How Kasekende, Bagyenda and Kasule led BoU into its current woes

Kasekende and Bagyenda

By Kagenyi Lukka

Louis A. Kasekende is a respected economist. He was re-appointed Deputy Governor of Bank of Uganda on 28 January, 2010. He first served as Deputy Governor from 1999 until 2002 before heading for greener pastures.

However, his second stint at the Central Bank has been a tale of many blunders. Together with former Head of the Central Bank’s commercial bank supervision, Justine Bagyenda and the head of the legal department, Margaret Kasule, they formed what economic pundits have described as the “unholy” trinity or “mafia alliance” at the country’s top bank.

From illegal closure of the Crane Bank to the fake supervision of commercial banks, illegal recruitment and disastrous syndicates related to money dealings, the blame of the current woes at the Central Bank are deeply rooted into the unholy alliance of the triplets.

Here, is why?

As Deputy Governor of the Central Bank, Kasekende directly supervises the supervision directorate of BoU, a job according to his job description is supposed to diligently execute without taking orders from anyone.

Yet despite the elaborate work schedule as cut out in his appointment letter, he decided to neglect the supervisory work, leaving it to an incompetent head of supervision, Bagyenda, who he also forgot to supervise.

In end, failure to supervise his junior Bagyenda, led the country into the messy life and the grand effects that followed and continue to eat away the Central Bank.

Bagyenda, who was clearly not supervised by Kasekende, messed the sale of Crane Bank to DFCU, a transaction, which like the Parliamentary probe into the saga found out, was conducted on WhatsApp with no meetings or even documented minutes to that effect.

Who is their sensible mind can sell a bank on WhatsApp?

Suffice to say that at the time Crane Bank was sold, Kasekende was fully in charge of the affairs of the Central Bank due to the fact that the Governor, Prof. Emmanuel Mutebile Tumussime was indisposed.

Then enter the other lady in this unholy alliance at the Central Bank, Margaret Kasule Kaggwa. She is the executive director of legal affairs.

However, instead of giving legal advice to the Central Bank, she gave legal hiring services. She hired external lawyers and firms such as Bowmans, MMAKS and Sebalu & Lule, who charged exorbitantly, cut deals with her to fleece the tax payers.

Recently, the Commercial Court, in fact, found that these ones were providing fake legal services to the Central Bank, causing a humongous financial loss to the tax payers.

Yet what is difficult to understand is the failure by the so-called competent lawyers of the Central Bank headed by Kasule to give legal advice to the Central Bank? What really explains this if it is not clandestine syndicate to fleece tax payers?

Even common sense cannot explain this level of incompetence?

No wonder, this unholy alliance of Kasekende, Kasule and Bagyenda has amassed unexplainable property and resources.

For instance last year during the parliamentary probe into the sale of Crane Bank, revelations of suspicious wealth and transactions by the Deputy Governor and his wife, Edith Kasekende came to the fore, with the property totaling over and above sh10b.

In fact, as Parliament found out, most of the property were not declared before the IGG?

Why did Kasekende hide some of his properties from the Igg?

Did he acquire them legitimately?

What was he trying to conceal?

All these questions point to a much deeper gimmick that the unholy alliance has been playing during their tenure at the Central Bank.

Kasekende’s Undeclared properties

The fresh document I was able to read shows that Kasekende owns the following properties.

The plots Kasekende has never declared are; Plot 38 (0.157 hectares) in Lower Naguru on East road worth Shs1.280 billion, Plot 1423 on block 314 in Buloba worth Shs432 million.

Others whose value is not quoted are; Plot 1738 (0.809 hectares), Plot 3213 (0.079 hectares), plot 1427 (3.647 hectares), plot 184 (2.7 hectares), plot 1754 (1.624 hectares) and plot 6102 (0.317 hectares).

What he declared

Louis Kasekende was able to declare that he owns Plot 2A (0.142 Hectares) in Makindu worth Shs3.6 billion, Plot 2 (0.22 Hectares) on Bukoto Rise worth Shs2.7 billion, Block 314, plot 706, Plot 1475 Lubowa Estate work Shs3.6 billion and Plot 12 on Corporation Road Ntinda.

Finally, the demand for accountability is one we shouldn’t give up on but always demand for it from leaders.

The IGGhas to do justice to the public, swing into action. It is possible that Kasekende has more plots and other properties than what he declared and what has been revealed of late.

The author is a current affairs analyst and aspiring MP Ikiiki county in Budaka district.



Please enter your comment!
Please enter your name here