Beautiful, self-motivated and full of energy, Jane Kugonza was an exceptional accountant with a sense of style. She held the latest iPhone model and had a particular liking for red stylish shoes with matching lipstick and leather bags. A certified chartered accountant, Jane was an envy of those who knew her: the boys wanted some piece of her while the ladies envied the attention she commanded. However, her beauty and false innocent look led to the collapse of a business in a Ugx. 3 billion fraud scheme. Jane worked with two assistants, Julius Okiring and Maria Atukunda in her finance…
Bank fraud in East Africa, how to prevent this ever-present danger, part 1
No system is unhackable. That is the hackers’ credo. And it is accurate. There is no security system that cannot be breached. The catchphrase these days is “military-grade” encryption. The truth is, the military-grade security system is managed by human beings! It goes without saying that what one human being can do. Another can do better. The good guys, the IT professionals, and cybersecurity experts are always in the comfort of their offices. They can easily sleep off. However, the bad guys are highly motivated. So what is hacking and how do hackers do it? Hacking is a breach of…
Board member effectiveness and reflection
The primary role of the board of directors is value addition. Every board member must take self-reflection and, ask “which value do I bring on this company’s board?” At the end of every board meeting, the board chair must always ask his board: which value did we add today? Did members just waste the time and money in sitting allowances or the meeting added value? Which value? Read: Is your board empowering you? Each board member must answer the following: Why do I deserve a sit on this table? What are your specific roles and responsibilities? If you are a…
Tool 50 of 104 is to plan for the future
“The village firm is my savior. When you are in Kampala, enjoying the spoils of the job, it is easy to forget about your life after the job. Do not be blinded.” In May 1989, Jane received an invitation letter for an aptitude test for a public service job. The testing venue was a familiar one, a hall at Makerere University in the Faculty of ICT, a place she had spent four years in undergraduate study. A week later, She sat the aptitude test with over 800 others and was glad to be among the top 120 applicants who made…
#WayofTheGuerrilla: Why you need a marketing plan, part 4 of 7
Most of the time I have been with clients, apparently successful but when you actually go deep, understand their financials, you realize they are almost on the drip. Money isn’t on the bank account. Though things could be moving on, the sales are not growing. Cash collections are not happening. The company is in survival mode. As a leader, you must try to avoid such a scenario. The starting point is to set sales targets for all staff. Give everybody in the organization a target to sell. This reminds me of Nile Bank when I was starting my career. By…
ICGU 14th Public Lecture Shaping the Corporate Governance Agenda in Uganda
KAMPALA, 8th August 2019: The Institute of Corporate Governance conducted the 14th Public Awareness Lecture with great success. Themed, “Corporate Culture: Enforcement, Values, and the Practice – Fostering Uganda’s Middle Income Status.” The lecture was held at Kampala Serena Hotel, Victoria Hall. Preamble The Public Lecture was sponsored by Centenary Bank and Opportunity Bank. It attracted over 150 top executives in the public and private sectors. Christine Kyeyune Kawooya, Chief Executive Officer of ICGU opened the floor by welcoming H.E. President of the Republic of Uganda, represented by Hon. Muruli Mukasa, Minister of Public Service. After observing all protocols, she…
