Fire!Struggling Dfcu Bank Fires Ag Executive Director William Sekabembe

Fire!Struggling Dfcu Bank Fires Ag Executive Director William Sekabembe

By Spy Uganda

The Board of Dfcu Bank has fired its Executive Director and Chief Commercial Officer, Mr. William Sekabembe, who has served the bank for over 11 years.

In the announcement inked by Angelina Namakula, the company’s secretary, Sekabembe has been in acting capacity for some good time and has served in the banking sector for over 24 years.

Dr. Winnie Kiryabwire the Board Chairperson says, “We are incredibly grateful to William for the energy, vision and heart that he dedicated to our bank and the customers we serve. We wish him the absolute best in all his future plans and endeavors.”

Namakula-Ofwono revealed that during his time with Dfcu bank, William served in three key positions- first as the Head of Consumer Banking. He then served as the Head of Corporate Banking and in his most recent role as the Executive Director and Commercial Officer.

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Mr. Sekabembe, who leaves the Bank on August 31, 2023, expressed his appreciation to the Bank saying,” It has been an extremely rewarding experience working at Dfcu bank and I am truly proud of what we have been able to achieve and deliver to our customers., stakeholders and the banking sector in Uganda. I extend my sincere appreciation to the Board, Management and the Staff of Dfcu Bank for their tireless efforts and support.

He added, “I look forward to seeing how the foundation we have built together will propel both the Bank and our customers to greater heights.”

It’s said that Sekabembe was fired due to the poor performance of the bank.

Last year, the bank announced that the net profits for the year 2021 had fallen by at least 25%. It was also revealed that in the last financial year, they made a ‘good’ loss of UGX11 billion.

In its report, the bank reported that impairment losses shot up by 382 percent from Shs 30.6 billion to Shs 148.3 billion, in 2020. This compelled the profit margins to drop from Shs 24.3 billion to Shs 13.3 billion in 2020.

The bank also reported a marginal drop in customer deposits from Shs 2.5 trillion to Shs 2.2 trillion in 2020. The bank further wrote off loans worth Shs 37.5bn, reflecting an approximately 170 percent rise compared to 2020.

Now, the above results seem to have hugely affected Sekabembe’s chances of having more time at the bank.

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