Centenary Bank Nearly Collapsed Amid Ownership Disputes, Corruption, Says Former Chairman

What the report says

Former Centenary Bank board chairman Prof John Ddumba Ssentamu has said the institution faced serious instability in its early years, including ownership disputes, court cases, corruption, mismanagement and non-performing loans. He made the remarks at the launch of his book, "The Journey, Beginning, Trials and Triumphs of Centenary Bank," which recounts the bank’s origins and development over several decades.

According to Nile Post, Ddumba said those difficulties almost caused the collapse of Centenary Development Trust before it transitioned into a commercial bank in 1993. He said the trust’s survival was helped by the work of figures including Monsignor Emmanuel Chibilege, Charles Cato and Henry Sentongo, who supported leadership and mobilized resources during the difficult period.

The book traces the institution back to a Catholic Church idea that began in the 1950s and later gained traction through proposals in the 1970s and 1980s. Nile Post reports that the trust was eventually registered by 60 people before becoming a bank. Ddumba also described its later expansion from one branch to a nationwide network, and said it now operates as part of a wider group with businesses in Uganda and beyond.

He used the occasion to warn that long-term success should not lead to complacency, saying the financial sector is changing quickly with new technology and customer expectations. While this background is specific to Centenary Bank, the broader point is that many financial institutions must keep adapting and strengthening governance to remain competitive and stable.