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GOLDEN WOMAN: Bagyenda’s Secret Multibillion Bank Accounts Leak

Justine Bagyenda, the outgoing Bank of Uganda Executive Director in charge of supervision is not an ordinary woman. She wasn’t only an ‘iron lady’ at BoU and the banking sector at large, but she is also aggressive and money savvy woman.

This possibly explains how she earned over Shs20bn in a period of less than six years.

This is according to Bagyenda’s leaked fat banks accounts in three banks (Diamond Trust Bank, Barclays bank and Guaranty Trust Bank) obtained by Business Focus. The accounts are in names of Justine Nuwagaba Bagyenda.

In one of the dollar accounts number 5106903…held in Diamond Trust Bank, named Prime Dollar Savings Account, as of November 20, 2017 had US$1,074,450 (Shs3.9bn going by the current exchange rate). This is for the period January1, 2014 to November20, 2017.

However, the statement does not capture the US$315,717(Shs1.14bn) which, a certificate of deposit shows she earned from a fixed account transaction after she had deposited $176,717 on 29 December 2016 at a 4.75 per cent rate. The transaction matured a year later.

The same account is expecting to earn Bagyenda US$214,149(Shs779.1 million) on December 29, 2018 when a US$214149 fixed deposit she made matures.

Bagyenda also has a ‘Low Start Savings Account’ in DTB. The Shilling account number 5106903… had a balance totaling to Shs10.37bn as of November 2017.

The balance is an accumulation of a period January1, 2014 up to November 20, 2017.

The same account is expecting another Shs429 million on 07 March 2018 when Shs179 million she fixed in September 2017 at 10% interest rate matures.

A critical analysis of her leaked bank statements in our possession, By 21 October 2017, the shillings account in Barclays had a balance of Shs98 million.

Her account in GT Bank has also a balance of over Shs600m. Additionally, there are billions of Shillings deposited to her various bank accounts from Centenary Bank by a one, Kenny Muwonge.

Putting a conservative monthly savings of Shs20m, in her 36-year stint at Bank of Uganda, Bagyenda would have saved only Shs8.64bn excluding interest rates.

Last year, city lawyer Denis Nyombi from Denis Nyombi & Co. Advocates petitioned the office of the Inspector General of Government (IGG) asking for investigations into the wealth of Bagyenda.

Nyombi claims to be privy to information that Bagyenda under declared her assets and liabilities to the IGG, contrary the Leadership Code Act, 2002.

He says he has documents linking Bagyenda and other officials in the directorate of supervision at the Bank of Uganda to several properties yet they earn a gross monthly salary of less than Shs32m.

Efforts to get a comment from Bagyenda were futile.

Bagyenda, whose contract at BoU was supposed to end in June 2018, went on annual leave on January 22, but in a reshuffle announced by Prof. Emmanuel Tumusiime-Mutebile, she was retired. In her place Prof. Mutebile appointed Dr. Tumubweine Twinemanzi the new Executive Director in charge of Supervision. Reports suggest that her firing was due to the mishandling of Crane Bank impasse that saw one of the top banks in the country collapse under unclear circumstances.

More details about her other wealth to follow


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