Day

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In Kampala—-
Another top official has announced resignation from DFCU Ltd, the company that runs DFCU Bank, which has continued to attract industry scrutiny in the aftermath of the controversial takeover of Crane Bank.
Dr. Winfred Tarinyeba Kiruabwire, in a notice published by dfcu Ltd lawyers in the newspapers on Friday, announced that she had left her role as non-executive director with immediate effect.
She resigns due to another commitment shes due to undertake in another regulated entity, reads the notice published by dfcu Ltd lawyers Ligormac Advocates.
The notice indicated that the board was in the process of nominating another director to fill the role.
The development comes at the backdrop of published financial results of the DFCU Bank that showed a reduction in profits by a whopping 51%. It also comes less than three weeks after an official, the DFCU Banks company Secretary Agnes Tibayeita Isharaza crossed to NSSF, capping another troubled week for the bank.
After a bumper harvest in 2017 following the controversial takeover of Crane Bank, DFCU Bank has now recorded a whopping a 51.6% drop in its 2018 profits after tax, which fell to UGX 61.7bn from UGX 127bn, registered the previous year.
In annual financial statements published this week, the drop in income means that shareholders will receive less than half the dividends received in the last financial year.

The Board is recommending a cash dividend of UGX33.01 per share less withholding tax where applicable a dfcu Group financial statement accompanying the banks statement and signed by Chairman Elly Karuhanga read.
In 2017, shareholders received a dividend of UGX 68.24 per share.
The drop in shareholders dividends is because only UGX 24.7b was set aside to be shared amongst them compared to 2017s UGX 51b.
To make matters worse for DFCU shareholders, the value of their shares has witnessed a 28.8% drop from UGX 970 on July 17, 2018 to UGX 670, a price at which they were trading on the stock exchange on March 27, 2019.
The drop is partly attributed to negative public opinion generated by dfcu Bank following the controversial takeover of Crane Bank, with top investors pulling out and senior staff exodus in the aftermath.
The dfcu Bank had in 2017 experienced exponential growth from UGX 46.2bn in 2016 to UGX 127bn after taking over Crane Bank, but 2018 was a downward spiral.
Customers deposits declined by 0.4% from UGX 1.987 trillion to UGX 1.979 trillion in 2018.
2018 also saw assets declining by 4.6% from UGX 3 trillion to UGX 2.88 trillion.
The resultant effect was 21% decline in income from UGX 519.8 billion to UGX 410.6 billion, which affected the bottom-line.
Financial analysts say that figures have proved that the 2017 take-over of Crane Bank was a windfall for dfcu Bank and they predict that performance will soon fall to pre-acquisition levels.
dfcu Ltd posted a total comprehensive income of UGX 60.8 billion which was lower than last year that included a one off item of UGX 119 billion which arose from a business combination, dfcu Bank reports in its 2018 published results.
A financial analyst noted:
dfcu (Bank) has hit rocky waters writing down former Crane Bank loans by UGX 82 billion. After being catapulted by the ill fated Crane Bank acquisition for a paltry Shs 200 billion. At its core it needs a revamp of its personal banking business to grab some market share from Standard Chartered and Barclays bank, an analyst wrote in the wake of the 2018 results.
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www.mknewslink.com
In Kampala
City tycoon Sudhir Rupaleria has been awarded with 2019 lifetime tourism achiever from Uganda Tourism Board for his continued efforts to elevate the tourism sector in Uganda.
The awards were arranged by UTB in a bid to promote local tourism and also to appreciate key individuals that have made a significant contribution to the industry. The awards were dubbed the Ekuula pearl of Africa tourism award exhibition.
The businessman recently offered to become a lifetime guardian for a chimpanzee at the Ngamba Island Chimpanzee Sanctuary on Lake Victoria.
Minister Prof. Ephraim Kamuntu said Ruparelias offer to be a lifetime guardian for the chimp demonstrates his attachment to tourism and conservation in the country.
On top of sponsoring the chimpanzee, Sudhir has a fleet of posh hotels and other top of the art residential facilities like Speke Apartments among others.
Among other personalities awarded at the function was Ms Sarah Kagingo for her continued promotion of the tourism sector.

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By Sylvia Kugonza
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In Fort Portal
One unidentified person was today morning discovered drowned in River Mpanga at Mpanga market Eats division Fort portal municipality.
According to one of the eye witness, he went today morning at around 9:00AM to fetch water and saw the body floating on water which made him to make an alarm that attracted the people and police.
According to residents, the deceased has been porter in Kabundaire market where he has been carrying luggages from the Lorries while others claim that he has been a mechanic in Kisenyi.
However other residents said that they have been seeing the deceased at Buhinga mental unit and he was found with a cannular thus he is suspected to have run from the hospital.
By press time the body of the deceased was at Fort Portal regional referral hospital mortuary for post mortem as police carry out investigations
Recently another person was also discovered dead in River Mpanga with his hands tied up.
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By Michael Bitunga
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In Bushenyi-Ishaka
Security in Bushenyi district yesterday afternoon heavily deployed their long and short armed men to calm the situation as Ishaka Basajjabalaba mosque as the RDC Jolly Tibemanya re-opened it amidst resistance from some Muslims.

The mosque which was closed by the Uganda Muslim Supreme Council mid last year due to disagreements between tycoon Hassan Bassajjabalaba and some of the Muslims was re opened by the RDC.
However some of the Muslims were against it saying that those who brought in the fights and confusion were the ones still heading it.
” We hear that Hassan Bassajjabalaba is still the chairman of our mosque but we dont want him because he is the one who used to sell our property with Lukwago, therefore only the corrupt and bribers opened the mosque but the saved ones, we haven’t ,” one of the demonstrators lamented.
When the demonstrators wanted to enter into the compound of the mosque, the armed police stopped them which annoyed them and they started shouting plus singing Arabic songs.
When the DPC Bushenyi district tried to convince them to go back to their homes and come back on 17th April 2019 when Mufti will visit them, they asked him various questions which he told them he was not there to answer.
Then they tried to use force so the armed men had to put their guns and teargas bottles at work.
Reopening the mosque, the RDC urged the Moslem community to be Allah/God fearing and Law abiding citizens so as to avoid unproductive conflicts.
He assured them of security to ensure peace as they exercise their freedom of worship.
He handed the mosque and its property to the Supreme Mufti who was represented by Sheikh Badru Maaso.
Sheikh Badru Maaso said that prayers at the mosque will resume on 17 April 2019 and will be led by the Mufti of Uganda Ramadan Mubbajje
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By Allan Mugabe
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In Rukungiri
Rukungiri district police are investigating circumstances under which two people died in two different places in the district. Among them
One of them is Rauben Hakiri, 40 years also known as Kyasha a resident of Kazindiro cell, Bugangari parish in Bugangari sub-county, Rukungiri district whose lifeless body was found lying in the middle of a footpath that links Bugangari to Kakirago trading centre near river Rumira.
The deceased is said to have had long time rivalry with his former wife. The residents allege that Hakiri on Friday night went to where the wife is currently staying in Bwongerero cell with an aim of fighting her which prompted the angry residents to lynch him.
Meantime, police is also investigating the suicide case of one Donator Akankwasa 24, a resident of Rwabutonya cell, Kyaruyenje parish in Buhunga sub-county who was found hanging in eucalyptus tree in the wee hours of Saturday morning. Donator has been married to Abel Asimwe 27, with a one and a half year old boy.
The reason for her action couldnt be discovered.
Elly Maate the Kigezi regional police mouth piece called on the public to always make use of relevant offices to solve their issues other than mob or committing suicide.

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By Okoodi Abooki
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In Western Uganda

Justice and constitutional affairs minister Major General Kahinda Otafiire has accused Rwandan President Paul Kagame for failure to promote the spirit of African brotherhood which is Key to unity, peace and stability on the African continent.
The Major General said uniting African continent and benefiting from its rich resources will not be achieved by Uganda alone but requires a combined effort from other African countries.
He said if some African leaders realized what Uganda is fighting for, they would not be closing the borders because of a few disagreements.
He said if two brothers disagree, they sit on a round table and sort out the disputes rather than resorting to destroying property adding that these are some of the issues that president Museveni need to solve before thinking of retirement.
Speaking to the western region youths during a function they organised in support of Musevenis sole candidature for 2021 polls, Kahinda Otafire noted that the most important thing is to unite Africa, promote African products for Africans to become strong and be able to resist any attempt by European countries to impose their interest on Africa.
He urged the youths not to get worried of their stay in power, but rather learn from them and follow their footsteps as they address unresolved issues to avoid leaving them in tatters.
He said although president Museveni has restored security and improved on social services in the country, he has to leave Africa a united continent for the youths to have total peace and tranquility.

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