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Police Officers Rush to (Re)Join Force’s SACCO Because of New, Good Management

“We have managed to reduce on the expenditure in the Sacco canteen, moving away from a loss of 73million Shillings suffered in 2019 to realising a profit of 750 million Shillings in 2020. We have also been able to reduce on most of the expenditures as reflected in the financial statement which has boosted our net profit from Shs315m in 2019 to Shs2.631Bn in 2020,” Omoding said.
Members at Exodus SACCO AGM

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Half of the ten thousand Uganda Police officers who had shunned the force's  mismanaged  savings and credit scheme known as Exodus SACCO have been knocking at its door and been admitted by the new management which has in a short one year restored members’ confidence in regard to controlling of funds.

Since its inception in 2007, police officers have been raising complaints about how their savings were being managed. This so over 10,000 police officers rejecting or withdrawing their subscription to the scheme.

The police officers’ cries led the Inspector General of Police, Martin Ochola and his then deputy Maj Gen Stephen Muzeyi Sabiiti to task members of the Police Council in November 2019 to devise solutions to the problem.

At the end of two days’ police council meeting, Gen Sabiiti was voted Chairman steering committee while Senior Commissioner of Police –SCP Wilson Omoding, was voted unopposed as Chairman management committee.

Omoding took over from Assistant Superintendent of Police –ASP Henry Kalulu. In a characteristically bizarre end of an era of the then mismanaged SACCO, Kalulu informed Omoding that he had inherited a SACCO whose books of accounts from 2007 to 2013 were missing.Omoding in his acceptance speech promised to hire consultants who would help in reconstructing the SACCOs’ books of accounts since inception.

Omoding and the SACCO’s board of directors contracted Allied CPA that reconstructed all books of accounts but also made recommendation on measures to take in order to revamp the struggling society.

After all books of accounts were reconstructed, Omoding started giving regular updates to all members regardless of their ranks. This has inspired 5,000 out of the 10,000 police officers who had become reluctant, to (re-)join the SACCO.

While speaking at the Annual General Meeting held at Naguru police headquarters on Friday, Omoding said the joining of new members has led to growth of share capital by 699 million shillings in one year.

Another tremendous achievement in the last one year Omoding reported to members was huge profit made by the SACCO’s investment venture known as Exodus Canteen. While former Exodus Canteen manager Dickens Kamugisha often reported annual losses of over 70 million shillings, Omoding’s leadership made a profit of more than 700 million shillings in 2020.

“We have managed to reduce on the expenditure in the Sacco canteen, moving away from a loss of 73million Shillings suffered in 2019 to realising a profit of 750 million Shillings in 2020. We have also been able to reduce on most of the expenditures as reflected in the financial statement which has boosted our net profit from Shs315m in 2019 to Shs2.631Bn in 2020,” Omoding said.

//cue in “I inherited…

Cue out “…changed that”//

Former SACCO canteen manager Kamugisha was arrested on orders of Omoding. He was charged a few weeks ago and remanded to Kitalya Prison.  ASP Eddy Ssekanjako, who is the SACCO’s treasurer said the members’ total savings deposits have since increased from 18.9Bn by December 31, 2019 to 20.7Bn by December 31, 2020 thus reflecting a growth of 10 percent.

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