Bank of Uganda staff joins ‘billionaire Club’

One of the so many houses owned by new tycoon
One of the so many houses owned by new tycoon
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By Newz Post Team
When you talk of tycoons/ billionaires in Uganda, the traditional names come up: Sudhir Ruparelia [ real estate, education], Godfrey Kirumura [ real estate], Late John Ssebana Kizito [ Insurance, real estate], Aga Ssekalala [ poultry, media] etc. Forget, there is a new kid on the block.



Unlike the traditional tycoons who are businessmen, the ‘the new entrant’ is a civil servant and reportedly working with Bank of Uganda.
The tycoon, according knowledgeable sources, owns several multi-million real estates and several prime plots of land in Kampala. Some of the ‘tycoons’ real estate properties are located in upscale Naguru, Kungu and Bukoto.
The said, tycoon for example, reportedly owns up to 22 units in the upscale Bukoto. The tycoon’s properties are valued at more than Ugx. 20 billion. – the fellow must be good at saving.



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The source added: the tycoon has just completed a multi-million storeyed house and expected to shift in any time. Sources say, some of the materials the tycoon used on the house were imported, including the grass in the compound. -Welcome to the banana republic.
‘‘It is for your satisfaction that this land is the property of the person in whose names it is registered and you are interested in and not of a someone else of the same or similar names’’ reads one of the several search Statements dated 31 July 2017 addressed to Paul Mugume and signed by Nambi Diana, for Commissioner Land Registration.



The interested party was doing an underground investigation on one of the Bank of Uganda staff.
The Governor, Bank of Uganda is the highest paid BoU staff and earns about Ugx. 56 million monthly. When the news of BoU’s official net worth reached management, they were shocked and wondered how their own managed to accumulate so much within short-time, never mind that owns no known business.



Not even Prof. Mutebile can match the tycoon’s net-wealth. Mutebile reportedly owns one house in Kololo and small Island in western Uganda. Prof. Mutebile started working in 1970’s. He also worked with the World Bank before joining Bank of Uganda.
Senior Bank of Uganda officials earns about 18m monthly, plus other benefits. The BoU staff turned tycoon joined Bank of Uganda about 14 years ago.



The news come at a time when the Central bank has been accused of incompetence, which saw the once fourth largest commercial bank in the country- Crane Bank collapse under their watch.
Sources at BoU say some staff at the Central Bank had a few years ago identified cracks at Crane Bank. They would forward these issues to top management in their periodical reports.
There are unconfirmed reports that some BoU staff used to get ‘free’ goodies from Sudhir / Crane Bank/ Meera Investment for no work done.



Perhaps they were later to turn a blind eye on what was going on at the defunct bank. The sources adds that benefits included: School fees for their children studying in International schools, medical bills for their children and close relatives in London, overdrafts/ extended credit facilities of up to a billion Uganda shillings among others. Could this explain the net worth of our new billionaire?
Weak laws



Unlike in Kenya, in Uganda, there is nothing like seizing properties of those found in the wrong or forcing them to pay for the mess. Assuming the tycoon earned this wealth through corruption, the is no law that asks them to repay or attach their property [ies]. The tycoon will simply walk away and enjoy life as it has been the case in the past.



READ: Sudhir reports the ‘bad boys’ at BoU to Museveni – ‘‘They were aware of the mess at Crane Bank’’

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