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Police Sacco goes under microscope over too many bank accounts

Hon. Rosemary Nyakikongoro chairing the committee where Kasingye and other Police sacco leadership appeared

Kampala, Uganda | THE INDEPENDENT | The Committee on Defence and Internal Affairs will examine different bank accounts operated by Police Savings and Credit Cooperative Organization (SACCO), Exodus.

This arises from the observation that the Police Sacco which was founded in 2007 has been opening and operating new bank accounts each time a new board is constituted without proper procedures and accountability.

The Chairperson of the Committee, Hon. Rosemary Nyakikongoro directed that all the previous Exodus Sacco Board leadership present full details of bank accounts that they operated during their tenure including their financial standings at the time of handover.

“We need the former board leaders of Exodus to come back and specify the issues of bank accounts. We shall allow you to consult and tell us which board had which accounts and what was handed over,” Nyakikongoro said.

This was during a committee meeting with former board members of Exodus Sacco from 2007 to 2019 on Wednesday, 15 March 2023.

The retired Assistant Inspector General of Police (AIGP), Asan Kasingye who was chairperson of the interim committee of Exodus Sacco from 2007 to 2012, said during his tenure, they operated three bank accounts; two in Stanbic Bank as current and saving accounts, while the other was a fixed account in the then Barclays Bank (now Absa) which had a fixed deposit of Shs1 billion.

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