How a Shs 107 Billion Old Mutual Investment by Uganda Airlines Triggered a Kickback Probe

What the report says

Watchdog Uganda reports that a Shs 107 billion investment by Uganda Airlines in a unit trust managed by Old Mutual Investments Uganda has triggered scrutiny after allegations that a senior airline finance official sought a $100,000 kickback tied to the transaction. The publication says the claims involve Uganda Airlines, Old Mutual staff and an independent financial adviser, and that they have prompted questions about governance, approvals and how the deal was handled.

According to the article, the investment was made in early March 2026 and was expected to be a routine transfer into Old Mutual’s portfolio. The report says the alleged demand was linked to Allan Joel Kyeyune, described as a Uganda Airlines finance official, while Old Mutual’s CFO, John Golooba, and adviser Jane Nalukenge were part of the chain of events discussed in recorded calls and internal communications cited by the publication. Nalukenge is said to have opposed any improper payment and later reported the matter to criminal investigators.

The story also says Nalukenge lost access to the Uganda Airlines account shortly after the transfer, which she viewed as suspicious, though the article notes that the timing alone does not prove retaliation. Another issue raised is a reported Shs 379 million gap between the dollar value of the investment and the shilling amount transferred, which the report says still needs documentary explanation.

Watchdog Uganda says the allegations remain unproven and that the institutions involved have not fully clarified the transaction, its approval process or the reassignment of the account.