Neither Rajiv or Sudhir are pushing DFCU to the wall: Kagenyi Lukka

Neither Rajiv or Sudhir are pushing DFCU to the wall: Kagenyi Lukka

In Chapter three of the book of Genesis, the writer presents in detail about the fall of man.

Adam and Eve, who God created and trusted with the garden of Eden didn’t live up to God’s expectations. God had instructed the duo to eat all in Eden except the tree in the middle of this heavenly garden.

Sooner than later, the two ate a fruit from the tree that God had forbidden them from eating and thus sinned before God.

Other than accepting guilt, Adam blamed the woman (Eve) while Eve blamed the serpent tempting her.

Eazzy Banking

The current reaction by some Dfcu officials and sympathises can be related to that of the sinful Adam and Eve.

Dfcu is yet to finish mourning the exit of its second majority shareholder, the Common Wealth Development Corporation (CDC) which announced that it was planning to cut ties with the crisis coated Nakasero based bank.

Apart from CDC’s exit the bank is facing massive exodus of its employees to other institutions, liquidity crisis and reports of organised robbery at the bank among other deep seated troubles.

Rather than explaining why dfcu bank is in a huge crisis, a group of seemingly hired and deployed loose cannons on WhatsApp and other social media platforms has instead diverted to blame games.

They have thus blamed their current negative publicity on East Africa’s business icon, Dr Sudhir Ruparelia and  Rajiv Ruparelia, the Managing Director of Crane Management Services (CMS).

They shamelessly accuse them of influencing negative stories in news outlets. In particular, one of the posts attributed to a little know ‘premier media’ made such assertions.

They have also labelled as hired, a distinguished business journalist, Muhereza Kyamutetera, who in my opinion, deserves an award for his deep coverage and critical presentation of the maladies in our financial and banking sectors.

What dfcu and its sympathisers ought to do

1) Look for funds to liquidate the crumbling bank. It is no longer a news item that dfcu’s vaults are dry. This was confirmed by its board chair, Elly Karuhanga on 6th July 2018.

2) Convincingly explain the cause exit of CDC, and resignation of Deepak Malik one of its board member.

3) Explain the massive resignation of staff including that of William Sekabembe, the executive director.

4) Explain the reported organised robbery at the bank

5) Explain how dfcu reached the ceiling in interbank lending among others.

Dfcu bought crane bank through the back door in 2017 at a paltry credit of Uganda shillings 200 billion yet crane bank had assets amounting to over 1.3 trillion shillings.

Finally, such actors owe an apology to Dr Sudhir Ruparelia and Rajiv Ruparelia. I also implore the duo to consider taking legal action against them.

The writer, Kagenyi Lukka is a current affairs analyst and the next MP,Ikiiki.

Disclaimer: the views expressed in this article are not the views of this publication but the opinions of this author.


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