By Andrew Irumba
All is not rosy for Dfcu bank boss Jimmy D Mugerwa, after he was axed from his position as Tullow Oil Uganda Managing Director.
Spy Uganda has learnt that Mugerwa, who has been at the helm of Tullow Oil Uganda for 7 years since August 2012, has since been replaced with Mariam Nampeera Mbowa as MD and she will be reporting to MacFlane, the company executive vice president East Africa and non-operated.
His demotion was communicated in a statement released Monday by Tullow Oil Plc, based in London, which indicates that the company has created a new role within their structures for Mugerwa, whereby he will be the group’s Corporate Head of Infrastructure and Organization, based in London. The statement also revealed that the changes take effect on January 1, 2020.
However, following this development, business analysts contend that this is an indirect firing of Mugerwa from the company despite using what is seen as a soft diplomatic way of pushing him out of the lucrative office without necessarily firing him, by creating a new position that can’t be compared to that which he initially had.
But it should be noted that this however comes a few months after Mugerwa, who is also the chairman Dfcu board, was unceremoniously summoned to London by Tullow Oil after his name was severally cited various investigation reports including the Auditor General’s report and a Parliamentary Probe by the Public Accounts Committee that investigated the fraudulent sale of Crane bank by Bank of Uganda to Dfcu, which has since backfired.
Currently, Dfcu is in so much problems because it has to compensate tycoon Sudhir Ruparelia’s Meera Investments limited for the 48 properties which they illegally grabbed after the takeover of Crane Bank.
The Bank has since resolved to close all the branches across the country which they installed in properties that Crane Bank used to lease from Meera Investments after court ruled that they erred in taking them over.
As if that’s not enough, the High Court Commercial division ruled mid this year that Crane Bank was erroneously sold to Dfcu bank by Bank of Uganda.