EQUITY BANK 65 BN  HEIST:  Exposure of Individuals and Companies that Scooped the Loot

An inquest by senior financial forensic analysts into the Equity Banks’ sixty-five billion (65b) scandal that has shaken the banking industry in the recent past, indicates that the scam was stealthily executed through several e-banking-related products.

 This alleged e-banking scheme was a professionally designed scam orchestrated by the bank’s top management to enable seamlessly authentic transactions whereas not according to the senior financial analysts.

Their findings reveal that the scammers colluded with established companies and top business shots and individuals, employees of the  Bank of Uganda as alleged. 

With the alleged Bank of Uganda, cohorts in tandem, whose mandate is to monitor/see how the banks’ products on the market and its performance, they believed that the fraudulent transactions wouldn’t be discovered.

However, following the arrest of the Bank ED  Kenneth Onyango whose hands are white into the bank’s scandal, and others still at large, the investigation has now spread to the  Kenya side rooting Mr. Kirubi who by then headed Equity Bank Uganda Ltd as boss.

E-Banking Deception

Details have also emerged of a string of hasty resignations by a number of senior Equity bank staff two years back and their involvement in the scam as investigations continue to dig deep into the scandal. 

Equity Bank’s digital credit solution is aimed at unlocking the potential value of goods and facilitating businesses. The product had good intentions for the working Ugandans with the right documents to access these funds, but the product has been mismanaged causing the bank a huge loss.

It is alleged that Equity Bank’s rot started while Samuel Kirubi was the bank’s Managing Director Equity Bank Uganda. Mr. Kirubi knew the time bomb would go off, he was ahead of time and he resigned back to Kenya.

Who is Samuel Kirubi in Equity Bank?

Prior to joining group operations, He served as Managing Director of Equity Bank Uganda Limited since 2015. He was the Founding member and Managing Director of Equity Bank Rwanda in 2011 and in 2009 served as operations officer in Equity Bank South Sudan.

The Department of Domestic Banking in the BANK OF UGANDA(  BOU) which approved the product as beneficial to the businesses/working class in Uganda did nothing to monitor the situation as it continued. 

Senior financial Investigators allege that the scandal is an inside dealing within the bank’s staff and it’s about to expose a line of a network in the Bank of Uganda (BOU) sources continue to reflect that most of these facilities were undervalued next to none.

Interpol police should come into play for international extradition. Since we are in the East African community, Mr. Kirubi should at one point be brought back for questioning about this heist caused while still in operations.

The Scheme Unveiled

In our next dossier, we intend to expose big companies and individuals who were at the forefront and benefited from the equity bank sixty-five billion scandals.

The investigation team still has a lot to dig, and senior financial analyst deep their heads and say the racket is still large.

Sources indicated that the former equity bank boss, a Kenyan businessman now (mr.  Samuel Kirubi) and operations managing director, was the head of this heist. He knew that at some point in the long run things would get hot for him, not excluding big shots in the Bank of Uganda starting with the domestic banking department that approved the product. A senior financial analyst said this was a well-planned scandal.

Former equity bank Mr. Kirubi who doubles as the country director and Md equity bank was a head to resign before facts could surface and expose the rot. It is alleged that for almost two years(2) back this has been a deal for giant companies that are still at large since investigations are still wide.