Cairo Bank official convicted for aiding shs200 million loan fraud

Kampala, Uganda | THE INDEPENDENT | The Buganda Road Chief Magistrates Court has convicted a credit official for assisting a client in fraudulently obtaining a 200 million shilling loan from Cairo Bank. On Wednesday, Chief Magistrate Ronald Kayizzi found 43-year-old Specioza Nassuna, a resident of Tega Zone in Nabbingo Sub County, guilty of conspiring with Robert Kisolo, a businessman from Bulamu Village in Nangabo County.

Both Kisolo and Nassuna, who reside in Wakiso District, were convicted on five counts, including forgery, obtaining credit by false pretenses, and obtaining money by false pretenses. The court heard that Nassuna and Kisolo forged several documents, including powers of attorney, falsely claiming they were signed by Henry Ssemugooma Akalya-Amagwa, Clementina Babirye, and Catherine Namusoke—the lawful administrators of land located in Block 109, Plot 22, Gwafu Seeta in Mukono District.

A bank valuation and survey report of the land, which Nassuna smuggled into Kisolo’s loan application file, formed the basis for obtaining the 200 million shilling credit. The prosecution presented 11 witnesses, including family members of the land’s rightful owners, Cairo Bank officials, and handwriting experts. The evidence left Chief Magistrate Kayizzi with no doubt that Nassuna and Kisolo had conspired to forge documents and defraud Cairo Bank.

As a result, both were found guilty. Prosecutor Joan Keko requested a ten-year custodial sentence and a compensation order of 200 million shillings, highlighting the rising cases of bank fraud nationwide. According to a 2023 police report, 12,924 cases of bank fraud were reported. Keko also emphasized the psychological distress caused to Ssemugooma and his family. The prosecution noted that cases of obtaining money by false pretenses (10,709 cases) and forgery (8,000 cases) are rampant in the region, resulting in significant emotional and mental anguish for victims. In this case, Keko stated, the forgery and false pretenses led to the fraudulent acquisition of a 200 million shilling loan, causing a substantial loss to the bank.

Furthermore, the land used as collateral was family land, intensifying the emotional distress to the rightful owners. Chief Magistrate Kayizzi adjourned the case to February 12, 2025, for the convicts’ mitigation and subsequent sentencing.

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