economy but also shuns away potential investors and deters other business people to re-invest their monies in Uganda especially in the banking sector. Important to note is justice be done to the many employees that unfairly lost jobs as a result of the unconstitutional sale of the banks in question.”
Last week, Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) finalized probing top Bank of Uganda officials over their role in the alleged irregular closure and sale of seven commercial banks between 1993 and 2017.
The Abdu Katuntu-led committee kicked off the investigations in October 2018, relying on a 2017 forensic report by the Auditor General John Muwanga.
During probe, a lot of irregularities committed by the central bank officials were cited thus exposing the rot in institution that oversees the commercial banking system of the country.