Kampala, Uganda: The Bank of Africa in Uganda has been thrust into the spotlight as employees are rallying to remove the current Managing Director, Arthur Isiko.
Allegations of a hostile work environment, micromanagement, and a lack of transparency have triggered this unrest, prompting a broader conversation about labor rights and corporate governance within the bank.
In a cache of whistleblower documents seen by this website, Bank of Africa’s staff has accused Mr. Isiko of possessing a high IQ but a dearth of people skills.
The staff alleges that Isiko is alleged to maintain an iron grip over every facet of the bank, utilizing harsh verbal reprimands and meticulous micromanagement to enforce his will.
Some staff members assert that expressing dissenting views is met with swift retribution, fostering an environment of apprehension and silence.
Numerous employees, including senior managers, have come forward, citing mistreatment and verbal abuse.
Isiko is accused of allegedly systematically undermining the authority of his team, impeding their ability to carry out their responsibilities effectively. However, we could not independently verify this.
Even during his absence, it is purported that all documents must be routed to Isiko for his personal endorsement, leading to bottlenecks in decision-making processes.
Isiko’s influence reportedly extends to the recruitment process, with each prospective intern mandated to undergo a direct but open interview with the MD.
He is also alleged to personally oversee the distribution of staff bonuses, determining the allocation without a clear formula.
Salary increments have been described as nominal, leaving staff feeling undervalued and dissatisfied.
Concerns Over Job Security and Compensation
Employees have also raised concerns about job security, compensation, and overall welfare.
They argue that internal fraud has surged due to meager pay, excessive workloads, and a lack of motivation.
As such, the bank has witnessed an exodus of staff, particularly at the senior level, as employees seek a more conducive work environment.
Isiko’s management style has faced criticism as being archaic and demoralizing, with staff members lamenting a lack of appreciation and respect.
Feeling trapped in their positions, employees have contended that they have no viable alternatives due to the nature of Isiko’s leadership.
Employees are now imploring regulatory authorities, such as the Bank of Uganda and the Group, to intervene and address the ongoing issues while fostering a more employee-friendly workplace.
Managing Director’s Response
In response to the allegations, Arthur Isiko, has issued an internal email to staff.
In his message, he acknowledged the recent media scrutiny and external commentary surrounding the actions taken against certain individuals within the organization.
Isiko emphasized the need for prudence and care when dealing with the situation.
He sought the support of the employees in refraining from making comments on external communication or media coverage, alluding to this measure as vital for safeguarding the company’s interests and respecting the privacy and rights of all involved parties.
He also stressed the importance of conducting an impartial internal review.
Isiko reassured the staff that their concerns would not go unnoticed and requested that they remain focused on their work while upholding high levels of professionalism.
He urged employees to direct any media inquiries to official company communication channels, which would provide updates as necessary.
The Managing Director conveyed his confidence in the bank’s ability to navigate the situation with dignity and integrity, calling for the cooperation and understanding of the staff.
As Bank of Africa grapples with these challenges, the call for employee leadership change is a critical turning point. With both sides presenting their perspectives, the future trajectory of the bank remains uncertain, while regulatory authorities closely monitor the unfolding developments.
Who is Mr. Isiko?
Born in 1977 at Mulago Hospital, Kampala, Uganda, he holds a Bachelor of Commerce degree from Makerere University and a Master of Business Administration degree from the University of Warwick. He also obtained the title of Fellow of Chartered Certified Accountants from the Association of Chartered Certified Accountants of the United Kingdom.
His career at Bank of Africa – Uganda began in 2003 as Head of Internal Audit and has seen him serve in various roles including Head of Finance and Assistant General Manager overseeing the bank’s back-office operations. He was promoted to Executive Director and eventually assumed the role of Managing Director in 2015, after acting in that capacity since 2014. Prior to his tenure at the bank, he worked at PricewaterhouseCoopers from 1999 to 2003.