MUGERWA TULLOW OIL DOOM: Why Jimmy Mugerwa Won’t Survive another Sacking from DFCU Bank

Jimmy Mugerwa

Jimmy Mugerwa job security at the DFCU Bank is looming just days after his Tullow Oil bosses acronymous swang a sharp axe at him.

Replaced by female Lawyer, Mariam Nampeera, the embattled former Tullow Boss (Mugerwa) must be fighting to retain his job at the financial institution (DFCU) and all signs point to one thing, just let the man be sacked.

From our in house expert opinion and focus, Mugerwa is on his way to exiting the bank.

Here is how.
With a career spanning over 25 years in the oil and gas sector, Mugerwa’s image has for long been dented and the Banker has sustained negative media coverage and this has been effected by very senior staff at the Bank where Mugerwa has been chairman of board.

Addressing the 3rd annual Ugandan Bankers’ Conference, Mr Mugerwa himself confessed the several negative media campaigns and noted that such has cost his image and that of the DFCU Bank.

Already Mugerwa is not in good books with fellow staff at the Bank. Having been appointed DFCU board chairman, Jimmy Mugerwa together with Ex Managing Director Juma Kisaame played a pivotal role in manipulating DFCU to acquire Crane Bank, a move that has since become controversial and hotly contested in Courts of Law. This subsequently led to DFCU’s rushed and not worthy takeover of Crane Bank from the Central Bank-Bank of Uganda at a giveaway price.

Something to note reliably is the fact that Jimmy Mugerwa leadership as DFCU board chairman has been one of intrigue, selfishness and bossing up plus undermining the banking institution’s junior staff.

Sources in DFCU have since January intimated that Mugerwa individually undermined William Sekabembe endeavours of becoming the next Managing Director at the Bank after Juma Kisaame.

Lately the Chief of Business and Executive Director, Sekabembe’s dream was to become DFCU Managing Director (MD) but was shocked to learn that his dream for such lucrative job was shattered after Mugerwa allegedly operated from behind.

The Bank’s other staff have since put that Jimmy Mugerwa overwhelmingly outsourced for Mathias Katamba’s takeover from Juma Kisaame who quit the troubled institution last year. This was an event effected by Mugerwa to frustrate Sekabembe at DFCU.

At a time of Kisaame’s confirmed departure, Sekabembe had been warming to occupy the position but was struck by reports that DFCU had reached out to Katamba who hastily resigned from Housing Finance Bank.

Even with the humiliation Sekabembe remained in office at DFCU dropping a deal he had sealed with KCB bank. Here he stayed to also effect and frustrate Mugerwa’s ambitions.

The bank would not as such want to keep Mugerwa at its helm. If he stays, as already is the case, DFCU might continue getting split into factions and disagreeing staff cliques.

Sekabembe is already an established senior staff, very powerful and can influence decisions at the bank according to the Bank insider staff.

It’s therefore no wonder that Mathias Katamba, Jimmy Mugerwa right hand man is well exiting the Bank just after nine months in the CEO capacity at the Bank.

Recently Katamba has been in the line of fire especially where his (Katamba) very exclusive loan details acquired from DFCU were leaked to the media.

We continue to keep our fingers crossed!

Share Button

This post has been seen 2343 times.

Related posts

Leave a Comment