By Max Patrick Ocaido
Dr. Winifred Tarinyeba Kiryabwire has resigned as the Board of Directors of Dfcu Limited.
Kiryabwire has been serving as a non-executive director at Dfcu since September 2013.
According to an internal memo, Kiryabwire has ceased to be a director with effect from March 27, 2019.
“Dr. Winifred Tarinyeba Kiryabwire joined and has diligently served the Board since September 2013 as a Non-Executive Director. She resigns due to commitments she is due to undertake in another regulated entity,” the memo reads.
Apparently, the Board is in the process of nominating another director to fill the casual vacancy and will present the director to the shareholders for approval at the next Annual General Meeting. Kiryabwire is the not the first director to resign in a period of one year.
On September 21, 2018, Deepak Malik who has been a director on the board of Dfcu bank resigned under unclear circumstances. He was replaced by Friedrich Christian Pelser in October last year. Dr. Kiryabwire has also advised on issues of financial sector regulation, capital markets development, corporate governance, and insolvency law reform.
She is a lawyer with over 15 years’ experience of legal practice in the fields of securities and financial markets; corporate law and finance and corporate governance. Currently, she is a board member at Financial Sector Deepening Uganda (FSDU), and Makerere University Holdings Ltd, member of the University Council of Mbarara University of Science and Technology, member of the Public Sector Administration Audit Committee and associate Professor and Head of Department of Commercial Law at Makerere University School of Law.
Mass exodus of top staff at Dfcu has been the order of the day ever since a Kenyan human resource consultant was brought in the restructuring process. Arise BV is the majority shareholder in Dfcu bank with 58.71% after lending it US $50 million in February 2017. The money was to help Dfcu Bank meet its short-term capitalisation needs after it controversially took over Crane Bank in January 2017.