Staff exodus hits Bank of Africa
The rate at which employees at Bank of Africa Uganda (BOAU) are throwing in the towel has reached alarming levels.
Shareholders are now concerned that the high staff turnover being experienced may cripple operations—if not already.
Our investigation shows that over 400 employees have left the bank in a period of four years (2019-2023).
The exodus has reportedly been attributed to failure to pay competitive salaries, which has resulted in the bank losing qualified personnel to rival banks.
We are also told this is also a protest vote by staff against MD Arthur Isiko’s management style.
There are reports of mistreating the workers.
Reports are that Isiko has created a state of fear and is running the bank as if it is personal property.
The latest to leave is Executive Director, Robinson Bernard Magulu at the instigation of Isiko to reportedly safeguard his job.
We are told ever since Mugalu left last year; about 20 staff have since followed suit.
We are also told there is also en Masse stealing of clients’ money at the bank by staff and bosses have shown little appetite to crack the whip.
And when such thieving staffers are implicated, they simply leave the bank without even refunding the stolen money.
Sources say that almost everyone at the bank (Bank of Africa) is stealing money using one way or the other.
“Everyone from the top to the bottom is stealing depositors’ funds. Tellers are stealing money; big people are also stealing money at the bank. For example Bale, a teller stole 15 million and used it to take his child for treatment. After the child recovered and being a born again Christian, he reported the theft and was fired without refunding it,” an insider revealed.
We are told there is a staff salary loan bonanza at the bank that where almost every staff has benefitted.
The loophole is that some staffers get loans above their threshold which they cannot pay back in time.
They then deliberately create scenes or at the instigation of top bosses and end up being fired before completing repayment of their loans.
“But this is depositors’ funds that they are swimming in!” the source alleges.
Sources further say that several married couples are getting salary loans using spouse’s properties without the consent of their spouses.
When they fail to pay, their spouses protest/ resist the attachment of the properties/ securities.
The only option for the bank is firing such implicated staffer but when money has already been lost.
For example, one Faith, a senior manager in the Human Resource Department got a huge loan top-up using the husband’s property, but without the knowledge and consent of the husband.
A source explains that she forged the husband’s signature.
“And as a human resource, she has been advising other several employees to do the same. Such monies can never be recovered when employee leave, because their husbands will go to court and block the recoveries since they didn’t consent,” the source says.
Details about the extent of the rot in the bank will be in our subsequent publication.
Here is the list of staff who have left since 2019: Exited Staff since 2019
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