Bou'S Bagyenda Taken To Igg Over Prime Real Estate

Bou's bagyenda taken to igg over prime real estate
Appeared in Chimpreports.comon 17 Aug 2017

A ‘concerned’ Ugandan citizen has petitioned the Inspectorate of Government to investigate how Ms Justine Bagyenda, the Executive Director responsible for Bank supervision at Bank of Uganda, accumulated vast wealth estimated in millions of dollars.

Dick Kimeze, who describes himself as a social worker, says he is “committed to seeing the fight against corruption taken seriously and culprits dealt with.”

ChimpReports has seen the document received by the Office of the Inspectorate of Government on August 11, 2017.

It has several photographs of residences and residential apartments in leafy suburbs of Kampala including 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 she 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 has further discovered the senior BoU 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.

Efforts to contact Bagyenda for comment were yet to bear fruit by the time we posted this story on Wednesday night.

But a close associate said the properties identified by registrars “belong to Ms Bagyenda,” but quickly added, “Some are exaggerated especially the blocks of flats.”

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.

An official who spoke on condition of anonymity to as to speak freely said the wealth is not shocking: “She has worked in BoU for over 30 years, at Executive Director level for 12 years. She also had a husband who worked gainfully before he died. Surely this line up of property is not out of the ordinary.”


But Kimeze says Bagyenda needs to demonstrate how she acquired the properties and whether they were registered with the Inspectorate of Government as required by law.

Public Servants are required to declare their income, assets and liabilities to the IGG under the Leadership Code Act, 2002.

Kimeze further demands that as the person in charge of supervision of all banks and non-bank financial institutions in Uganda, Bagyenda is liable for the failure of Crane Bank.

The Central Bank last year took over Crane Bank, saying the financial institution owned by wealthy Kampala businessman Sudhir Ruparelia posed a systemic risk to Uganda’s banking industry.

BoU further took Sudhir to court on accusations of fraud, charges the businessman’s lawyers have dismissed as baseless.

Kimeze says in his petition to the IGG that while the Central Bank Governor Tumusiime Mutebile in a media interview “distanced himself from any criminal culpability, he placed the blame on the supervision department of BoU headed by Ms Justine Bagyenda.”

In a petition also copied to the Speaker of Parliament and Minister of Ethics and Integrity, Kimeze argues that “hundreds of Ugandans lost jobs and thousands more stand to lose if the issues” that led to Crane Bank’s closure are not addressed.

“In Uganda, experience shows that corruption and incompetence move hand in hand and breeds the other,” said Kimeze, who is represented by lawyer Denis Nyombi.

“The purpose of this letter is to inform you that our client is in possession of information about some of the properties of Ms Justine Bagyenda, which he strongly believes weren’t declared in the ‘Declaration of income, Assets and Liabilities as required by the Leadership Code Act 2002.”

A one Dennis Nsereko, a former Crane Bank client, recently sued the Central Bank, saying it failed between 2013 and 2016 to take corrective action against Crane Bank’s financial affairs, thereby putting depositors’ funds at risk.