The Bank of Uganda (BoU) is yet to recover Shs219 billion linked to its intervention in the defunct Crane Bank as of June 30, 2025. This information was revealed through financial statements reviewed by Parliament's Committee on Commissions, Statutory Authorities and State Enterprises (COSASE). The committee will question BoU officials, the Finance Minister, and Crane Bank shareholders on November 9, 2026, to establish the status of the outstanding amount and who is responsible for settling it.
The committee is examining the money BoU injected into Crane Bank before transferring some of its assets and liabilities to Dfcu Bank in January 2017. BoU received Shs200 billion from Dfcu Bank, but its financial statements still recorded about Shs219 billion in outstanding receivables as of June 2025. Muwada Nkunyingi, the Kyadondo East MP and COSASE chairperson, stated that the committee wants to learn from Crane Bank what has occasioned the non-payment.
Julius Nakiyi, the Budadiri East MP assigned to scrutinise BoU's financial statements, told the committee that the central bank had provided financial support to Crane Bank to meet its obligations. The expectation was that the money would be recovered through the subsequent transaction and, where applicable, from the bank's shareholders. Nakiyi said the 200 billion shillings received from Dfcu Bank had not cleared the amount recorded as outstanding.
The committee intends to establish the nature of the outstanding obligation, the amounts recoverable from the different parties, and whether any further payments have been made. The meeting with BoU had initially been scheduled for an earlier date but was postponed after the central bank informed the committee that Governor Michael Atingi-Ego was out of the country. Under the revised programme, COSASE is scheduled to meet BoU officials, representatives of Haba Group, and the Finance Minister to discuss a separate 140 billion shillings issue.
Crane Bank was among Uganda's largest commercial banks before BoU took over its management on October 20, 2016, citing serious financial difficulties. The bank was subsequently placed under receivership. In January 2017, Dfcu Bank acquired specified assets and assumed certain liabilities, including customer deposits. The transaction enabled customers to access their accounts through dfcu Bank.
However, not all liabilities and claims associated with Crane Bank were transferred to the acquiring bank. The intervention triggered several legal disputes involving BoU, Crane Bank's former shareholders, and Dfcu Bank. BoU pursued allegations against businessman Sudhir Ruparelia relating to funds allegedly taken from Crane Bank. Separately, Crane Bank and its shareholders brought proceedings in England against Dfcu Bank and other parties over the transfer of Crane Bank's assets.
Key points
- The Bank of Uganda has not recovered UGX219 billion linked to its intervention in Crane Bank as of June 30, 2025.
- The committee will question BoU officials, the Finance Minister, and Crane Bank shareholders on November 9, 2026.
- Crane Bank was among Uganda's largest commercial banks before BoU took over its management on October 20, 2016.
