REVEALED: Dfcu Bank in search of new Chairman to replace Jimmy Mugerwa

Mr. Jimmy Mugerwa After the departure of Jimmy D. Mugerwa to Tullow Oil plc in London only in August, emerging reports indicate that Dfcu Bank is on the clandestine hunt for a new person to replace him as Chairman of the board of directors.

“We are looking for Mugerwa’s replacement and anytime we shall announce that person,” a top executive at the bank said on condition of anonymity for he is not authorised to speak to the press on such sensitive matters.

He added that the bank is looking for the person with integrity who can help it redeem its image that was tarnished after it was established it controversially acquired its rival Crane Bank Limited (CBL) in January 2017.

The new Chairman, if appointed will work hand -in-hand with the new Chief Executive Officer Mathias Katamba who only joined the bank in January 2019 after the resignation of Juma Kisaame whose reign at the helm of that institution would later create controversy due to bad business deals he signed as CEO of the bank.

The source further said the new Chairman will be tasked to normalize work relations between top managers of the bank who he says are antagonistic to each. It should be remembered that before Katamba was brought in from Housing Finance Bank, it was rumoured the then Chief of Business and Executive Director of Dfcu Bank William Sekabembe would take over from Kisaame.

The appointment of Katamba, according to insiders did go well with Sekabembe especially that he declined to take up the role of Managing Director at KCB Uganda in anticipation that he would succeed Kisaame. “He felt unappreciated by the board after Katamba was appointed,” a source said.

Now among others, the new Chairman being hunted will have to work hard to ensure that top managers at the bank work together to take it to higher levels.

Meanwhile, Mugerwa, the first Ugandan General Manager for oil company Tullow Oil Uganda was recalled to Tullow Oil PLC in London in a move analysts said was a result of the bad press Mugerwa had been attracting as Dfcu bank’s board chairman. This, according to insiders, had been tarnishing Tullow Oil’s international image.

Mugerwa got the job because of his experience as a top manager at Shell and his expertise in government relations, which Tullow needed badly.
Mugerwa who previously worked in Shell’s East Africa business where he was […]

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