Bank Of Uganda Director Sekabira Faces Arrest Over Fraudulent Sale Of Crane Bank, Other Commercial Banks

Bank Of Uganda Director Sekabira Faces Arrest Over Fraudulent Sale Of Crane Bank, Other Commercial Banks

By Spy Uganda

The Criminal Investigations Directorate (CID) in Kibuli has summoned Benedict Sekabira, the Bank of Uganda Director Financial Markets, to record a statement over allegations that he and several other BoU officials were involved in illegal concealment of title deeds.

According to the summons seen by this website, Sekabira is charged with Fraud and Concealment of Title Deeds vide case file number CID/C40/FRAUD.

The summons dated July 27, 2020, signed by Paul  Katto Tumuhimbise on behalf of the Director Criminal Investigations and addressed to the BoU Governor Prof. Emmanuel Tumusiime Mutebile.

The Summons read in part thus;


The Directorate has been investigating the above matter that arose from the Committee on Commissions, Statutory Authorities and State Enterprises  (COSASE) with directive to Inspector General of Police to immediately upon adoption of Special Audit Report on defunct Banks seize all the land titles in possession of JN Kirkland and Associates and MCS SIL Investments arising from the loan portfolio sold to MS Nile River Acquisition Company by Bank of Uganda.

The purpose of this communication is to request you to release Mr. Benedict Sekabira to report at CID Headquarters on 30th July 2020 such that he can be produced in court for the charges of concealing title deeds under section 278 of the Penal Code.”

A copy of Sekabira’s summons by police

Sekabira,the Director Financial Markets Development Coordinator, former BoU Deputy Governor Dr Louis Kasekende, Justine Bagyenda, the former BoU director for Supervision, were among BoU officials that were singled out by COSASE as having been involved in the dubious sale of six commercial banks, among them tycoon Sudhir Ruparelia’s Crane Bank, which was sold to dfcu Bank under questionable circumstances.

The COSASE inquiry focused on the mismanagement of closed banks by BoU after the Auditor General John Muwanga issued a stinging criticism of the Central Bank in a special audit that cited massive flaws in the closure of Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), The Co-operative Bank (1999), National Bank of Commerce (2012), Global Trust Bank (2014) and the sale of Crane Bank Ltd (CBL) to dfcu (2016).

Watch this space for more details…

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