Bagyenda Bank Accounts Transacted Over Shs 20bn in 6 Years

Source: http://chimpreports.com/inside-story-bagyenda-bank-accounts-transacted-over-shs-20bn-in-6-years/

Justine Bagyenda, the outgoing Executive Director in charge of Supervision at Bank of Uganda, made transactions worth Shs 20bn on multiple bank accounts in the last six years.

Bagyenda was recently removed from her job by BoU Governor Emmanuel Tumusiime-Mutebile and replaced with Uganda Communications Commission (UCC) top official, Twinemanzi Tumubweine.

This development followed protracted criticism of how commercial banks were being supervised by the central bank.

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Justine Bagyenda, the outgoing Executive Director in charge of Supervision at Bank of Uganda, made transactions worth Shs 20bn on multiple bank accounts in the last six years.

Bagyenda was recently removed from her job by BoU Governor Emmanuel Tumusiime-Mutebile and replaced with Uganda Communications Commission (UCC) top official, Twinemanzi Tumubweine.

This development followed protracted criticism of how commercial banks were being supervised by the central bank.

While Bagyenda was expected to retire in June 2018, Mutebile said in his statement that the new redeployments took immediate effect – implying she had to leave office.

BoU would later issue another statement, saying the appointments were normal and intended to ‘enhance operational efficiency and effectiveness’ of the institution.

But fresh revelations that Bagyenda stashed billions of shillings in various bank accounts in the country could trigger a fresh investigation into her reign at the central bank.

One of the recent fixed deposits on her account at Diamond Trust Bank (DTB) was $214,149 on December 29, 2017 at an interest rate of 3 percent.

The maturity date is set for Dec. 29, 2018, leading to a net interest of $5,536 after a tax deduction of $977.

Earlier on September 7, 2017, Bagyenda made a fixed deposit of Shs 179m and expects to earn a net interest of Shs 7.5m on maturity in March 2018.

She had on December 29, 2016, made another fixed deposit of $1776, 717 which matured in December 2017.

On December 28, 2014, the transactions which leaked from private auditors indicate, Bagyenda did not make any fixed deposit – but she had a balance of $238, 563 on her Diamond Trust Bank account.

For every deposit, Bagyenda received a certificate of deposit showing the interest the principal amount would attract, taxes incurred and net amount payable to her on maturity.

In March 2014, Bagyenda had made a fixed deposit of Shs900,029,548 which earned her a net interest of Shs 9,187, 424.

In November 2014, Bagyenda had another fixed deposit of Shs568m which saw her realise a net interest of Shs 5.7m.

In January 2015, Bagyenda made another deposit of Shs 480,000,000, setting a maturity date of one month. She earned Shs 4.8m in interest.

Bagyenda’s source of these staggering amounts of money remains unclear.

For about a decade, she has been earning a monthly gross salary of Shs 35m.

With an estimated take home of about Shs 400m per year for 10 years, Bagyenda could have only raised Shs 3.6bn.

Assuming she used 30 percent and saved the rest, Bagyenda would have about Shs 1.8bn as savings.

Through an associate, Bagyenda recently denied reports of accumulating wealth estimated in billions of shillings.

She, however, admitted owning several prime properties in Kampala.

One of the prime properties includes a condominium registered as number 0025 on Plot 410-411 Makerere Hill Road Land at Kampala.

Registered in the name of Bagyenda on July 11, 2008, the property measures approximately 99 square metres, according to Diana Nambi, Commissioner for Land Registration.

Nambi also confirmed that Bagyenda owns a residence on Plot 28, Kimera Close, Ntinda and residential apartments in leafy suburbs of Bugolobi, Naguru, Mbuya and Ntinda.

One of the prime properties includes a condominium registered as number 0025 on Plot 410-411 Makerere Hill Road Land at Kampala.

Registered in the name of Bagyenda on July 11, 2008, the property measures approximately 99 square metres, according to Diana Nambi, Commissioner for Land Registration.

Nambi also confirmed that Bagyenda owns a residence on Plot 28, Kimera Close, Ntinda.

Registry records show Bagyenda was appointed administrator of her late husband, Cliff Bagyenda’s Estate, where the Ntinda residence is situated, on February 1, 1995.

Bagyenda also is the proud owner of one of the posh condominium blocks situated on Plot 5A Sunderland Avenue Kampala measuring 213 square metres.

This property, estimated at over Shs 300m, was registered in her name in 2011.

ChimpReports discovered the ex BoU official owns a property located on Plot 20, Balikuddembe Road.

Bagyenda also acquired a block in one of the posh apartments in Bugolobi, a leafy Kampala suburb.

The associate further told this website that “some of the properties were jointly acquired with her late husband” and that, Bagyenda does not own whole flats but only one unit per flat.

This property, estimated at over Shs 300m, was registered in her name in 2011.

ChimpReports discovered the ex BoU official owns a property located on Plot 20, Balikuddembe Road.

Bagyenda also acquired a block in one of the posh apartments in Bugolobi, a leafy Kampala suburb.

The associate further told this website that “some of the properties were jointly acquired with her late husband” and that, Bagyenda does not own whole flats but only one unit per flat.