Shelter Afrique MD resigns as board adopts report faulting him over bad loans
What you need to know:
Mr Mugerwa's exit comes after Tuesday’s board meeting where directors adopted a forensic audit report that fingered him over subprime lending and creative accounting.
The Deloitte forensic audit report had recommended disciplinary action against Mr Mugerwa on grounds of conflict of interest, staff harassment, and blowing up $7,845 (Sh784,500) in advances he couldn’t account for.
Femi Adewole, who has been serving as director in charge of business development, has been appointed acting managing director pending recruitment of a new boss.
Shelter Afrique managing director James Mugerwa has resigned from office.
Mr Mugerwa's exit comes after Tuesday’s board meeting where directors adopted a forensic audit report that fingered him over subprime lending and creative accounting.
“Mr Mugerwa offered to resign in order to pursue other interests. The Board wishes Mr Mugerwa every success in his future endeavours,” Shelter Afrique said in a statement.
Femi Adewole, who has been serving as director in charge of business development, has been appointed acting managing director pending recruitment of a new boss.
The Deloitte forensic audit report had recommended disciplinary action against Mr Mugerwa on grounds of conflict of interest, staff harassment, and blowing up $7,845 (Sh784,500) in advances he couldn’t account for.
