A source at State House Nakasero told us yesterday that “Stanbic Bank” belongs to president Museveni’s family. The revelation shocks because Ugandans have all along known that the bank belongs to South African company.

It is alleged that Museveni’s family is paid 200 million [Uganda shillings] per month as administration fees via an escrow account in South Africa.
An escrow account is a temporary account awaiting verification of goods and services. The sources at Stanbic Bank also told us that cheques are usually signed to pay the Museveni family’s administrative fees even though they do not have supporting documentation to justify or explain the payment.
We are further told that Museveni family is paid royalties and rent by escrow for its ownership of the title deeds of the Stanbic Bank business name in Uganda. Stanbic Bank was once the Uganda Commercial Bank, Uganda’s largest banking group.

The sources say that it is Stanbic Bank that is used to finance businesses like Roofings Ltd, Speke Resort Munyonyo, the J&M Hotel along the Kampala-Entebbe highway, businessman Hassan Basajjabalaba’s hotel and Kampala International University, all of which actually belong to the Museveni family.

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