BWEGYE REPORTS that I have received a complaint that the B.S.U Guild government is running two separate Accounts, one in ‘Ankole Millennium Sacco’ within BSU premises, in the names of ‘Baluku Watsema’ (Minister of Finance) and another in ‘Bank of Africa’ in town, in the names of ‘Guild Council’. It is indeed true because I have confirmed with Mr Baluku Watsema himself. The rationale, he said, is to ease the cost of banking Guild fees such that one may not need to travel to town to deposit in Bank of Africa. S/he can instead deposit the funds, for instance those paid by the proprietors of photocopying/printing businesses attached to Guild Chambers, in Mr Baluku Watsema’s Account in’ Ankole Millennium Sacco’.
However, this practice is risky since Guild fees should never be deposited in a personal account to avoid embezzlement and fraud by the individual account holder. All Guild fees must be paid in the Guild or University Account for purposes of accountability and transparency. Moreover, both accounts in the two deposit houses can bear the same name of ‘Guild Council’ but not any of them bearing ‘Baluku Watsema’ otherwise the consequences of such are very dire and must be forestalled immediately to avoid financial mayhem in the Guild government.
However, the Minister will have to wait for GRC to convene and pass a resolution to open another account in the names of Guild Council’ in ‘Ankole Millennium Sacco’. But in the meantime, he can receive cash or deposits in his personal account in ‘Ankole Millennium Sacco’ since the BSU Constitution entitles him to receive cash as long as he deposits it in the Guild Council Account within the shortest time possible.
So, it is legal for deposits to be made to his Account though when withdrawing the funds to again deposit in the Guild Council Account in Bank of Africa, the withdrawals are likely to be less than the deposits hence creating a deficit.