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Vendors Demand Audit of Mbarara Central Market SACCO :: Uganda Radionetwork

Vendors Demand Audit of Mbarara Central Market SACCO

Emmanuel Muhumuza, chairperson of the Mbarara Central Market Association says they have not had an annual general meeting for nine years.
Emmanuel Muhumuza the Chairperson of Mbarara Central Market vendors Association
Mbarara Central Market vendors have petitioned the City Council authorities to carry out a special audit of the operations of their SACCO.

They say the SACCO has remained inactive since 2014 and they have not received any audit report from the management. The SACCO that was registered in 2010 is known as Mbarara Central Market Vendors Savings and Cooperatives Organisation Limited.

Emmanuel Muhumuza, chairperson of the Mbarara Central Market Association says as members of the SACCO they have spent more than nine years without being called for an annual general meeting.

He adds that they were last given an audit report in 2014, and the SACCO had capital assets of 23 million shillings, a loan portfolio of 144 million and a membership of 500 people which members claim could have been mismanaged.

Muhumuza says he has received reports that vendors and some market leaders have been denied access to their savings and documents of the SACCO, noting that members demand to know the financial status of the SACCO.

Sosten Mucurezi, who has 30 shares in the SACCO said they need new management to revive the operations of the SACCO as the current leadership "has lost transparency".

She adds that in the last general meeting held in 2014, they were told the SACCO had started running mobile money business but since then the leaders have not provided financial records for the business.

Jane Nalongo a member says she has been a member for the last 10 years and accuses the former market leadership chaired by Muhammed Nyombi of failing their SACCO

Nalongo says the new leadership of the market is now moving to hold elections without giving them Audit reports which makes them doubt the operations of the SACCO.

In response to the accusations levied against him, the former chairperson of the Market, Nyombi says he is no longer interested in the leadership of the SACCO adding that they have appointed an interim committee that was tasked with verifying members and their shares plus all the SACCO books.

Hope Kyokunda, the general manager of the SACCO says they have given out most of the money in loans to members and have stopped giving out loans because members have defaulted noting that about 90 million shillings are out in loans.

Jocelyn Kiconco, the acting commercial officer of Mbarara City confirmed plans are underway to elect a new board to run the SACCO noting that an interim leadership is still verifying and auditing the SACCO internally.

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