By Watchdog reporter

Budadiri West county MP and FDC Secretary General Nandala Mafabi has told the country that the Governor of Bank of Uganda (BOU), and key staff within the central bank should be in Luzira by now for their incompetence in managing the financial sector.

Mafabi who was appearing on NBS television show The Frontline, said, BoU bosses were exposed when they failed to supervise Crane Bank.

Crane Bank which was placed under statutory management last year before it was handed over DFCU, had been declared by BOU the best bank for 3 years in a row.

Mafabi, a former leader of the opposition and ex PAC chairman said, the governor every after 3 months was presiding over an opening of a new branch of Crane Bank as the bank was spreading wings across the country.

Mafabi accuses BOU staff of participating in insider trading, connivance and lying to the nation that Crane Bank was a sound financial institution for more than 7 years when it wasn’t.

Mafabi, who is also a member of finance committee of parliament said that comprehensive investigations should be opened into BOU to prevent another catastrophe from happening.

Greenland, ICB, Cooperative Bank, National Bank of Commerce have all been shut down under the close watch of BOU. And all of them have been acquired under unclear circumstances, their promoters have died under unclear circumstances and their assets sold under suspicious circumstances.

The Governor and the ED Supervision Justin Bagyenda should be tried in Anti – Corruption court, according to Nandala Mafabi, who is vying for the FDC party presidency.

In the alternative, a commission of inquiry should be instituted to investigate the rot in BOU.