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Police Sacco Rumor: Officers Withdraw Savings

Henry Kalulu, the Exodus Sacco chairperson also said its okay for officers to withdraw their money if they sense any insecurity.
Some of the members of the Exodus SACCO during an annual General Meeting
Police officers have been withdrawing their savings from Exodus Savings and Credit Cooperative (SACCO) following rumors that is being closed. More than 100 officers have already withdrawn their savings while dozens of others have formed queues at the SACCO offices in Naguru waiting to withdraw their savings.

Exodus has more than Shillings 7billion in savings, making it the second largest at Wazelendo Sacco, which is under Uganda People's Defense Forces. The police leadership compelled all officers to save with Exodus Sacco.  The officers save between 30,000 and 200, 000 monthly depending on their earnings.

Last week, information circulated on social media indicating that the Inspector General of Police-IGP Martin Okoth Ochola had ordered the closure of the police Sacco triggering panic among the officers. The Police Communication department issued a statement refuting the directive attributed to the IGP. 

Despite the assurances that there is no cause for panic, some officers have gone ahead to withdraw their savings. Our reporter spoke to a police officer who traveled from Lira to withdraw his savings after he was tipped off that there is problem in the Sacco. 

"They had just warned me that there are problems with Exodus management and our money then I started hearing that Ochola has closed it. I don't want to wait and lose my money," the officer told URN on condition of anonymity. 

Prior to his sacking the former Inspector General of Police, Kale Kayihura instituted an audit into the affairs of the Sacco following allegations by some officers of financial impropriety and harassment whenever they go to withdraw their saving or they apply for loans. Police Spokesperson, Emilian Kayima, says the rumors of closure could have been triggered by the ongoing audit.

"It is true there is an audit and investigations going on since even before Kayihura left. If the people are withdrawing their money it's not illegal," Kayima said. Henry Kalulu, the Exodus Sacco chairperson also said its okay for officers to withdraw their money if they sense any insecurity.

“We are operating normally contrary to the social media rumors. We are not a bank that we need to have people's savings all the time. It's okay for people to withdraw their money when they need it," Kalulu said.  This is not the first time that members have rushed to withdraw money from the Sacco.

In 2012, the Criminal Investigations Directorate (CID) instituted investigations after it emerged that the Sacco employees with depositing people's saving on wrong accounts. This prompted several officers to withdraw their savings.