Immanuel Ben Misagga
My recent commentaries on the secret state of SC Villa’s financial status are polarising. Much as I have got overwhelming support from various club stakeholders, I have also encountered stern criticism for making a mountain out of an anthill.
Whereas many are advocating for openness, there is a section that believes I am exposing the club’s ‘dirty linen’ to the public, and by extension, to Villa rivals.
Amidst all this, what matters most to me is accountability. For Villa, being a community club, nothing is more important than accountability, and it is for this reason that I continue to seek openness from the current administration.
Recently, Isaac Walukagga, a family friend, opined that almost three years ago, UNRA compensated Villa with ‘slightly above’ Shs 3bn for the former Villa Park and that it is being properly managed by the current president and his executive. He added that, “this money is now way above what the club was compensated.”
In the corridors, it is believed Villa received Shs 3.2bn and when put to Walukagga’s ‘slightly above’ analogy, it alludes to the possibility that the money was ‘reinvested.’ I say reinvested with a pinch of salt because I am aware there were a number of commission agents involved in the deal.
But let’s assume the process followed the actual script and the money was lent out at, say, the Bank of Uganda’s (BoU) Central Bank Rate (CBR) of 9.75 per cent; Villa would by now have profited more than a billion shillings.
Remember, commercial banks charge between 23 to 27 per cent.
For context, the Villa administration has not bought any big-name players in the last four years, nor does the club have a player paid more than Shs 1.5m monthly.
What this means is that the club’s player salary expenditure in a month cannot surpass Shs 30m.
Remember, at BoU’s 9.75 per cent rate, it would accrue Shs 26m per month. Any reasonable person knows this is practically too little, yet it is enough to sustain the club.
Now comes the maths to my critics: to what extent is the Villa–Linglong deal as the main sponsor? What about the Shs 80m from league sponsors StarTimes?
Meanwhile, I ought to mention that the Villa that petitioned court to receive the UNRA compensation is different from the one that actually received it.
After my four years as Villa president, I voluntarily left the club in the hands of FUFA, but Muhammad Bazilengedde initiated the court case to get SC Villa compensation from UNRA.
But somehow, when the compensation moment arrived, the beneficiary account switched to the account registered by Villa trustees, in spite of the glaring fact that neither the Villa structures, such as the Villa Members’ Trust (VMT), nor the Villa Congress passed any resolutions on the usage of the money.
In all this mess, I implore Hajji Omar Ahmed Mandela, the club president, to come open about the state of the club.
Few people have sacrificed their lives for the club like Mandela, but I believe he is presiding over an institution that does more extolling of him than actually advising him.
As a community club, Villa should have nothing shrouded in mystery.
Unfortunately, most avenues of communication are blocked, mainly because William Nkemba, the club CEO, also doubles as the treasurer of the Villa board of trustees. Conflict of interest has never been more glaring than this, never mind that this arrangement offers zero checks and balances.
These are complaints I get from disgruntled members of his own executive.
For instance, Mandela’s executive mandate expired several months ago, but he continues to hold on against the club constitution.
So, this small anthill should not seem like a mountain to soil Mandela’s name and reputation, but Baganda have a saying: “Ekiswaza omugagga kusessema ntuula mu masanganzira,” meaning what shames a rich man is when he vomits eggplant at a crossroads.
The author is a football investor and SC Villa president emeritus.
