
Uganda Debt Network: Letter to Parliament – “Re: Reject Government Proposal to Issue Promissory Notes USD 379,9M for Construction of international Specialized Hospital in Lubowa (22.02.2019)





Well, sooner or later this report was bound to happen as the deadline of the Parliament’s Commissions, Statutory Authorities and State Enterprises (COSASE) report into 7 defunct banks in the Republic. It had to be interesting to see how the National Treasury or National Bank, the Bank of Uganda handled it, as the Bank have been going around all cowboy and not with protocol. As the proper guidance nor minutes have arrived to the COSASE as the months of investigations has gone on.
As well, the lack of trust between the parties, lawyers and stakeholders itself. Therefore, the report, had to stinking of it, the lack of due diligence and care for delivering proper craftsmanship, where the profession and their ethics are shining true.
Instead the process of investigation have shown utter contempt of honesty and transparency, as documents have gone missing and people have taken trips away, while they were supposed to testify to the Committee.
That is the introduction. Let’s dig into the mess, which was unleashed today on the 21st February 2019.
“The committee further observed that there are no documents relating to the post closure and management of Teefe Trust Bank assets and liabilities. This further complicates the process of winding up including resolving claims and some securities still in possession of the Central Bank” (COSASE, P: 9, 2019).
“No inventory report was availed in respect of ICB but an inception report for liquidation by the Liquidation Agcnt (KPMG) dated 30th September 2001” (…)”without a proper inventory report, BoU did not know what it was taking over in terms of entirety of assets and value. Accordingly, BoU acted in breach of section 32 (3), of the FIS, 1993” (COSASE, P: 10, 2019).
Sold on the Same Day:
What further the report states is that the National Bank of Commerce was closed and sold on the same day. This being done on the 27th September 2012. The takeover and sale took only 6 hours time and was in convention of the FIA. The same actions happen to Global Trust Bank (U) Limited, which was closed and sold on the same day, on the 25th July 2014. This was also done in convention of the FIA.
While on Crane Bank:
“The auditors produced the inventory report on 21st of December 2016 however, BoU had invited DFCU to bid for the purchase of assets and assumption of liabilities of CBL on 9nd December 2016 and subsequently DFCU submitted the bid on the 20th December 2016 a day before the production of the inventory report” (…) “BoU did not carry out valuation of the assets and liabilities of CBL. BUT relied on the inventory report and due diligence undertaken by DFCU to accept their bid to arrive at the P&A. However, the final inventory report was submitted on 13th January 2017. In essence, the final inventory report was never used in evaluating the bid for the purchase of assets and assumption of liabilities of CBL” (COSASE, P: 12 & 13, 2019).

Selling assets on discounts:
“In the case of ICB, Greenland Bank and Co-operative Brank, the total loan portfolio sold of UGX 135bn included secured loans of UGX 34.5bn which had valid legal or equitable mortgage on the real property and were supported with legal documentation BUT were sold, to M/s Nile River Acquisition Company at 93% discount” (…) “Whereas the GTB and NBC discount percentages of 20 and 30% respectively appear reasonable, the 93% discount in respect of the loan portfolio of ICB, Greenland Bank and Co-operative Bank acquired by M/s NRAC was incredibly outrageous” (COSASE, P: 23-24, 2019).
Winding Up:
“The winding up process of all the defuct banks has taken an unjustifiably long time to settle creditor claims. For Teefe Trust Bank (26 years), Co-operative Bank (20 years), ICB (21 years), Greenland Bank (20 years), NBC (7 years), GTB (5 years) and CBL (2 years)!!! Regrettably, many of the creditors and shareholders have and indeed continue to die” (…) “Due to absence of documents, it was not possible to ascertain whether the UGX.9 1 .22bn used to settle customer claims of ICB, Cooperative bank and Greenland bank went to the bonafide beneficiaries. The absence of documents could among others be attributed to the long delay in concluding the winding up process” (COSASE, P: 39, 50 2019).
This is really just a proof of some of the mismanagement and quotes that proves how the Bank of Uganda didn’t do due diligence. They didn’t fix the issues, neither the work that was needed for the distressed financial institutions, the BoU didn’t follow the laws and statutes. All of the banks seems to be closed without protocol. Without proper documentation, neither overlooking assets and the securities.
Therefore, the Bank of Uganda … have not acted as the Central Bank and having the supervisory role over the financial market. They have surely acted in ill-will and not like they are supposed too. If not, these seven banks shouldn’t been closed like this, even closed and sold within 24 hours. Peace.

No matter how you look at it, it is just sweet and cuddly, the ideas of National Resistance Movement (NRM) rebels. They are just a rare breed of people. Their persistence on the ethical backbone, the narrative, that they are fighting a just cause, while still being tied directly to the oppressor. Is just unique, it is just amazing. That they are supposed to be cherished and become so special.
What is always so striking about the rebels in this party, which was based on rebellion and even a bush-war. Is that, they will be hunt down and strike back hard, against the ones that counters party line. It is so novel in their approach. It is deep and the surge usually uses all the tricks in the book. There is nothing left to chance, they are getting demoted, kicked out of the party and sometimes if lucky. If they repent, they can enter again. That is the road ahead, which is far from open to anyone. Who has already crossed the army-fatigued party line.
Why am I writing this? Today and in the coming days, there will be some NRM rebels coming forward for reasons of disloyalty or even trying to gain popularity, as the NRM CEC have endorsed the President. Not that it was a shocker or a misconception that he would run in 2021. It is just that, the NRM rebels would think the process should be done differently and they should have a voice. Not just the highest body in the party delegating whose the main candidate. However, Museveni wouldn’t do that, he leaves nothing to chance when it comes to his livelihood. That is just well known facts and the insiders, these rebels should know it best.
That is why it just seems like a play for the stage, they are just playing out their grievances, like married men who still not being laid. They have to complain and get annoyed, that their wife isn’t doing it anymore. Not that their breath doesn’t stink or their pockets are empty. That the wife is tired after working. No, it is all the wife’s fault, because they have done nothing wrong. The wifey will think otherwise.
It is the same sentiment I get out a NRM rebel. They knew this going in. The main rebel, the resistance captain, the chairman and the supposed liberator is not someone you should challenge. That is known since 1980, because he couldn’t manage to loose, even back then.
Therefore, NRM Rebels might defy, they might resist, even go in with words of fire and fury. However, they knew when they became flag-bearers and honourables, that they would play a secondary role to the Master.
That is why the rebels who went against the abolishment of the Age Limit lost the privilege of the trips to the State House, to be part of the NRM Caucus before the voting of vital bills. Some has been outcast and become “independent” MPs whose sole cause is themselves and own agenda. Even if they still are voting with the NRM on most things. That is why, the rebellions are quickly squashed.
Not only because the NRM rebels are fighting themselves, but because they are needing the pay-check and making their ends meet. They are really trying to figure out ways to get into the fold and kiss the ring. That is why these rebels are so endearing. Because, at one moment, they are defying the king. In the next moment, they are invited to the king and bowing their knees in loyalty. It is just a matter of time.
Unless, they are some resilient fellows, who got balls of steel and is ready to push the envelope. If so, they got some character, but usually, they give way and give in. They just tried to play to the popular stance, but in the end had to give up. They gave up because knew their fight was ill conceived and wouldn’t bear fruits.
That why I salute their hustle, but don’t anticipate a revolution or a true rebellion, because they will in the end. Give way to their master, yet again. Peace.



Mr. I Never Run Out of Age. Mr. Sunday, Bosco/Bosiko or even Jajja. Yoweri Kaguta Museveni is now officially the sole candidate of the National Resistance Movement. Not that is surprising to anyone. Because, Mr. President have been running for highest office since 1980 failed elections and took power by force in 1986. Since then, he has never left. He is officially on his 5 term, but we all know its his 7th and from 2021 – 2026 would be his 8th Term.
Therefore, when the NRM Central Executive Committee resolved, whatever they needed to resolve today. They surely fattened their own pockets or are ensuring someone is paid off. So, that all eyes will be on Mr. President since 1986. The man of the enclave, bottlenecks and forever promising to take the Republic to a First Nation/Middle Income Country. However, never succeed doing so, because him and his cronies are steady eating. If it is breadcrumbs or if it Toyota Prado’s, they are surely taking a mouth full.
That is why this was anticipated, as the NRM Roadmap for 2020-21 have already been launched. The plan for the NRM Primaries are soon put into print and the budgets for the coming time is also put through parliament. As the stages of General Elections and Campaigning is soon arriving.
The Old Man with the Hat has to re-engage and ensure his stamina. That the people inside the party is following his vision, whatever that is at this stage and time. If he goes yellow, mellow or just saying “Hello”. Whatever it is, isn’t trying to succeed the initiated 10 Point Programme, the Vision 2020 or 2040, but something else of his own fan fiction. Because at this point, that is what his plans are.
The President is only working for himself and not for the Republic. The party is filled with stooges and he is only looking for ways to keep people preoccupied or happy. As long as he stays in power, while his son Muhoozi is higher ranking and prepared as final heir. When the old man finally succumb to final destination. Natural death, which seems like the only likely way out of office. If the Ugandans will accept a dynasty, that is time to tell, but at the moment. No one will conquer, the President in an unfair challenge at polls. That is because, everyone is owned and controlled by the puppet master and Commander-in-Chief. The almighty Bosco, the Jajja Bings of Politics and mockery of democracy.
That is Yoweri for you, the one who thinks his supreme and the overlord of the Republic. The man entitled to rule, the one entitled to teach and to lecture, the one whose decree and word is law. The man who uses scriptures and uses medieval tactics against his opposition. There are no hope of a positive or change. Only more self-styled dictatorship and self centred laws in the time ahead.
The NRM CEC gave the public and the world, what it anticipated, because they are blind sheep, whose only destiny was to continue to milk this dying cow. To get the last pieces of milk and hopefully not spoil it.
Congrats Yoseri of Kaguta, you got this one, you carried it, but if it was wise. That is another question. Your apparently not following your own words. As Africa’s Problem was that People Overstay in Power. But these words wasn’t meant for you, but for Mobutu and the likes. You Museveni are supreme and people like shouldn’t address you. However, we do, because the Ugandan people deserves better than you. Peace.

“All our politics must be development oriented” – Yoweri Kagtua Museveni on 11th April 1989
We know that the National Resistance Movement (NRM) is a big organization and run by the President himself. He has never let his hand out of the cookie jar. Especially now, as the NRM Electoral Commission and the whole NRM are planning their Roadmap for General Elections of 2020/21. However, the President and his CEC has decided that they are copying the LC1 Elections for the Primaries.
Not t that its shocking, as the NRM Primaries of late, has been tragic and so rigged, that even NRM Party Offices gets burned by angry party members. Therefore, the NRM Primaries of the 2015, was even described by Gen. Kahinda Otafiire as a Circus at one point. Surely, because he lost his Primaries. There was so much shocking nonsense happening, that NRM CEC wants the NRM EC to have a easier job and secure the elections being held like kids does when picking their team captain or class-captain. Not for picking candidates as legislators or their representatives. It was done in the recent LC1 Elections in 2018,
What was done in 2018 was ordinary procedure in the 1980s and 1990s, as the people was lining behind the candidate they favoured. Therefore, the NRM is re-issuing the method that was done by the predecessors, instead of ensuring the secret ballot is respected. As they want the peer-pressure to reign in the Republic. So, they can secure the candidates, that the NRM CEC has selected, because no one wants to be foolish standing behind the wrong person.
Report from the NRM CEC:
“From their deliberations this Saturday 16th February 2019, the members of the Central Executive Committee (CEC) have agreed to recommend to members and other organs the amendment of the Party Constitution to provide for lining-up as a mode for all internal elections. CEC has also set up a Sub committee to enhance resource mobilisation for the party and its expected to report back to CEC within a period not exceeding one month. The Committe will be chaired by the 1st National Vice Chairman of NRM Hajji Moses Kigongo with the National Treasurer Hon Rose Namayanja Nsereko as its Secretary. Other members on the committe are Hon. Sam Engola (Northern), Maj. Gen. Jim Muhwezi (Veterans), Hon. Mike Mukula (Eastern), Dr. Robert Rukari (Entreprenuers) and the Deputy National Treasurer Dr. Kenneth Omona” (Rogers Mulindwa – ‘NRM: CEC APPROVES LINING-UP FOR INTERNAL ELECTIONS’ 16.02.2019).
What the NRM are proposing are going back in history, not only doing it like the LC1 Elections in 2018. This is a practice the NRM did the first time in 1989 for the Resistance Councils back-then. Where they we’re lining up behind the candidate of choice. Therefore, the NRM are not moving forward, but moving backwards. They are using techniques and methods of old, instead of innovating or even trying to fulfil the possibility of a secret ballot.
Therefore, the NRM CEC is going for old trick in the NRM Primaries. They are entrusting themselves in old methods. Instead of trying to go digital or even configure the measures of the 2015 Primaries. They are doubting Dr. Tanga Odoi and the whole NRM EC. The NRM CEC is initially saying, the party is not able to run an election as professional or sincere as others. They have to use school-kid, UPE ways of picking the class captain. They are not able to create the environment to ensure the ballots, that is why they are going back to lining up behind their candidate of choice. This is in the end, a way of defeat. Where there isn’t steady progress, but more steady regress, because the NRM Primaries are becoming like the first Resistance Councils was elected in 1989.
That is why Museveni is securing his legacy, that he is showing the world. That instead of going into the future, he is going into his past. Instead of delivering and securing the future, he is just securing himself. The President is more keen on consolidating power and his cronies, than genuinely offering a democratic model. As he has even by this means, scrapped the secret ballot internally within the ruling party. That is how weak his ideas of democracy and his lack of concern of privacy of the voters. As it will be all in the open, instead of being a secret choice.
They will stand upright like school-kids voting for their candidate of choice. Instead of getting the ability to honour their candidate in secrecy. The choice they do will be public, where the possible fear, intimidation and even peer-pressure will be more prominent. As if the NRM selected candidate for the constituency will maybe gain more, than a upcoming candidate, which is not the favourable one. Peace.







“Do not blame people and their attitudes: the problem is not corruption or greed, the problem is the system that pushes you to be corrupt. The solution is not, “Main Street, not Wall Street,” but to change the system where Main Street cannot function without Wall Street.” – Slavoj Zizek
That this is an issue now isn’t strange. The National Resistance Movement have run the Republic since 1986. The growing amount of cronies, corruption and filled with useful idiots around the President. The President are clearly acting out. The NRM knows this, because they have made the entitlement, the ones who are eating, but not talented or anything. They are appointed, not on merit, but by either family or loyalty. That is why the Ministers and Presidential Advisors are like they are.
President Yoweri Kaguta Museveni knows this perfectly well. He could have sacked all of them. The growing level of the Cabinet, which is about 81 Ministers in total and 146 Presidential Advisors. They can all chill-out, as they can rarely be changed or even sacked. Cannot remember that in a long while. If something is happening, there are some minor changes or they end up in the NRM Party Organizations, like Dr. Tanga Odoi ended up with NRM Electoral Commission for the Primary Elections. That is how the NRM does and the President knows. Therefore, there are no need to overwork or do to much. Because, there are no sanctions or such. Since they are all secured and eating as they are in office under this President.
“Many of my ministers are sleeping. They are selfish and only think about themselves. Ugandans know how to listen if they are told the right things, that is how we managed to build the Movement by learning and listening to others” – Yoweri Kaguta Museveni while addressing investors during the sixth Presidential Investors Round Table (PIRT) at State House on the 8th February 2019 (Misairi Thembo Kahungu – ‘Museveni: My ministers are selfish, sleep on job’ 08.02.2019, link: https://www.monitor.co.ug/News/National/Museveni—My-ministers-selfish–sleep-job/688334-4971964-60mn1qz/index.html).
There are reasons why they are sleeping. There are Ministers for small or minor Ministries with Micro-Budgets, where they have a lax mandate or not even enough Principal Secretaries or Organization that matters to fulfil the work they need. The Ministries are inter-connected and doesn’t have the funding or the manpower. As there are so many Auditor General reports, where the open post of lacked hired staff comes up, again and again.
There are so many systemic defects, but surely that is done deliberate by the President. As he offers the most funds to the Ministry of Defence, State House, Office of the Prime Minister and so on. The others are getting less, as well, as the amounts of funds that goes to pay back loans that the state has collected. This is known, as the deficit are filled not with donor funds, but loans, which they are now paying more and more by every year.
The President can complain about his Ministers. But he appointed them and trusted them. He has made their positions and made them responsible. They are supposed to answer to him and follow the mandate the government have given them. The possibilities to do so, are made by the budget and funds given. Also, the strategic and willing to let them develop it. However, the President usually goes for quick fixes and not for long-term planning, as his erratic micro-management style. That is well-known. As well, as the President always blame others, but take all CREDIT.
Therefore, this President is not someone who will stay behind his people, but push them to the crocodiles, if they are not doing their thing or if they become to ambitious. Certainly, the President can complain, if they don’t do enough. He should sanction the ones or give them a carrot to act. Peace.

