ATINGI-EGO’S REIGN OF TERROR! Central bank in crisis: restructuring gaffe, nepotism, & s3x scandals exposed
Central to Bank of Uganda’s (BoU) primary roles is to; regulate commercial banks and maintain financial stability of the economy. But going by the current developments, juniors there may be in slumberland or something is wrong with the top brass led by Dr. Michael Atingi-Ego.
Simply put—there are signs, characteristics and symptoms of power vacuum, Pepper Intelligence Unit (P.I.U) can authoritatively report.
Will the appointing authority come to the rescue?
After the death of former Governor Dr. Emmanuel Tumusiime Mutebire (RIP), Atingi-Ego was appointed Deputy Governor—and with no replacement for the former, the latter currently serves as de-facto Governor.
Typical of Ugandan CEOs who after assuming power rush to consolidate their power base, he hasn’t disappointed.
Using his powers, he directed and guided the Central Bank’s restructuring aiming at reducing costs. However, the costs instead skyrocketed.
According to our sources, the Bank contacted KPMG to conduct a restructuring process which consumed over Shs15bb. But the KPMG report and what was reported therein didn’t assist the Bank.
We have been told that this report was instead trashed. This allegedly caused mayhem and disgruntlement among the staff ranks. A source added that, much as the proposals in the report were unachievable they were also misguided which caused a silent uprising in the staff ranks.
Nevertheless, to assert his authority, the deputy governor went ahead and restructured all the staff and their ranks starting from executives who were suspected to be aligned to former governor Mutebire.
These were either demoted or deployed in positions of less influence.
Through this process, we have been told that Dr. Tumubweine Twinemanzi, who is commonly referred as ‘Dr. TT’ was quietly moved from his former role as Executive Director of the Bank’s Supervision and deployed to head lesser known National Payment System which was formerly a department and less influential compared to the docket of Bank Supervision that was once occupied by the iron lady Justine Bagyenda.
Again, Zephaniah Mugisha who was the Director Audit was quietly moved to head the Risk Department. Charles Mugisa was shuffled to head Banking taking over from Valentine Ojangole and it is the department in the limelight of the sh60 billion scandal.
We have been told that besides restructuring, things went more worse when some Team Leaders were appointed to head those positions through; nepotism, segregation and favouritism. Others were appointed after failing the interviews.
It is also said that, shortly after these interviews, these requirements were reportedly relaxed to fit in with the relatives, friends and children of the top brass.
We have been told that some senior Banking officers were made to skip ranks to become Team Leaders which wasn’t the case in the first interviews.
Other sources also intimidated us that; these interviews displaced staff who were working in these positions henceforth a disgruntlement of staff ranks at Uganda’s Central Bank.
Additionally, more salt was added to wounded after scraping off the rank of Assistant Director and replacing it with ‘Team Leader’ rank and the promotion of former Assistant Directors to the rank of ‘Deputy Director’ without sitting for any interview like how it was done to Team Leaders.
Watchers say this was an act of free passage to staff who are well related or connected to the top brass.
We have been told that one of the beneficiaries in this grand scheme of things is Andrews Elwana (Communications Department) and Lawrence Olobo (Banking).
These appointments have and are reported to be still boiling silent temperatures since they were not done in good faith, sources say.
This didn’t not only leave other staff members who were favorably competent but rather created more disgruntlement of bank’s staff.
It also goes without mention that early this year the Central Bank advertised 40 vacant positions for banking officers.
Several thousands of qualifying Ugandans attempted the interviews at Makerere University, competing for the 40 vacancies.
But in a twist of events, about 100 of banking officers reported for work a couple of days ago despite the advert indicating 40 positions.
What is more intriguing is that most of the recruits are more related to some top bosses, this publication has been told.
This publication has also reliably learnt that unfavorable reports (financial in nature) are emerging from the Corporate Social Responsibility (SCR) department as we shall reveal in our subsequent publication.
Then talk about shocking s3x scandals.
Pepper Intelligence Unit has reliably learnt that there’s a swelling wound of high moral decadence from the top most bank officers to the extent that some female staff members have decided to throw in the towel.
Some have resigned while others have opted to embark for further studies abroad as a way of relief.
A source that preferred anonymity, says that some top bosses at the Central Bank control billions of budget for training which have been missed as a way of reducing and soliciting for sexual advances.
According to sources, before any female employee is allocated an overseas training opportunity or a trip, they are subjected to love making while others have been seduced to donate their fruits of Eden before any career growth and development opportunity at the bank.
More so, our snoops have been told that some senior staff (top bosses) at BOU have turned their office messengers as household assistants, a thing that is unethical in the standard orders of employment.
Our sources have since learnt that a messenger at Mr. PW’s office wields more powers than a director. The one whose nickname has been identified as ‘PW’ and among his real name is Philo another name withheld is among the top bosses at the bank.
We have been told that apparently the big man at Uganda’s top financial institution (BOU) is almost aware because most of these sex pests are his close associates, but still muted.
With all these staff disgruntlement, the recent Shs60bn heist at BOU, the closure of some commercial banks, the high level of deteriorating moral decadence, and corrupt top officials at the helm of the central bank, a lot remain to be desired and one may easily conclude that it’s the beginning and not the end of the scandals under the leadership of Ating Ego despite his recent media explanation on Shs60b heist.
Watch this space!
KEY TAKEAWAYS
- Staff restructuring consumed over Shs15b. This was spent through hiring the contractor KPMG and technical staff retreats at Serena hotel-Kigo.
- Confirmation of Ass. Directors without interviews while subjecting Team Leaders to interviews that were also marred by serious irregularities.
- Allowing senior Banking officers to sit for interviews for Team Leaders hence skipping two ranks on the structure.
- Demoting senior banking officers who were in these positions.
- Procurement and tender awards at Central Bank (a story for another day).
- Recent recruitment of new banking officers who were supposed to be 40, but about 100 were recruited, with allegations that most of them are attached to top officers and didn’t undergo the interview process.
- Suffocating other members of staff at their ranks without considering them for growth like the Administrative Assistants to the extent that some of them have started resigning from the carrier they thought would be brighter for them.
DEAR READER,
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