COSASE Summons Tycoon Basajjabalaba Over Shs140 Billion Bank of Uganda Guarantee

The Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) has issued a firm summons for businessman Hassan Basajjabalaba to appear before them in person. This action comes after Basajjabalaba failed to attend a scheduled hearing concerning a contested Shs140 billion guarantee issued by the Bank of Uganda.

Basajjabalaba was expected to provide explanations regarding the recovery of these funds, which the Bank of Uganda guaranteed in 2017. However, instead of the businessman, his lawyers from Magina Advocates appeared, requesting a postponement. They cited a late receipt of the parliamentary invitation and their client’s indisposition, along with a need to access documents from transactions between 2009 and 2011.

The committee, chaired by Hon. Muwada Nkunyingi, debated the request. While some members were inclined to grant more time, others expressed concern that such delays could be a tactic to evade parliamentary oversight. Concerns were also raised about the method of serving the summons, with some questioning why it was not delivered directly to Basajjabalaba.

Chairperson Nkunyingi emphasized the committee’s mandate to investigate the utilization of public funds and the circumstances surrounding the central bank’s guarantee. The core of the inquiry focuses on the exact contractual terms, the obligations of involved parties, the rationale behind the Bank of Uganda’s involvement, and the current status of the Shs140 billion recovery.

To ensure his appearance, the committee has scheduled Basajjabalaba to attend on September 23, 2026. The new summons will be served through a police officer, underscoring the seriousness with which the committee is treating this matter. The investigation aims to clarify these crucial financial details and establish accountability.

Source: Parliament of Uganda