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Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank

Ex-Equity Bank official arrested over Shs65b fraud

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Former Equity Bank Executive Director for Commercial Banking, Kenneth Onyango has been arrested following allegations over Shs65 billion fraud.

The arrest of Kenneth Onyango, once a prominent figure within Equity Bank’s leadership, marks a significant development in the ongoing investigation. Alongside other individuals detained in connection with the fraud, Onyango’s apprehension underscores the severity of the allegations facing the bank.

While Equity Bank seeks to navigate the fallout from this scandal, questions linger over the extent of its impact on both customers and stakeholders. Concerns over accountability and corporate governance loom large as the investigation unfolds, casting a shadow over the institution’s reputation.

Mwangi had successfully sought President Museveni`s attention, threatening to close business in Uganda over frustrations in investigations. Initially, all cases for and against Equity Bank Uganda would die prematurely. Some cases` fate would be influenced in Equity`s favor but leaving huge dents on the Bank’s reputation before the public.

The saga, which began with the abrupt departure of Kenyan Samuel Kirubi, former CEO of Equity Bank Uganda, in 2022, has now revealed key figures within the organization. Kirubi, who was ordered to leave office amid mounting suspicions, has reportedly been summoned back to Kampala by Equity Group CEO James Mwangi to confront the fallout of his alleged mismanagement.

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