ROT IN BANKS! DFCU Bank on spot for forcing client to repay 13year mortgage loan in 2years, refuses to hand over his property titles

ROT IN BANKS! DFCU Bank on spot for forcing client to repay 13year mortgage loan in 2years, refuses to hand over his property titles


A client has accused DFCU Bank of forcing him to pay their initial 13 year mortgage loan in only two and a half years but only to hold onto his property titles.


According to Daniel Dennis Ssemugenyi, a Diasporan based in Canada, around 2018, with the help of his lawyers whom he gave powers of Attorney, he opened various Diaspora accounts (shillings and dollar) with DFCU Bank and this is where he has been sending money to facilitate his various business interests and as well philanthropy activities in Uganda.

Some of the accounts are in his individual names while others are in his company Dennis Daniel Investment Group (DDIGL) which has branches in Canada, UK, US, Singapore, UAE, Mauritius, Uganda and others.

Information obtained indicates that in 2020, Ssemugenyi applied for a mortgage loan from DFCU Bank totaling to sh226mln through his lawyers for a three bedroom condominium apartment in Naalya, a Kampala suburb.


He staked two properties in Private Mailo Busiro Block 411 Plot 744 Sala-Sisa vide instrument number WBU 00259213 dated 05th March, 2020 and Mailo Block 221 Plot 2471:87 Unit No. 87 Condominium Plan. WAK000022 Kyadondo Wakiso vide instrument number WKY- 00258948.

He was reportedly supposed to pay back in 13 years.

However, two years later, DFCU started demanding him menacingly to clear this mortgage loan to zero balance.


Yet by 2023, DFCU had collected over sh112mln from his account for this loan repayment.

On August 28, 2023, DFCU threatened through a notice to sell his mortgaged property to recover more sh300.8mln from him.

Ssemugenyi, without any option, hunted for the money and cleared his mortgage loan.

Curiously, whereas this loan was cleared in a two and a half year period instead of 13, the bank has now refused to hand over back his property titles.


“It was a 13-year mortgage, which I fully paid within two and a half years, and they [DFCU Bank] still hold custody of my property titles,” he said.

Curiously, after clearing this loan, DFCU froze his accounts and the bank is reportedly busy debiting funds without his consent. The managers and compliance team in the bank are reportedly privately contacting him asking for a bribe in order to unlock his accounts or else label him a money launderer and formulate reports about him to the Financial Intelligence Authority (FIA).

His only crime is sending money from his bank accounts in Canada to his bank accounts in Uganda held at DFCU Bank.

However, this is a story for another day which highlights the rot and how unscrupulous DFCU Bank can be at times.


Contacted for a comment, DFCU acknowledged that indeed Ssemugenyi settled his loan, but insists there has never been a formal request for his property titles.

“We would like to clarify that while he [Ssemugenyi] ultimately settled his loan, it is not accurate to state that he was required to do so within two and a half years instead of the originally agreed-upon thirteen years,” says Helena MayanjaHead, Corporate Affairs & Public Relations DFCU Bank without elaborating how the bank ended up in a situation of compelling Ssemugenyi to clear the mortgage loan much earlier.

She added: “There has never been a formal request for the two titles by the client nor has the client given powers of attorney to anyone to pick the titles. Such a request which was by email was only received a few days ago. Please note that the process of releasing titles is personal to the holder unless the bank is indemnified by the customer and powers of attorney executed for someone else to pick the titles on another’s behalf.”

Ssemugenyi disputes DFCU’s narrative that he lodged a request for his title a few days ago.

“All these are lies. I have executed formal requests [for titles] multiple times. Even as we speak, the bank has written threatening to terminate the banking relationship and did not heed to my request to hand over my property titles. They have closed the accounts and my titles are still in their custody. Why should a bank that has served me with a letter stating they have terminated banking relationship with me hold onto my titles? It’s clear they have stolen not just money from my accounts but also my property. I want access to my funds, accounts and properties,” he rebutted.


Details on DFCU’s freezing of Ssemugenyi’s accounts and the mafia at play will be in our subsequent publication

Dantty online Shop
0 Comments
Leave a Comment