By our reporter

Last week, Bank of Uganda Governor Prof. Emmanuel Mutebile revealed that he was in good terms with his Deputy Louis Kasekende.

In his statement published in a local newspaper, Mutebile said he continued to count on the confidence and support of his Deputy and all other members of the Board of Directors, Executive Directors and staff of Central Bank.

However, information reaching our news desk continues to state otherwise.

For starters, in February, Mutebile made sweeping changes at Bank of Uganda, with the reshuffle affecting eight executive directors, 13 directors, 24 assistants/deputy directors and it was in this reshuffle that the Director in Charge of Supervision Justine Bagyenda was left ‘jobless’.

Bagyenda was replaced with Dr Tumubweine Twinemanzi though she refused to hand over office saying she was illegally fired.

It was at this point, that the Inspector General of Government (IGG) was prompted to interfere the Central Bank affairs thus ordering that the changes be halted until investigations are concluded to determine whether the staff changes at the Central Bank meet the minimum legal standard.

Meanwhile, Kasekende was not happy since most of the people who left the Central Bank were part of his inner circle, which he hoped to depend on in case he was promoted to full governor. Kasekende, with age on his side, hopes to become the next governor. However, the president holds the strings of who becomes Governor. It is said that Dr. Kasekende was a close associate to Bagyenda and her sacking, left a big hole.

Now, a hatched plan by Kasekende to bring Bagyenda back to Central Bank in the absence of Mutebile has leaked.
Mutebile is slated to travel out of the country for treatment any time soon.

With Mutebile’s absence, it has been reported that the Deputy Governor is expected to hold an emergency meeting with Board Members of the Central Bank where the board will move a motion extending Bagyenda’s Contract.

According to, an online news site, Bagyenda has paid huge sums of money to certain Board members of BOU to cover up on her ill-gotten wealth.

“If Justine Bagyenda successfully convinces the BOU Board to extend her contract, she will use this opportunity to cover up the Auditor General’s expected report on the defunct commercial banks that she shut down” A source said.