MORE TROUBLE: DFCU Bank Executive Director William Sekabembe Resigns - Daily Post Uganda

MORE TROUBLE: DFCU Bank Executive Director William Sekabembe Resigns

William Sekabembe

KAMPALAWilliam Sekabembe the Chief of Business and Executive Director of the embattled DFCU bank has resigned his office, Daily Post has learnt.

Sekabembe, the man that was being groomed by the dfcu Bank Board to take over managing directorship has jumped ship, throwing the troubled lender into a leadership crisis, ahead of Juma Kisaame’s contract expiry sometime this year.

A senior official at the bank told this website on condition of anonymity that Sekabembe resigned from DFCU bank early this week.

This official revealed that Sekabembe accuses the bank management of having no vision to steer the bank development.

It is also reported that he failed to work under conspiracy in running the business. The bank also failed to get money to pay him and other staffs on time.

Another source intimated to this website that Sekabembe could be headed for another Kyeyo at KCB bank.

Sekabembe becomes a third high ranking person at DFCU bank to resign in a spate of about one week.

Britain government owned CDC Group after a decade of doing business with DFCU, on June 14th wrote to the bank chairman Elly Karuhanga communicating its intention to sell its stake.

It is indicated that CDC after realizing that the bank was headed for hard times and being threatened by court cases, it decided to sell its shares and watch from a side.

The company’s Investment Director in charge of Financial Institutions, Irina Grigorenko, said it was “undertaking a review of its investment in DFCU Limited which may lead to the disposal or some of some or all of its shares in DFCU over the short to medium term.”

Bank officials recently while addressing the media in Kampala confirmed that the bank is currently in huge liquidity crisis.

The banks reportedly can’t find cash necessary for lending to its customers and that clients applying for loans are getting less than what they apply for.

Also last weeks, the bank’s largest shareholder Arise BV Chief Executive Officer Deepak Malik also resigned from the bank management under unclear circumstances.

Deepak first joined the dfcu bank board in November, 2007 and dfcu Limited in December, 2007. He was recently re-appointed to the board during dfcu’s 53rd Annual General Meeting, held at Sheraton on 7th June 2018.

Of late, there have been reported deep divisions amongst the DFCU shareholders.

Efforts to reach bank officials for a comment were futile by press time.


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