Bank of Uganda executive banned from leaving country


December 4, 2018 2:00 pm

Justine Bagyenda. Photo: Economic Policy Research Centre (Uganda).

JOHANNESBURG – The Ugandan Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) has slapped a travel ban on the Bank of Uganda’s (BoU) former executive director for supervision, Justine Bagyenda.

Abdu Katuntu, the chairperson of Cosase, which is currently investigating the sale of seven commercial banks by (BoU) under questionable circumstances, has also ordered that Bagyenda’s two passports, including one for the East African Community (EAC) be handed over, the Daily Monitor reported on Tuesday.

Bagyenda is being grilled over missing key documents such as progressive reports on the closure of three banks which have been a source of frustration for the committee, with BoU officials and former staff locked in a cycle of accusations and counter-accusations on who is in possession of the documents. Several months ago a confidential Financial Intelligence Authority (FIA) report raised suspicions over Bagyenda’s “suspicious wealth” . 

In October, the Inspector General of Government (IGG) began an investigation into the assets and liabilities of at least 100 top BoU officials, including the governor, Emmanuel Tumusiime-Mutebile, and his deputy Louis Kasekende.  

There are also questions surrounding what appears to be dodgy declarations of income, assets and liabilities forms by senior BoU officials relating to a number of properties in upscale areas of the capital Kampala, Wakiso and other areas.

African News Agency (ANA)

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