Kampala, Uganda | THE INDEPENDENT | Julius Kakeeto has been appointed the new managing director of Post Bank Uganda Limited.
He replaces Stephen Mukweli who is battling charges of misconduct at the bank.
Kakeeto has been heading Orient bank for the four and half years and is credited for turning the bank into profitability. He also worked at audit firm Ernst and Young, Citibank, and Equity bank.
He is expected to lead Post Bank from tier II to tier I where it will fully become a commercial bank, Post Bank said on Monday.
Investigations into Post Bank activities started in April following a whistle-blower’s petition to the State House Anti-Corruption Unit over possible fraud and abuse of office.
The team led by Lt Col Edith Nakalema said it based on credible information to undertake a special investigation on Post Bank Uganda over abuse of office, involving a number of senior Post Bank Personnel.
This led to the suspension of the top leadership, pending investigation. Other officials, who were suspended, include Safina Wabuna, the executive director for ICT, David Mwesige, the head of IT, Augustine Kisitu, head of business technology, and Emmanuel Mwaka, the finance manager.
Post Bank is owned by the Uganda government with 100 per cent shareholding. It is limited by shares and formed under the Public Enterprises Reform and Divestiture Statute of 1983 and the Uganda Communications Act, 1997 and incorporated under the Companies Act in 1998.
The government says it is an important institution it lends money to small and medium enterprises and individuals who may not be able to get money from bigger banks because of their risk profile.