Uganda
DFCU Bank Freezes, Daniel Ssemugenyi Foundation Accounts, 600 Students Stranded
Over 600 students are stranded following the freezing of the Dennis Daniel Ssemugenyi Investment foundation accounts in the dfcu bank.
The funds frozen in the dfcu bank accounts in the names of Daniel Dennis Investment group limited is US$180,200(about Ug Shs686m) was supposed to cater for the school’s dues and other activities carried out under the foundation.
Addressing the media in Kampala recently the over 600 stranded students accompanied by their parents (wore black t-shirts) and holding placards urged government to intervene so that the funds are released immediately.
“we want to go back to school up to now the schools have opened and we are stuck here because our sponsors account was frozen in the DFCU bank with no proper explanation,” one of the affected student said.
They further said that many of them have been supported by the foundation for the past 10 years of their education. “we ask the ministry of education through the first lady and the president himself to ensure that this issue is sorted and our funds are released so that we can all go back to school” they said.
Dr. Dennis Daniel Ssemugenyi the founder of Daniel Dennis Investment Group Ltd explained that the Funds locked were $180,200 (about Ug Shs686m). “They blame me for having transacted Uganda Shs 14 billion in those accounts within the 4-5 months prior to the freezes.
Those were the last transactions before accounts were frozen but as you can see funds originated from my Company accounts in Canada to my company account in Dfcu not from a third party,” he said.
Dr. Ssemugenyi appealed to all government agencies to intervene in their plight of the especially the stranded students whose future is being ruined due to halting of the funds.
Ssemugenyi says that “I believe my only crime is sending money from my bank accounts in Canada to my bank accounts in Uganda held at DFCU Bank.
The fact is that my company- Dennis Daniel Investment Group (DDIGL) deals with clients across the globe and some of the monies to facilitate business continuity passed through accounts in DFCU.
DDIGL offers an investment portfolio suitable for international investors to achieve capital growth through a vast range of business ventures including; Mineral Exploration, Oil & Gas, Tender Subscriptions and Syndication, Quarry Mines, Manufacturing Agriculture and Agro-processing, and Road Construction & Infrastructure Developments.
The company has branches in Canada, UK, US, Singapore, UAE, Mauritius and Uganda.
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