The Inspector General of Government (IGG) Mrs Irene Mulyagonja Kakooza has denied that her office cleared the former Executive Director, Supervision at Bank of Uganda over illicit wealth accumulation.
She however contradicted her staff, when she said that the investigations are not yet complete, yet in November last year a one, Ms Twine Annet Kyakunda, the Director of Leadership Code, under whose docket the BAgyenda investigation falls, told this newsite that the report had been concluded and handed over to the IGG herself.
“That report is now complete and has been handed over to the IGG heself. It is now in the hands of the IGG herself for handling,” she said at the time.
However, speaking yesterday, May 2nd 2019, at the Uganda Media Centre, the IGG dismissed recent reports by some sections of the media that the inspectorate had cleared both Bagyenda and the BoU Deputy Governor, Dr Louis Kasekende.
A combative Mulyagonja, said the investigation was not yet complete, but hastened to add even when it is complete, unless there is a recommendation to prosecute Bagyenda, the report won’t be made publicly available.
“The law on investigations or verifications of income, assets and liabilities of public officials is very clear on what happens after a verification. If there’s no prosecution being carried out, we have no obligation whatsoever (to make the report public),” she said, in reference to the Leadership Code.
“When we carry out a verification of income, assets and liabilities, the report goes to the person whose income and assets have been verified. It does not go to the press or anyone else. That provision is very clear and unambiguous. Whoever is demanding for a report on Justine Bagyenda, or any public official, who is not under prosecution for illicit enrichment, please go and read the law so that your mind is settled” she said.
Asked if Bagyenda has been given the report, she said Bagyenda will get the report when the investigation is complete.
“In this case it is not yet complete, so the report cannot be given to her,” she said.
Previously under the Leadership Code Act (2002), the IGG was obligated to make reports public stating whether leaders under investigation were or not in breach of the code in respect of the specific matters inquired into.
But under The Leadership Code (Amendment) Act, 2017, the requirement to make reports public was removed. Instead, upon completion of an investigation, the inspectorate, where an act or omission constituting a breach of this Code has been discovered, is obligated to make a report and refer the matter to the Leadership Code Tribunal for adjudication.
However, the tribunal is yet to be constituted creating a legal void.
Where no breach has been discovered, the IGG is still required to make a report to the complainant or any other person as the Inspectorate deems fit.
But in cases where the investigation reveals an act or omission constituting an offence under the Code or any other law, the IGG is obligated to make a report to the Directorate of Public Prosecutions.
The audit into Bagyenda’s wealth followed a public outcry and whistleblower reports that Bagyenda owned several prime properties across the country and that she had carried out several and suspicious, transactions in billions of shillings, all of which were not commensurate to her official earnings.
Geologist, Proscovia Nabbanja appointed as UNOC caretaker CEO
Proscovia Nabbanja, the Chief Operating Officer at the Uganda National Oil Company (UNOC) has been appointed by the board as the interim caretaker CEO.
Wholly owned by the Government of Uganda, UNOC is a limited liability company whose prime purpose is to handle the Government of Uganda’s commercial interests in the petroleum sector and to ensure that the resource is exploited in a sustainable manner.
Nabbanja steps into the shoes of Dr. Josephine Wapakabulo who resigned in May this year over- what she said was the need to focus on family and pursue new opportunities.
Some insiders however say although Dr. Wapakabulo was an engineer by background, with a PhD in Information Science from Loughborough University and a Global Executive MBA from the prestigious
Institut Européen d’Administration des affaires (European Institute of Business Administration) INSEAD, she was seen by many of the oil & gas experts at UNOC, many of whom were part and parcel of oil & gas story and history, as an outsider and imposed upon them by president Museveni.
This resistance could have fast-tracked her self-ejection.
Who is Nabbanja?
Nabbanja has been in the COO role at UNOC since November 2016.
Before that, she served as a geologist at the Petroleum Exploration Development and Production (PEPD) of Ministry of Energy for 15 years, rising to the level of Principal Geologist, a role she held between April 2015 and October 2016.
A holder of Bachelor of Science in Geology & Chemistry from Makerere University, Nabbanja also holds an Msc, Petroleum Geoscience from the Imperial College London as well as a Master of Business Administration (MBA) from the Imperial College Business School.
She also holds a Diploma in Management of Petroleum Operations and Development from PETRAD Norway.
Who is Mariam Nampeera Mbowa, the new Tullow Oil Uganda boss?
CEO East Africa Magazine, has confirmed that after 7 years at Tullow Uganda Operations Pty Limited, Jimmy Mugerwa leaves for London, where he has been reportedly appointed Group Director for Infrastructure and Organisation.
In his place, industry sources say, Mariam Nampeera Mbowa, a seasoned Ugandan oil & gas lawyer with over 24 years’ experience in the business, has been appointed as Managing Director.
Mugerwa, joined Tullow in August 2012 from Kenya Shell Ltd where had worked for 4 years and 10 months as Country Chairman/Sales Operations and GM for East Africa. Before Kenya, Mugerwa, who started his career at Shell Uganda in 1994, served in various roles in Ghana and at the Shell Africa office, rising to the Senior Regional Advisor, Sub-Saharan Africa between August 2007 and December 2009. While in Kenya he also worked as Director at the Petroleum Institute of East Africa
In Uganda, Mugerwa has been serving as Non-Executive Director at East African Breweries Limited as well as Chairman/Non-Executive Director at Dfcu Bank. His days at dfcu Bank were overshadowed by the controversial takeover by dfcu Bank of troubled lender Crane Bank- process that was recently found to be flout with several irregularities by a Parliamentary probe Committee.
Dfcu faces several multibillion shilling law suits as a result of the acquisition.
Trailblazer and one of a Ugandan few oil and gas lawyers
When CEO East Africa Magazine reached her by telephone regarding the appointment, she declined to comment.
“I can’t comment. I can’t comment for now,” she said on the phone.
Jimmy Mugerwa was unreachable by phone and he did not respond to our WhatsApp messaging inquiries by press time.
However, from industry sources, Mariam is an experienced oil and gas lawyer, very familiar with corporate and commercial law as well as the legal and regulatory issues across the oil and gas business value chain- upstream, midstream and downstream.
She is the first female chief executive in an all-male dominated oil & gas majors troika, consisting of Tullow Oil, CNOOC and Total SA- but certainly no stranger.
Until her appointment, Mariam has been working as General Counsel-East Africa since May 2015- where she headed the Tullow Uganda and Kenya legal Teams, to “enable proactive resourcing and risk management of legal issues relating to Tullow’s Uganda and Kenya Business Units”, according to her LinkedIn profile.
She was also the team leader on “all material legal and compliance risk issues impacting the Ugandan and Kenyan business units.”
In that capacity, she also doubled as a Director on the Tullow Uganda Operations Pty Limited Board.
Before that, the she was the Regional General Counsel-Uganda- from January 2011 to May 2015. In that capacity she dealt with a number of issues especially the management of the Joint Venture between Tullow, Total E&P and CNOOC.
Before Tullow Oil, she worked for over 12 years within the Shell International BV family in various capacities and in a number of jurisdictions.
At Shell she started out as Company Secretary and Legal Advisor- at Shell Uganda Limited, between June 1998 to September 2003 and then headed to Brunei where she was a Senior Legal Advisor for 2 years at Brunei Shell Petroleum Sdn Bhd. She then headed to Shell International BV headquarters in the Netherlands as Legal Counsel, Gas & Power for slightly over 3 years.
From here, she got appointed Legal Counsel at Shell International Exploration and Production BV where she was assigned to the Shell Development Kashagan BV (the entity tasked to engineer, develop and construct facilities to bring phase II of the Kashagan field in the North Caspian Sea to full commercial oil and gas production.
The Kashagan project involved a consortium of seven international oil companies and the National Oil Company of Kazakhstan. Her major role, involved managing and advising on licensing, regulatory and legal issues arising out of the North Caspian Sea Production Sharing and Joint Operating Agreements.
As Uganda moves closer to oil production, Tullow Oil will be counting on her domestic, regional and global expertise in upstream, midstream and downstream operations to bring the prize home.
Perhaps a change in management could also warm up Tullow Oil’s planned sell of their 21.57% in Ugandan exploration areas to Total SA, a move that has overly delayed.
Before Shell, she worked as Legal Officer at Uganda Petroleum Company Limited (formerly Mobil Oil Uganda), between 1994 and June 1998,
Mariam holds Bachelor of Laws (LLB) from Makerere University and Masters of Law, Commercial and Corporate Law from the London School of Economics and Political Science. She also holds a Diploma, in Petroleum Policy and Management from PETRAD-Stavanger, Norway as well as a Diploma in Legal Practice, from the Law Development Centre in Makerere.
|She went to Stella Maris Boarding Primary School, Nsuube and then Kibuli Senior Secondary School where she completed her Uganda Advanced Certificate in Education (A-level). She is married Professor Swaibu Mbowa, a Makerere University Agricultural Economics don and a Research Fellow at the Economic Policy Research Centre (EPRC).|
She is an advocate of the High and Supreme Courts of Uganda.
AIG taps on Lydia Kayonde to lead their return to Ugandan market
American International Group (AIG) has tapped on seasoned insurance executive, Lydia Kayonde to lead their re-entry into the Ugandan market, CEO East Africa Magazine has learnt.
The Insurance Regulatory Authority’s Chief Executive Officer, Ibrahim Kaddunabbi Lubega, was quoted by The Independent magazine in December 2018, confirming that AIG Uganda Ltd, had been issued a green-field insurance investment.
Before its exit late 2016, AIG had operated in Uganda since 1962. It, in the wake of the 2008 financial crisis and subsequent federal bailout of the mother company, was rebranded to Chartis Insurance in 2009, but reverted to AIG in 2012.
Before its exit, AIG had gradually lost its market leadership position to Jubilee Insurance and UAP Insurance (now UAP), with UGX31.9 billion premiums in 2016 and a market share of 7.10% compared to its heydays in 2013 when it underwrote UGX50.1 billion in non-life premiums and UGX29.9 billion in life premiums.
In 2014, when IRA stopped issuing licenses to composed insurance companies and ordered for the split of life and non-life business, AIG dropped its life insurance arm. Their industry market share and business continued declining till their eventual exit in 2016.
Their headquarter building was sold to Britam Insurance for an undisclosed amount.
However, even in their last days- AIG remained one of the most respected and trusted brands in the business, especially in claims settlement.
Who is Lydia Kayonde?
Lydia Kayonde, is no stranger in both the AIG and insurance corridors. For nearly 10 years, she was the Manager-Liabilities & Financial Lines at both AIG and Chartis before she was tapped by Stanbic Bank to head their newly established bancassurance unit.
Stanbic was the first bank to receive a bancassurance license in October 2017.
Other than leading Stanbic to being the first bancassurance agent, Kayonde has been instrumental in shaping Stanbic as the industry leader in bancassurance.
Stanbic, according to the IRA 2018 annual report, collected UGX9.9 billion in premiums, out of the industry’s UGX19.7 billion non-life premiums- earning a UGX50.22% market share, well ahead of Barclays Bank and dfcu Bank, their closest rivals, who collected UGX5.1 billion and UGX1.5 billion translating into 26.1% and 7.6% market share respectively.
Stanbic also led in non-life premiums collections – having collected UGX1.8 billion in premiums- of the total UGX6.3 billion industry premiums, translating to a 27.9 market share.
Positive 2019 outlook
AIG is yet to officially comment about their return to the Ugandan market, but is believed to be driven by the growth in infrastructure spending by especially government and oil and gas companies- all of which herald positive industry projections.
Government infrastructure investments, reached 8.9 percent of GDP in FY17/18 and is envisaged to increase further this year and next, according to the IMF Uganda Country Report, May 2019.
Uganda is transitioning from the oil exploration stage to development and production stages; industry estimates say this stage will take up to 5 years and will cost up to USD20 billion. Uganda has also opened a second licensing round for five oil and gas exploration blocks in the Albertine Graben.
14 insurance companies in Uganda, under their Insurance Consortium for Oil and Gas (ICOG) have raised over $200m (sh745b) aggregated insurance capacity in readiness for Uganda’s oil and gas industry.
The insurance industry in Uganda underwrote UGX856 billion (USD227.8 million) in 2018- that is UGX73.60 billion (USD19.6 million) more than the Shs782.4 billion (208.2 million) underwritten in 2017. This is a 17.5% growth rate, compared to a 14.75% growth rate registered in 2017.
IRA Q1, 2019 reports show that industry premiums grew 9.1%, from UGX260.5 billion in Q1, 2018 to 284.1 billion, on the back of a 30.7% growth in life premiums- from UGX48.5 billion to UGX63.4 billion. Non-life business grew by 4.1% from UGX190.8 billion to UGX198.5 billion while Health Membership Organisations (HMOs) grew by 4.4% from UGX21.2 billion to UGX22.1 billion.
IRA’s Kadunabbi in a recent 23rd May 2019 industry presentation also expressed optimism that the industry would maintain this positive trend in 2019, on the back of upcoming projects like the Standard Gauge Railway, the USD3.5 billion East African Crude Oil Pipeline (EACOP), Uganda Airlines and the UGX470 billion CCTV cameras project in metropolitan Kampala.
He also said that growth in bancassurance as a channel as well the increased uptake of micro-insurance facilitated by mobile money platforms spelt growth news for the sector. Kadunabbi is also betting on recent industry engagements with Uganda Revenue Authority to enforce Section 9(3) of the Insurance Act so as to stop the millions of dollars being haemorrhaged out of the country in marine and cargo insurance.
Section 9(3) of the Insurance Act, dictates that, “all local risks and persons including imports shall be insured by insurance companies licensed to carryout insurance business in Uganda.”
According to Bank of Uganda Balance of Payments report, USD67.5 million (UGX254.2 billion) left the country in 2018 for insurance- this is equivalent to 30% of the entire Ugandan insurance industry.
Kenya, under their revised insurance laws in 2017 localised all marine cargo insurance business, with some penalties for errant parties and in just one year, alone, grew marine premiums by 37%- from KES2.6 billion (UGX96.6 billion) to KES3.6 billion (UGX132.2 billion).
By comparison, Uganda underwrote UGX33.5 billion under the marine/aviation category in 2017.
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