IGG-Irene-Mulyagonja

The Inspector General of Government (IGG), Irene Mulyagonja, has revealed that the inspectorate is investigating central bank over misappropriation of funds.

This is after a whistleblower filed a complaint claiming the Bank of Uganda officials (BoU) have mismanaged government funds over the past years.

The 350 pens BoU purchased at Shs125 million for their golden jubilee celebrations in 2016 and the billions of shillings paid to external layers on top of the nine fully paid and facilitated bank lawyers, are among the issues that compelled the whistleblower to petition IGG to investigate the central bank.

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The whistleblower wants BoU to account for the sums of money printed in the past years. The bank is also accused of printing over Shs1 billion and handed it over to an individual in past elections. He also wants central bank to account for the sums of money received at the sale and of seven commercial banks

In an interview with Eagle Online, Justice Mulyagonja said the investigations into BoU commenced last year and soon the report will be filed and handled to the whistleblower or BoU if it is found no fund was misused as per the allegations.

“Culpable staff members will be taken on individual basis to account for any missing funds and probably be prosecuted in Courts of law,” She said.

She also said they are investigating former Director of Supervision in bank of Uganda, Justine Bagyenda over accumulation of wealth. She said Bagyenda will be required to explain basing on the salary she was receiving in the central bank and possibly other authentic sources of income.

Recently, Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) investigated Bank of Uganda over the sale of seven defunct commercial banks starting with Teefe Bank in 1993 to Crane Bank in 2016.

The inquiry exposed BoU staff as exhibiting corruption tendencies as well as allowing conflict of interest in the transaction. For instance the inquiry established that BoU sold Global Trust Bank Uganda (GTBU) and CBL to Dfcu Bank well knowing that BoU Staff retirement benefit scheme owns 0.59 shares in Dfcu bank and as such stood to benefit from the two transactions.

It was also established that some banks were sold under dubious circumstances by Bagyenda without inventory reports. While others were sold on a phone call.