Shelter Afrique sends home two more bosses in purge
SEE ALSO :Mortgage firm positions in Big Four plan“The implementation of a new strategy has necessitated realignment of the organisation structure and resourcing. As a result, 13 staff are expected to leave the organisation through a redundancy programme,” said Shelter Afrique in a notice to newsrooms. The lender has been trying to clean its house after the former head of finance turned whistleblower Godfrey Waweru claimed that former managing director James Mugerwa was involved in banking malpractices and abuse of office. Zambian national Kingsley Muwowo is currently the acting MD as the hunt for his substantive replacement continues. Senegalese Siad Diaw has been appointed as Diop’s replacement in an acting capacity while Ugandan national Francesca Kakooza takes up Harawa’s position as company secretary. The pan-African mortgage lender also announced it would no longer fund new projects directly as it changes its strategy and trims its workforce. “It should be noted that in the newly approved strategy, the company will exit direct real estate project financing,” said the firm. However, it said 31 ongoing projects would not be affected. Overdue loans The 2016 scandal alleged that Mr Mugerwa had been restructuring overdue loans by rescheduling such facilities to appear as if they were performing, thereby suppressing the volume of toxic mortgages.