DFCU’s Sekabembe Makes U-Turn, Declines KCB Job!

DFCU’s Sekabembe Makes U-Turn, Declines KCB Job!

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By Andrew Irumba

Mr. William Sekabembe, the Chief of Business & Executive Director of the troubled Kyadondo road based DFCU has made a U-turn and declined to take up a new job at KCB bank as its new managing Director as he had earlier communicated!

Mr.Sekabembe had tendered in his resignation at DFCU bank and was serving his three months’ resignation notice before switching to KCB.

Independent sources at the bank however intimated to this reporter that DFCU turned down Sekabembe’s resignation and instead doubled his salary. As we talk now, Sekabembe will be earning double of what he has been earning, this, according to our sources was done to salvage the image of the already collapsing bank. But also, the top management argued that Sekabembe can’t leave at such a critical moment when the bank needs him more than yesterday. “As the ED of this bank,he was fully involved in this Crane Bank transaction that has turned to be a fat lion hard to swallow, now how can he leave us in it? We have to sail these waters together as we started,” an insider quoted one of the top bosses say.

RE: Decline for the Job Offer of Managing Director at Kcb Bank Uganda Limited

I refer to your letter dated 24′ July, 2018 and advise as follows.

I would like to give my appreciation for the recent Managing Director job offer with Kcb Bank Uganda Limited, however after careful evaluation, I regrettably decline the position.

Despite the very encouraging upward mobility described within the organization, I think It would be in my best Interest to stay employed in my current position at DFCU Bank for personal reasons,” read part of Sekabembe’s letter to KCB bank Human resource manager whose TheSpy Uganda got a copy.

Sekabembe’s letter

DFCU bank, with Mr.Sekabembe as its Head of Business and Executive Director had acquired defunct crane bank through BoU which was under receivership. However, the manner in which they acquired it has since caused public outcry with several suits against the bank.

Among the most prominent misdeeds which the auditor general pointed out in his findings is that DFCU became the valuer and eventually the buyer. He also said the transaction didn’t follow the due processes legally spelt out for such transitions.

Our sources also confirmed that BoU has already okayed Sekabembe’s choice to remain at DFCU. “BoU is by law mandated to approve appointments of all senior employees of all Banks in Uganda, it’s a legal requirement,” our source told TheSpy Uganda reporter.

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