IGGs ISO-COSASE Probe a “diversionary-protection” for Corrupt BOU Officials

By DailyNewsUG Business Correspondent


Its been discovered that corrupt Bank of Uganda Officials plotted to divert Citizens by coming up with strategic  initiatives to discredit the work undertaken by COSASE – Committee on Commissions, Statutory Authorities and State Enterprises Committee. This was effected by triggering a complaint to the Government Ombudsman IGG that the entire COSASE Committee members received payments from Dr. Sudhir Ruparelia and Rajiv Ruparelia, the former Directors of Crane Bank, a Bank fraudulently closed by the same corrupt Central Bank “Mafia” Officials, as they have come to be known.

Its an open secret that Justine Bagyenda, ex-BoU Supervision Chief and Irene Mulyagonja the IGG are very close friends. The IGG has been accused of bias against MPs of the COSASE  of being in favour of her friend Bagyenda and other Bank of Uganda (BoU) officials.

Aruu County MP Odonga Otto who is also a member of COSASE that recently concluded its probe on BoU over the closure of 7 defunct commercial banks, has said that the ombudsman is only interested in investigating the committee that is exposing the scandalous individuals at BoU and at the same time protecting them.

“I don’t care who is to investigate me; ISO, CMI, IGG, Police, Arrow Boys or Flying Squad. What I care about is how the mafias are seemingly taking over the country that the IGG is now more interested in those investigating the thieves and not the thieves,” Odonga Otto said in his tweet.


On February 19, 2019, IGG Mulyagonja in a letter directed ISO Director General, Kaka Bagyenda to investigate COSASE MPs on bribery allegations after her office received a complaint that the MPs pocketed huge sums of money from the Central Bank and some of the shareholders of the defunct Banks and in particular Crane Bank. Among those cited to have pocketed bribes include; outgoing COSASE Chairperson Abdu Katuntu, his deputy Anita Among (Bukedea District), Elijah Okupa (Kasilo County) and Odonga Otto.

According to IGG, the complaint alleges that BoU Governor Emmanuel Mutebile ‘bribed’ Katuntu with Shs400m to enable COSASE carry out a benchmarking exercise with other central banks.

Whereas Speaker of Parliament, Rebecca Kadaga on Wednesday acknowledged receipt of the IGG’s letter to ISO, she said that it is in breach of the principles of separation of powers.

IGG Spokesperson Ali Munira told Kampala Post that the Inspectorate is only reacting to a complaint filed by a whistleblower and believes that it is ISO that is in a better position to investigate this matter and report to them.

In June last year, during the state of the Nation Address, President Yoweri Museveni hit at Mulyagonja’s office for failing to fight corruption.

“What happened to the IGG? Why don’t the victims of corruption report those incidents to the office of the IGG?  That was the purpose of that office; to protect the public from corrupt officials; to protect the investors against corrupt officials.  The IGG should reflect on this.  Are her staff credible? Why does the public not trust that institution?  We need answers,” Museveni said.

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