BANK FRAUD ALERT! UBA Uganda Rocked By Missing Customer’s Sh1bn Scandal… Top Bosses Face The Axe
United Bank for Africa (UBA) Uganda is staring at one of the biggest legal and reputational crises in its history after a long-serving corporate client dragged the bank to the High Court over the mysterious disappearance of nearly Shs1 billion from its account, RedPepper can exclusively report.
The explosive case, which is now before the High Court in Kampala under Civil Suit No. HCT-00-CV-CS-0136-2024, has raised uncomfortable questions about the bank’s internal controls, accountability and ability to safeguard customers’ money.
The plaintiff, EPA Carriers and Logistics Limited, is demanding legal redress after alleging that close to Shs1 billion disappeared from its account held with UBA Uganda.
The hearing of the case kicked off last week (July 13, 2026), with court expected to determine what exactly happened to the money and whether the bank bears any legal responsibility.
The case has already sent shockwaves through Uganda’s banking industry, with financial sector observers warning that its outcome could have far-reaching consequences not only for UBA Uganda but also for public confidence in the country’s banking system.
CLIENT DEMANDED REFUND—BANK KEPT QUIET
RedPepper understands that after discovering the disappearance of the funds, EPA Carriers and Logistics Limited pursued several legal avenues demanding the immediate restoration of the missing money.
However, according to the company’s claim, those efforts yielded no satisfactory response, forcing it to seek justice before the High Court.
Instead of publicly acknowledging the dispute, the bank reportedly maintained a tight lid on the matter.
In September 2024, UBA Uganda issued a public statement dismissing reports about the alleged missing funds.
The statement, signed by the bank’s Head of Marketing and Corporate Communications, Hoziana Niyonsaba, described the allegations circulating in the public as “spurious, false and unfounded.”
Yet despite those public assurances, the dispute ultimately found its way to court, where both parties are now expected to present evidence before a judge.
BANK OF UGANDA GOT WIND OF THE MATTER
Sources familiar with the dispute say the matter eventually attracted the attention of the Bank of Uganda, prompting efforts by UBA Uganda’s management to engage the client.
However, by then, the dispute had already advanced into formal court proceedings.
According to sources, legal advisers are said to have recommended an out-of-court settlement before an independent mediator to minimize reputational damage and avoid prolonged litigation.
Those efforts reportedly failed, leaving the parties to battle it out before the High Court.
REPUTATION ON THE LINE
The lawsuit has now placed UBA Uganda’s public image under intense scrutiny.
The bank has consistently marketed itself as a secure and trusted financial institution with strong governance and customer protection systems.
However, the ongoing litigation has inevitably triggered fresh questions from sections of the public about banking safeguards whenever large sums of money are involved.
The court will ultimately determine the facts and any liability arising from the dispute.
Legal analysts say that if the court were to find the bank liable, the financial implications could be significant, while the reputational impact could extend beyond Uganda.
TOP BOSSES UNDER PRESSURE
Industry observers say the case could also pile pressure on the bank’s senior management.
One banking expert, speaking on condition of anonymity because of the sensitivity of the matter, said multinational banking groups closely monitor litigation that may expose operational weaknesses.
“Any institution with an international footprint treats customer confidence as its biggest asset. Major court findings can trigger serious internal reviews and accountability processes,” the expert said.
While there is no official indication that any executive faces disciplinary action, observers note that the outcome of the case could influence future management decisions.
A HISTORY OF LEADERSHIP CHANGES
The controversy has also revived memories of events that followed the emergence of the dispute in 2024.
Shortly after the matter became public, the then UBA Uganda Managing Director, Chioma A. Mang, was recalled to the bank’s headquarters in Lagos, Nigeria.
Her controversial exit was not different from her predecessor John Agoreyo.
Her departure came after the bank had publicly dismissed allegations surrounding the disputed funds.
She was eventually replaced by Kenneth Kisambira, who assumed leadership of the Ugandan subsidiary.
Neither the bank nor its parent company publicly linked the leadership changes to the ongoing dispute.
A BANK WITH A GLOBAL NAME
UBA describes itself as one of Africa’s leading financial institutions, operating in 20 African countries and maintaining banking operations in New York, London, Paris and Dubai.
The banking giant has built its brand around trust, innovation and secure financial services.
It is precisely that reputation that is now under close public scrutiny as the High Court proceedings unfold.
ALL EYES ON THE HIGH COURT
As witnesses begin taking the stand, the High Court is expected to hear evidence from both EPA Carriers and Logistics Limited and UBA Uganda before determining whether the bank bears responsibility for the disputed funds.
The court proceedings are likely to be closely watched by customers, regulators and players in Uganda’s financial sector.
For now, one question hangs heavily over the case:
How did nearly Shs1 billion allegedly disappear from a corporate client’s account—and who, if anyone, will ultimately be held accountable?
More details to come…
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