The hot potato in sale of UCB

Oct 05, 2001

A new reflection on the people’s own bank saga

By John Nagenda FOR THOSE of us who live sedentary and somewhat boring lives, the current hot potato of the Uganda Commercial Bank saga couldn’t have come at a better time. It had everything, save perhaps sex: power, politics and “money, money, money” as the Jewish pop song goes. It had the President, not for the first time, giving eloquent arguments for the selling of UCB. His minister of finance reiterated these in a statement to the House, adding his own, and sent a copy via the media to the public at large. A large conciliatory spoonful could be tasted in this! A legal opinion was also published, on Bank of Uganda’s intervention in UCBL, elegantly penned by that legal giant Dr J Byamugisha, and Mugerwa & Masembe Advocates. It ended: “In conclusion BOU may dispose of UCBL, in the manner it has determined; which is in accordance with the Constitution and FIS. It is BOU’s constitutional duty in enforcing the FIS to have an effective and efficient operating banking and efficient operating, banking and credit system in Uganda.” Even your columnist, worried as he has been all along regarding the manner of the UCB sale, wrote a letter in Monday’s Vision concerning the separation of power between the Executive and the Legislature; important though both were. Indeed in his statement, Minister of Finance Ssendaula ended, “Hon Members, I will commit myself to provide this House with regular reports on the progress...I will also table...the independent evaluation report... once the process has been completed. You will appreciate...that the Executive took into consideration all the resolutions of this august House when deciding on the way forward.” In answer, some MPs still seem more than determined to censure Ssendaula! It must fail. Others are more hell-bent yet, calling for the impeachment of the President himself; Dr Okullo Epak calling him, “the real culprit”, who “defied Parliament”. The charge does not stick, in the same way that the President would never dream of calling Epak a culprit for “defying” him, when Epak is only exercising his constitutional right or duty. But parliamentarians down the ages have always had a bee in their bonnet when it comes to knowing where their functions start and end. It was, as usual, Gulu Municipality’s N. Mao who was credited with the most nauseatingly irresponsible and silly statement, that “Museveni had personal interest in the UCBL privatisation”. Every time you think Mao cannot sink any lower he proves you wrong. But if he has proof to support his statement, the President has invited him to bring the evidence. Don’t hold your breath! Meanwhile, many good and concerned citizens, not excluding your columnist, would have wanted to be kept abreast of the developments as they occurred. But, rather as in the way proof of bin Laden’s complicity in terrorism is concerned, the news is currently only being given on “a need to know” basis. You and I will have to wait in patience. But the President has directed BOU Governor Mutebile: “...you must ensure that you commission an independent audit to evaluate the transparency of this whole transaction and keep me posted.” Subsequently, as stated by Minister Ssendaula, the services of the well-regarded DFID (the British Government Department for International Development) have been sought. It will not be an act of treason to state our minds freely once the information is in our domain. And that includes members of parliament. Meantime a quick word on the build-up of forces against terrorism: you don’t have to be its supporter (this column is strongly anti) to note what sometimes happens. The huge debt owed over a long period to the UN by the US has now been quickly settled. British Premier Blair has promised a fresh start on financial help to the poorer nations. And, hurrah!, it’s not over yet. * * * On Tuesday The Monitor carried the headline: Uganda second most corrupt — report. It was, no need to guess, from a senile organisation passing itself off as Transparency International. Last year it rated us third most corrupt country on earth. Of course it’s all a bit of a harmless laugh isn’t it? But there are times when you summon a belly laugh and unfortunately the belly itself comes up. To put it more succinctly, organisations like this self-regarding monstrosity can make you sick and should carry a medical warning. Who are the folk who make up this self-styled Transparency? We all have our indices, and I went to mine: “ The SMGAOE; usually made up of AI rejects; has-beens of colonial services; not a good tooth between them; hankering after a bygone era which never came again; to be found in seedy suburbs or unsalubrious attics; treat with due pity...” Most of it was obvious enough: AI could mean either Amnesty International or Artificial Insemination (take your pick). The tooth business showed bad dental hygiene, and therefore probably pointed to British or Europeans. SMGAOE required a phone call; it turned out to mean Second Most Gaga Association on Earth; the winners in this category lie dead in graves. I did once find myself (please God, never again) with Transparency people at the Sheraton in Kampala. They were wrinkled in body, cloth, mind and manner; at once hand-wringing and haranguing; most off-putting. I cancelled my dinner booking at once. Their local agent, The Monitor, tells us about their newly published 2001 Corruption Perception Index (dig that title!). I will not be reading it to “discover” how adults can believe in such farcical numberings; life’s too short.

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