MUGABE R
Nyarwanya SACCO shareholders have been assured that all misappropriated funds will be recovered. Speaking at the SACCO’s 24th Annual General Meeting in Bugangari Sub-County, Rukungiri District Police Commander SSP Apollo Kyangungu attributed the crisis to former SACCO manager Alex Tumuramye’s fraudulent dealings with scammers.
He promised 90% recovery within three months and defended the suspects’ bail, saying it allows them to refund the money.
SACCO Board Chairperson Canon Twinomujuni Wycliff Makky praised security agencies for the arrests, urged loan repayment, and called for discipline among the youth.
Despite the fraud, SACCO Treasurer Benon Bangawaki announced a 21-million UGX profit last year and projected over 100 million UGX this year.
External Auditor Richard Baguma reassured members of the SACCO’s financial stability.
Acting Rukungiri District Commercial Officer Caroline Atuhaire condemned corruption in SACCOs and urged employees to uphold integrity.
Nyarwanya SACCO lost 160 million UGX in June 2024, with 66 million UGX recovered so far. Efforts to retrieve the remaining funds are ongoing.
