8 February 2018

Uganda: Bank of Uganda Explains Reshuffle

Kampala — The massive executive-level changes in Bank of Uganda's leadership announced yesterday is to "enhance operational efficiency and effectiveness", the institution's spokesperson has said.

Governor Emmanuel Tumusiime-Mutebile in a statement directed that the major shakeup would take "immediate effect", and asked the retiring executive director for bank's supervision division, Ms Justine Bagyenda, to hand over office to her replacement Dr Tumubweine Twinemanzi.

Ms Bagyenda's exit comes barely six months after the governor, in an exclusive interview with this newspaper, pointed a finger at her for the spectacular collapse of the Sudhir Ruparelia-owned Crane Bank.

The bank, which the Central Bank took over on grounds that it posed "systematic risk" to Uganda's financial sector, has since been sold to dfcu. Court is yet to hear counter-suits filed by BoU and Mr Ruparelia.


In an email response to our inquiries seeking reasons for the massive changes, the outgoing communication's director Christine Alupo, said: "The changes will enable the bank fill existing internal vacancies and manage transitions arising from pending retirements. This is in line with normal staff deployment procedures at the BoU."

"In order to advance the mission of the Bank of Uganda, and to enhance operational efficiency and effectiveness, the governor effected staff appointments and transfers at various levels of management," she added.

Ms Charity Mugumya has replaced Ms Alupo as the new director communications.

The other executive directors reshuffled include; Ms Mary Katarikawe (executive director operations), Ms Joyce Okello (executive director and personal assistant to the governor), Mr Richard Mayebo (executive director risk and strategic management), Mr Elliot Mwebya (executive director information technology), Mr Philip Wabulya (executive director petroleum investment fund), Ms Deborah Kabahweza (executive director finance) and Mr David Kalyango (chief internal auditor). (See the full list below.)

Weighing in on the Crane Bank saga, Mr Tumusiime-Mutebile in August last year said he was "sorry" and would take responsibility for "what went wrong" but added that "I am not criminally culpable".

Asked who then is criminally culpable, Mr Mutebile replied: "Ask the [BoU] executive director for supervision [Ms Bagyenda]".

However, Daily Monitor could not independently verify whether Ms Bagyenda's removal is in any way related to her failure to supervise Crane Bank or something else.

Ms Bagyenda, who was the only executive director the governor directed to hand over office pending retirement, has in the recent past, been in the lime light for alleged concealment of mass properties from the Inspector General of Government (IGG).

Petition to IGG

In his August 6, 2017 letter to the IGG, a concerned citizen, Mr Dickwitington Kimeze, through his lawyer, stated that he had information about properties belonging to Ms Bagyenda.

Mr Kimeze expressed fear that Ms Bagyenda may not have officially declared the same properties to the IGG as required under the Leadership Code Act.

The petitioner claims Ms Bagyenda owns various prime properties, including condominium plan at Makerere Hill Road, land at Kimera Close, condominium plan at Sunderland Avenue in Kampala, and land on Balikudembe Road.

The Leadership Code Act demands that a person shall within three months after becoming a leader and thereafter every two years, during December submit to the IGG a written declaration of the leader's income, assets and liabilities. The IGG met the petitioner last year but has not made any significant progress on the matter.


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