A Shs 107 billion investment by Uganda Airlines in a unit trust managed by Old Mutual Investments Uganda has come under scrutiny following allegations that a senior airline finance official demanded a $100,000 (approximately Shs 369 million) kickback in connection with the transaction.
The allegations have raised questions about financial governance, transaction approvals and the treatment of an independent financial adviser who reportedly opposed the proposed payment and subsequently lost access to the airline’s account.
The controversy involves officials at Uganda Airlines and Old Mutual Investments Uganda, as well as an independent financial adviser who says she reported the matter to the Directorate of Criminal Investigations (CID).
According to accounts attributed to police statements, internal communications and recorded telephone conversations, the proposed investment, the alleged kickback demand and the subsequent reassignment of the account became the subject of internal inquiries and a police complaint.
The full circumstances surrounding the transaction, including the alleged payment demand and an apparent discrepancy in the funds transferred, require clarification from the institutions and investigators involved.
The Genesis of a $29.1 Million Transaction
The events reportedly began in early March 2026, when Uganda Airlines moved to invest approximately $29.1 million in a unit trust portfolio managed by Old Mutual Investments Uganda.
The transaction, valued at approximately Shs 107 billion, was expected to be a routine institutional investment.
However, the account provided by the independent financial adviser alleges that a senior Uganda Airlines finance official, identified in subsequent disclosures as Allan Joel Kyeyune, demanded a $100,000 payment from Old Mutual’s Chief Financial Officer, John Golooba, as a condition for facilitating the transfer.
The allegation has not been established as a criminal finding in the material presented for this report.
According to the account, Golooba sought advice from his predecessor, Samuel Mayanja, after the alleged demand was made.
A recorded conversation reportedly captures Mayanja warning against making an improper payment, citing governance requirements and the potential legal consequences.
The recording, if authenticated, could provide important evidence of what was discussed and how the executives responded to the alleged demand.
The Whistleblower’s Dilemma
On March 4, 2026, at approximately 1:32pm, Old Mutual’s CFO reportedly held a 10-minute telephone conversation with Jane Nalukenge, the independent financial adviser assigned to the Uganda Airlines account.
According to Nalukenge’s account, Golooba informed her that a Uganda Airlines official was demanding a kickback in connection with the proposed investment.
As the adviser responsible for the account, she says she was consulted on how the matter should be handled.
Nalukenge reportedly opposed the proposed arrangement and advised that the issue be escalated to Uganda Airlines’ senior management.
In a statement attributed to her in the investigative material, she said:
“I made it very clear that I do not support nor condone any form of kickback or unethical commission arrangement. The appropriate course of action would be to escalate the matter to the airline’s executive leadership.”
Nalukenge reportedly recorded the conversation, saying she wanted to protect herself and preserve evidence of the discussion.
At approximately 9:13am the following day, March 5, she allegedly contacted Golooba again and warned him about the potential consequences of proceeding with an improper payment. She also referred to anti-corruption investigations involving Uganda Airlines.
Despite the reported objections, the investment was transferred the following day, March 6.
The subsequent movement of the funds and the reported reassignment of the account intensified questions about the handling of the transaction.
PART 2: THE REASSIGNED ACCOUNT AND THE SHS 379 MILLION DISCREPANCY
Whistleblower Raises Questions After Shs 107 Billion Reaches Old Mutual
On Friday, March 6, 2026, approximately Shs 107 billion was transferred from Uganda Airlines to a unit trust portfolio managed by Old Mutual Investments Uganda, according to the account of events reviewed for this report.
The transaction marked the movement of a substantial amount of the national carrier’s funds into an investment portfolio. It also preceded a dispute over the reassignment of the account and a reported difference between the expected dollar-to-shilling equivalent and the amount received.
The independent financial adviser, Jane Nalukenge, alleges that she lost access to the Uganda Airlines account shortly after the transfer, following her opposition to an alleged $100,000 kickback demand.
The circumstances surrounding the reassignment, including the reasons given by Old Mutual management, require further clarification.
The Disappearing Agency Code
At approximately 2:00pm on March 6, about two hours after the reported transfer, Nalukenge says she logged into her Old Mutual agency portal and discovered that the Uganda Airlines account was no longer assigned to her agency code.
She subsequently contacted Old Mutual’s CFO, John Golooba, seeking an explanation.
According to her account, Golooba told her that the reassignment was a business decision made jointly with Old Mutual Investments Uganda’s Chief Executive Officer, Zac Kisesi.
The timing of the reassignment, coming after the reported disagreement over the alleged kickback, raised concerns for the adviser about whether her refusal to support the proposed arrangement had influenced the decision.
However, the sequence of events alone does not establish the reason for the reassignment or prove retaliation.
In a statement reportedly submitted to the Directorate of Criminal Investigations, Nalukenge raised concerns about the implications of the decision.
She said:
“Given the preceding events and the pressure relating to the alleged kickback, the circumstances raise serious ethical concerns. If allowed to stand, it creates a dangerous precedent where advisers risk losing clients simply because they refuse to participate in unethical practices.”
The reasons for the reassignment and whether it complied with Old Mutual’s internal policies remain central questions in the dispute.
The Shs 379 Million Question
A separate issue concerns the difference between the expected shilling equivalent of the stated dollar investment and the amount reportedly transferred.
Using an exchange rate of Shs 3,690 per US dollar, an investment of $29.1 million would amount to Shs 107.379 billion.
The reported transfer of Shs 107 billion would therefore leave a difference of Shs 379 million.
That calculation raises a question that requires a documentary explanation: was the $29.1 million figure an exact transaction value or an approximation, and what exchange rate, fees, deductions or other adjustments were applied?
The difference should not automatically be treated as missing money or linked to the alleged kickback without supporting financial records.
A reconciliation of the originating bank instructions, the actual dollar amount, the applicable exchange rate and Old Mutual’s investment records would help establish the precise position.
Questions Over Internal Approval at Uganda Airlines
The transaction has also raised questions about the approval process within Uganda Airlines.
According to the allegations presented in the investigative material, interim Chief Executive Officer Girma Wake was not adequately informed about the transfer before it was executed.
The airline’s finance official, Allan Joel Kyeyune, is alleged to have pressured an authorised signatory, Peter Emuge, to sign the transfer documents without the required administrative authorisation.
These allegations require verification against the airline’s financial procedures, bank mandates, approval records and correspondence surrounding the investment.
After the matter came to light, Wake reportedly directed the airline’s Head of Internal Audit, Ronald Otukol, to investigate the transaction.
The inquiry was expected to establish how the investment was authorised, whether the relevant approval procedures were followed and whether any irregularities occurred.
PART 3: THE AUDIT INQUIRY AND THE POLICE COMPLAINT
Inside the Probe Into Uganda Airlines’ Shs 107 Billion Investment
The questions surrounding Uganda Airlines’ Shs 107 billion investment in Old Mutual Investments Uganda prompted an internal inquiry aimed at establishing how the transaction was approved and whether the alleged kickback demand influenced its handling.
At the centre of the inquiry were the airline’s internal audit team, Old Mutual executives and an independent financial adviser who says she preserved recordings of conversations relating to the transaction.
The inquiry also sought explanations about the reassignment of the Uganda Airlines account and the reported Shs 379 million difference between the stated dollar value and the amount transferred.
Attempts to Meet Old Mutual Executives
According to the account provided for this report, Uganda Airlines’ Head of Internal Audit, Ronald Otukol, sought to meet Old Mutual’s Chief Financial Officer, John Golooba, as part of the inquiry.
The meetings were reportedly delayed, with Golooba said to have cited an overseas vacation as the reason for his unavailability.
The available account does not independently establish the reasons for the delays or whether the proposed meetings were deliberately obstructed.
Uganda Airlines’ Public Relations Manager, Shakila Lamar, is credited with facilitating a subsequent face-to-face meeting between Golooba and the airline’s interim Chief Executive Officer, Girma Wake.
The meeting was intended to provide an opportunity for the parties to discuss the transaction and the concerns that had emerged.
The outcome of that meeting, including any explanations offered by Old Mutual regarding the transfer, the account reassignment and the financial discrepancy, remains important to establishing a complete account of the matter.
The Adviser Takes the Matter to CID
Meanwhile, Nalukenge reportedly lodged a complaint with the Directorate of Criminal Investigations, presenting recordings and information relating to the alleged kickback demand.
According to her account, the material included conversations in which the proposed payment was discussed, warnings against proceeding with the arrangement and subsequent exchanges concerning the reassignment of the Uganda Airlines account.
If authenticated and corroborated, the recordings could assist investigators in determining what was said, who was involved and whether any offence was committed.
The complaint reportedly raised two principal issues: the alleged demand for a $100,000 payment and the circumstances surrounding the adviser’s removal from the account.
The reported Shs 379 million discrepancy also calls for a financial reconciliation, although the difference alone does not establish that funds were lost or diverted.
As of the information available for this report, no final investigative findings or court determination had been provided to substantiate the allegations.
It is therefore important to distinguish between the claims made by the complainant, evidence that investigators may have obtained and any conclusions reached by the relevant authorities.
What Investigators Need to Establish
The inquiry raises several questions that require documentary answers:
– Was a $100,000 kickback demanded, and is there independent evidence corroborating the allegation?
– Who authorised the Shs 107 billion investment, and were all required approvals obtained?
– What was the exact dollar value of the transaction, and how was the shilling amount calculated?
– Why was the Uganda Airlines account reassigned, and was the decision consistent with Old Mutual’s internal policies?
– What action, if any, have CID and other relevant authorities taken following the complaint?
Responses from Uganda Airlines, Old Mutual Investments Uganda and the relevant investigators are necessary to establish the facts and ensure that all parties have an opportunity to address the allegations.
PART 4: THE NAMES AND ROLES
Who Is Named in the Allegations Surrounding Uganda Airlines’ Shs 107 Billion Investment?
The allegations surrounding Uganda Airlines’ Shs 107 billion investment in Old Mutual Investments Uganda have drawn attention to several executives, an independent financial adviser and officials involved in the airline’s internal inquiry.
The individuals identified below are named in connection with claims contained in the investigative material. Their inclusion does not establish criminal liability, and the allegations require independent verification, responses from the individuals concerned and, where applicable, findings by the competent authorities.
The Individuals Named
1. Allan Joel Kyeyune — CFO, Uganda Airlines
Kyeyune is alleged to have demanded a $100,000 payment in connection with the investment transfer. He is also alleged to have pressured authorised signatory Peter Emuge to sign the transfer documents without the required administrative approval.
The allegations require verification against transaction records, approval procedures and the accounts of the individuals involved.
2. John Golooba — CFO, Old Mutual Investments Uganda
Golooba is identified as the Old Mutual executive who allegedly discussed the proposed payment with the Uganda Airlines finance official and subsequently consulted the independent financial adviser.
He is also said to have explained the reassignment of the Uganda Airlines account as a business decision made jointly with the company’s CEO.
The circumstances of these discussions and the subsequent account reassignment require clarification from Golooba and Old Mutual.
3. Zac Kisesi — CEO, Old Mutual Investments Uganda
Kisesi is alleged to have jointly authorised the reassignment of the Uganda Airlines account from the independent financial adviser’s agency code.
The reasons for the decision and the process followed should be established through the company’s records and management’s response.
4. Jane Nalukenge — Independent Financial Adviser
Nalukenge says she opposed the alleged kickback arrangement, preserved recordings of relevant conversations and reported the matter to CID.
She also alleges that she lost access to the Uganda Airlines account shortly after the investment was transferred.
Her account, the authenticity and context of the recordings, and the circumstances of the reassignment are matters for independent verification.
5. Samuel Mayanja — Former CFO, Uganda Airlines
Mayanja is identified as the former finance executive who reportedly advised Golooba against making the alleged kickback payment.
The content and context of the recorded conversation attributed to him would be relevant to establishing what advice was given and how the proposed payment was discussed.
6. Girma Wake — Interim CEO, Uganda Airlines
Wake is reported to have been insufficiently informed about the transaction before it was executed. He is also said to have directed the airline’s internal audit team to investigate after concerns emerged.
The airline’s approval records and Wake’s account are relevant to establishing what information was available to management and when.
7. Ronald Otukol — Head of Internal Audit, Uganda Airlines
Otukol was reportedly tasked with examining the transaction and seeking explanations from Old Mutual executives.
The scope, findings and recommendations of the internal audit inquiry would help clarify whether the investment complied with the airline’s financial controls.
8. Shakila Lamar — Public Relations Manager, Uganda Airlines
Lamar is credited with facilitating a meeting between Golooba and Wake after attempts to engage Old Mutual’s CFO had reportedly been delayed.
Her involvement is described in the context of arranging the meeting, rather than as evidence of wrongdoing.
What Comes Next?
The central issues remain unresolved in the material available for this report.
First, investigators need to establish whether the alleged $100,000 kickback demand occurred and whether any person attempted to solicit, facilitate or pay an improper benefit.
Second, Uganda Airlines and Old Mutual should provide a clear reconciliation of the transaction, including the exact dollar amount, exchange rate, transfer instructions, applicable charges and the amount credited to the investment account.
Third, Old Mutual should clarify the reasons for reassigning the Uganda Airlines account and whether the decision complied with its contractual obligations and internal procedures.
Finally, the relevant authorities should clarify the status of the reported complaint and any investigations, subject to applicable legal and investigative restrictions.
The State House Anti-Corruption Unit, CID and other competent authorities may be asked to provide information on any action taken within their respective mandates. However, no investigative conclusion or demand for public disclosure should be presented as established without an official basis.
The public interest lies not in speculation, but in a transparent, evidence-based account of how a major investment was approved, whether proper procedures were followed and whether the allegations of an improper payment can be substantiated.
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