DFCU’s Elly Karuhanga resigns as Board Chairman as crisis deepens at the bank

DFCU Bank has confirmed the resignation of Dr. Elly Karuhanga as its Board Chairman amid the growing crisis at the financial institution. Karuhanga’s resignation comes just days after the bank’s PRO Rukh-Shana Namuyimba also threw in towel at the beginning of this month

Karuhanga who has served as the board chairman for 15 years announced his resignation from the bank at the 56th Annual General Meeting held on Thursday, August 19 at the Bank headquarters in Kololo.

“I formally inform the shareholders as I have already informed the directors that I intend to retire early from the chairmanship of the board but I would like to retire,” Karuhanga said.

Karuhanga, who turned down a two years offer from the stakeholders for the role issued a one-month notice ending September 30, 2021, for stakeholders to look for another person who will replace him as the chairman board of directors.

“I want to tell you that this is an emotional moment for me because Dfcu has made a big difference in my life. I am very thankful that you kept giving me the opportunity every time I came up for reelection. I now must give way to younger people to come and save our bank. I pledge my entire support as I leave,” he said.

In July this year, he stepped down as the board chairman at the Uganda Chamber of Mines and Petroleum (UCMP).

The seasoned business acumen previously chaired Uganda Soft Drinks Manufacturers Association board, Uganda Chamber of Mines & Petroleum, Development Finance Co. of Uganda Ltd., British American Tobacco Uganda Ltd and Director & Legal Counsel at Canmin Resources Ltd.

Elly Karuhanga is also on the board of Nile Breweries Ltd and Marasa Holdings Ltd. and Chairman for Uganda ThinkTank Foundation, President of The Rotary Club of Kampala, Senior Partner at Kampala Associated Advocates, National Social Security Fund Uganda, Chairman-Governing Council President at Alternative Dispute Resolution and Member of World Trade Law Association.

The embattled DFCU bank is facing a growing list of serious scandals, among them including the controversial acquisition of Sudhir’s Crane Bank.