By Kimeze Dickson

Appearing on NBS’ Frontline on Thursday, the Budadiri West county MP and FDC Secretary General said that the Governor of Bank of Uganda (BOU), and key staff within the central bank should be in Luzira by now for the utter incompetence they exhibited in failing to supervise Crane Bank.

 

Crane Bank which was placed under statutory management last year before it was acquired by DFCU, had been declared by BOU the best bank for 3 years in a row.
Every after 3 months, it was either the Governor or the ED Supervisor presiding over the supervision of a new branch of Crane Bank as the bank was spreading wings across the country.

 

The former leader of opposition accused BOU staff of participating in insider trading, connivance and lying to the nation that Crane Bank was a sound financial institution for more than 7 years when it wasn’t.

 

Mafabi, who is also a member of finance committee of parliament said that comprehensive investigations should be opened into BOU to prevent another catastrophe from happening.
Greenland, ICB, Cooperative Bank, National Bank of Commerce have all been shut down under the close watch of BOU. And all of them have been acquired under unclear circumstances, their promoters have died under unclear circumstances and their assets sold under suspicious circumstances.

 

The Governor and the ED Supervision Justin Bagyenda should be tried in Anti – Corruption court, according to Nandala Mafabi, who is vying for the FDC party presidency.

In the alternative, a commission of inquiry should be instituted to investigate the rot in BOU.