Police Investigating SACCO Leaders over Loss of UGX 114M

Police in Kwania district is investigating leaders of Ikwera Savings and Cooperative Society (SACCO) following the loss of 114 Million Shillings.

The SACCO leaders are accused of swindling the members’ savings, leading to the temporary closure of the SACCO. It is alleged that between May and October last year, the SACCO Chairperson Robert Odur who is currently on the run embezzled 114 million shillings, which was part of the members’ savings.

Trouble for the leaders started in July last year when some of the members stormed the SACCO offices demanding their savings.

Failure to release the savings prompted some of the SACCO members to run to police for intervention.

Jimmy Okullo, the Chairperson Kwania Mobile Money Association says they saved 7.4 Million Shillings with the SACCO in 2019 but the SACCO leaders failed to release their money.

Lillian Adongo, a farmer and a member of the SACCO says that they had saved 7 Million Shillings.

Patrick Bura, the Kwania District Commercial Officer blames the mess on the leadership of the SACCO.

Kwania District Police Commander Charles Mugisha says that they are investigating the matter.

However, Felix Oguna, the Manager of Ikwera SACCO says most of the members failed to service their loans amounting to 68 million shillings. He said plans are underway to recover the money.

Ikwera SACCO Limited is one of the pioneer SACCOs in the Lango sub-region. The SACCO established in 2009 with 40 members has grown to 1,140 members with a loan portfolio of 270 Million Shillings.

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