Connect with us

The CEO 100

Money men: The 8 gentlemen who control 77% of Uganda’s banking industry



Stanbic's Patrick Mweheire. In the four years he has spent at the bank, Mr Mweheire has presided over sustainable growth, keeping the lender is the lead as Uganda's largest bank by assets, lending, deposits, income and profitability.

Yes, they are all men.

They are powerful. They run 8 of Uganda’s largest banks and they are paid handsomely too.

The 8 CEOs are each paid on average a gross salary of UGX94.5 million a month or collectively UGX756.2 million Shillings per month and UGX9 billion a year. 

This excludes performance bonuses.

Meet the 8 perfect gentlemen and their well-lined wallets.  

See complete list of the most paid bank executives here:

Rakesh Jha, Barclays Bank

Gross Salary: 1,783,378,716 p.a.

Nationality: Indian

Barclays Bank’s Rakesh Jha. He is credited for having stabilised Barclays since he arrived in 2014- reducing operating costs and NPLs, while growing assets and deposits

A graduate of the University of Mumbai and a holder of a 1st class Marketing MBA from the Institute of Management and Entrepreneurship Development (IMED) in India, Rakesh Jha’s 26-year banking career started at Standard Chartered Bank, India as a Customer Relationship Manager.

He then went on to work at the Bank of America and HDFC Bank in India before moving on as Director, Private Banking at Standard Chartered in Dubai. In 2008, he crossed over to head Consumer and Private Banking at Barclays Mauritius and in 2011 was appointed the Managing Director & CEO, Barclays Mauritius.

After 3 years, he in September 2014 was posted to head Barclays Bank Uganda as CEO.

Also read:

In the four years he has been at Barclays Uganda, he has overseen a Compound Annual Growth Rate (CAGR) of 13.3% in assets on the back of stronger deposits and lending growth.

As at end of 2018 Assets stood at UGX2.8 trillion and lending at UGX1.2 trillion versus UGX1.5 trillion and UGX594.6 billion in 2014 respectively.

He has also grown consumer deposits by 63% from UGX1.1 trillion to UGX1.8 trillion while Non Performing Loans have been reduced by 41.2% (CAGR -10.1%) from UGX91.8 billion in 2014 to UGX54 billion in 2018.

In the four years, he has been at the helm, Barclays Uganda’s profitability has also improved steadily (CAGR10.81%) from UGX41.3 billion in 2014 to UGX72 billion in 2017 and then UGX69 billion in 2018.

Overall, Barclays remains a much more stable and robust bank than it was in 2014. 

Patrick Mweheire, Stanbic Bank

Gross Salary: UGX1,581,967,152

Nationality: Ugandan

Stanbic’s Patrick Mweheire. The Harvard alumni, has been behind the bank’s brisk growth over the last 4 years- most importantly keeping a balance between interest and non-interest income. Stanbic is also probably Uganda’s most affordable lender with a rate that is closes to the CBR.

Born and raised in Uganda, Patrick Mweheire, went to Buganda Road Primary School and then to Kings College Budo for six years. At the age of 18 years, he left for the United States of America where he would spend most of his education and work life.

He graduated from Daemen College in New York in 1994 with a Bachelor of Science in Economics with a distinction. At the age of 23, he started off work at Prudential Securities as a Financial Analyst.

In June 1999 he completed an MBA from the prestigious Ivy League Harvard University and immediately joined Prudential Securities Inc. (1994-97) as a Financial Analyst and went on to work at Merrill Lynch & Co, one of the top 5 biggest investment banks, as an Associate- Mergers & Acquisition Group. In 2002, he was promoted to Director- Financial Services Group for a colourful 6 years that saw him get involved either as a Mergers & Acquisition Advisor and or Book Runner in several major transactions, worth a combined $11 billion.

He returned to Uganda in 2008 and took up a position as Managing Director- Head of Investment Banking Africa and CEO East Africa, for Renaissance Capital, one of Russia’s largest investment banks with offices across the world. After 4 years, he in 2012, joined Standard Bank Group as Executive Director- Head of Corporate & Investment Banking at Stanbic Uganda.

In January 2015, he was appointed Managing Director of Stanbic Bank, Uganda’s largest bank.

In the 4 years, he has been at the bank, he’s led a 9.91% CAGR growth in assets from UGX3.7 trillion in 2015 to UGX5.4 trillion. During his time, customer lending has grown from UGX1.9 trillion to UGX2.5 trillion (CAGR 7.10%) and Customer deposits have grown from UGX2.4 trillion to UGX3.9 trillion (CAGR 12.91%). He has also maintained steady growth in income from UGX533 billion in 2015 to UGX 661.1 billion.

As a result, there’s been a 9.33% CAGR in profitability from UGX151 billion in 2015 to UGC215.1 billion in 2018.

 Albert Saltson, Standard Chartered Bank

Gross Salary: 1,262,818,584 p.a.

Nationality: Ghanaian

Standard Chartered Bank’s Albert Saltson. He has stabilised the bank from the doldrums caused by massive NPLs in 2015 and 2016.

A graduate from the Kwame Nkrumah’ University of Science and Technology, Kumasi, Ghana, Albert Saltson also holds a MBA in International Banking from the Henley Management College, United Kingdom.

His advanced banking career started at Standard Chartered Bank, Zambia as head of Consumer Baking in 1998, from whence he went to become Executive Director, Consumer Banking at Standard Chartered Bank in Ghana in 2001.

Between 2007 and 2015 he served as CEO, Standard Chartered Sierra Leone and in June 2015 he was appointed CEO Standard Chartered Gambia till April 2017 when he was appointed as CEO, Standard Chartered Bank Uganda to replace Herman Kasekende, who moved to Zambia.

Under him, Standard Chartered Bank’s assets have grown by 3.9%- from UGX2.8 trillion to UGX2.9 trillion on the back of a 7.3% growth in lending from UGX1.2 trillion to UGX1.3 trillion.

This has led to a 15.4% rise in income from UGX395.7 billion to UGX400.8 billion.

This was achieved at a relatively stable cost base- costs reduced by UGX1.3 billion from UGX284.6 billion to UGX283.3 billion, hence a 3.1% rise in profit from UGX93.2 billion to UGX96 billion- earning Standard Chartered a slot as the country’s 3rd most profitable bank, from the 4th position in 2017.

He arrived at a time when Standard Chartered was bleeding due to NPLS (UGX114 billion in 2015 and UGX112 billion in 2016. This, he reduced to UGX78.6 billion in 2017 and 22.2 billion in 2018.

Mathias Katamba, dfcu Bank

Gross Salary, UGX1,245,913,800 p.a.

Nationality: Ugandan

dfcu’s Mathias Katamba. Fresh from Housing Finance, he has a lot of homework to do, especially repairing dfcu’s image and maximising return on shareholder investments into the Crane Bank acquisition.

Mathias Katamba was poached from Housing Finance Bank (HFB) to replace Juma Kisaame who left the bank this January amidst several controversies.

Katamba’s flourishing 18-year banking career, spans various roles at Orient Bank, Post Bank, Barclays Bank,  Pride Micro Finance , Finance Trust Bank and Housing Finance Bank where he grew the bank’s assets by 23% from Shs597bn in 2014 when he joined to Shs733bn in 2017 by the time he left. 

He holds an MSc (Financial Management) degree from the University of East London with additional qualifications from Harvard University’s John F. Kennedy School of Government and the University of Pennyslavia’s The Wharton School.  

His biggest job at dfcu will be to restore the bank’s image as well as consolidate the gains from acquiring Crane Bank and give shareholders a befitting return. He will also need to steer the bank through the several multibillion court suits emanating from the Crane Bank acquisition.

Perhaps, biggest on the agenda is to jerk up dfcu’s share price that has between July 2018 and March 2019 lost 28.8% but has since held steady at UGX670 billion.

Varghese Thambi, DTB Uganda  

Gross Salary: 1,084,407,660 p.a.

Nationality: Indian

DTB Uganda’s Varghese Thamb (right) at a recent launch for Express Money transfer services.

He graduated at the St Thomas College, Thrissur in Kerala State, India with a Bachelor’s Degree in physics in 1975. He was a branch Manager at India’s Dhanlaxmi Bank for 18 years, before joining IndusInd Bank in India as Senior Vice President for 12 years (between April 1995- July 2007).

He joined DTB Uganda as Chief Executive Officer in July 2007.

He is a member of the Certified Associate of Indian Institute of Bankers (CAIIB) and holds a Post Graduate Law Diploma in Cyber Laws

He has kept DTB Steadily in the top 10 Ugandan banks.

Today DTB Uganda is the 7th largest bank by assets (UGX1.6 trillion), by customer deposits (UGX1.14 trillion) and by profits (UGX18.2 billion).

It the 8th biggest lender with UGX534.2 billion lent out in 2018.   

Fabian Kasi, Centenary Bank  

Gross Salary: UGX1,068,458,124 p.a

Nationality: Ugandan

Fabian Kasi of Centenary Bank, under whom Centenary has become perhaps the fastest growing bank in Uganda.

Fabian has been a banker almost all of his working life.

He started as a Banking Officer at Bank of Uganda in 1992. After eight years, he briefly worked as a Director of Finance & Administration at Finca Uganda, a global microfinance organisation, before heading out to Rwanda’s Banque Commerciale du Rwanda (BCR) as CFO.

After just 9 months in Rwanda, he was appointed the Managing Director for Finca a job he held for 8 years and 3 months.

He was appointed Centenary Bank Managing Director in August 2010.

He holds a Bachelor’s degree in Commerce and Accounting from Makerere University, as well as an MBA from the University of New Castle in the UK.

During his 8 years at the Bank, he has made Centenary Bank, Uganda’s fastest growing bank- growing assets by more than 5 times from UGX582.7 billion in 2010 to UGX3.2 trillion in 2018.

Customer deposits have grown by 5 times from UGX443.4 billion to UGX2.3 trillion and lending by four times from UGX343 billlin to UGX1.5 trillion in the same period.

Aa result, the bank’s profitability under his stewardship has leaped by 438% from a mere UGX20 billion to UGX107.6 billion.

Samuel Kirubi, Equity Bank

Gross Salary: UGX874,800,000 p.a.

Nationality: Kenyan

Equity Bank’s Samuel Kirubi at a recent launch of the bank’s Eazzy Banking Solution. He was appointed in 2016 to head Equity Bank Uganda.

Ashwini Kumar, Bank of Baroda      

Gross Salary: UGX173,167,956 p.a.

Nationality: Indian

Bank of Baroda CEO, Ashwini Kumar. He is the lowest paid bank CEO in Uganda

Little is known about Ashwini Kumar before he ascended to the helm of Bank of Baroda on 12th April 2017, following the exit of Birbal Singh Dhaka, the bank’s boss, since December 2013. 

In the two years, he has been at Baroda he has grown the bank’s assets by 11.8% from UGX1.53 trillion in 2017 to UGX1.71 trillion in 2018.

Shareholders of Bank of Baroda (USE: BOBU) will smile all the way to the bank following a 48.7% reported increase in net profit. According to results published last weekend, the lender’s profit grew from UGX49.4bn to UGX73.48bn- thanks to a 12.6% rise in income coupled with 6% drop in total costs.

Total income rose from UGX174bn in 2017 to UGX196bn while total expenditure declined from UGX109.9bn to UGX103.3 bn.

The bank’s assets are backed by a 22.8% rise in lending- from UGX616.6bn to UGX757.2bn leading to a 12.6% growth in income, from UGX174 billion in 2017 to UGX196 billion in 2018.

A rise in income, coupled with a 6% decline in costs- from UGX 109.9 billion to UGX103.3 billion, led to a 48.7% growth in net profit; UGX49.4bn in 2017 to UGX73.48bn in 2018.  

The year before Kumar joined, total assets increased by 4.02% while net profit increased by a mere 0.27%.

Kumar’s shareholders will be smiling all the way to the bank following a proposed 33.3% increase in dividends from UGX7.5 per share to UGX10. The bank has set aside UGX25bn (34% of the profit) for dividend pay-outs.  

At a monthly salary of, UGX14,430,663, Kumar is the lowest paid CEO in Uganda, even though his bank is among the top 8 banks in Uganda.

The CEO 100

Meet Paddy Muramiirah, the man spearheading Crown Beverages’ aggressive comeback



Muramiirah has grown Pepsi's turnover in Uganda by 52% from UGX228.7bn in 2016 to UGX347.9 billion at the end of 2018. During his time, profit has grown by 222% from UGX9.1 billion to UGX29.3 billion. He has reduced the sales gap between Pepsi and Coca Cola from a historic high of UGX154.7 billion in 2016 to UGX78.8 billion

Engineers; Mechanical Engineers at that, rarely make it to the top leadership levels, unless of course it is an engineering firm.

For brands in the Fast Moving Consumer Goods (FMCG) categories such as soft drinks or alcohol where the flamboyance and exuberance of the brands is one and the same with that of the brand guardians, the top jobs have often been reserved for marketers and sales people and every once in a while, CEOs with a finance background.

Not that there is anything wrong with the Engineers, but somehow, since the marketers are already customer facing, it is easy to keep it that way. In fact one, can in Jesus’ speak say, it is easier for a camel to go through the eye of a needle than for an engineer to become a star-performing CEO of an FMCG brand.

Such was the mythical pessimism that greeted Crown Beverages’ Paddy Muramiirah, when he was appointed Chief Executive Officer in November 2016.

Muramiirah has grown Pepsi’s turnover in Uganda by 52% from UGX228.7bn in 2016 to UGX347.9 billion at the end of 2018.

But Amos Nzeyi, the Executive Chairman and one of the company’s shareholders, knew better. While announcing Muramiirah’s appointment then, he said, that he had emerged the best from a number of applicants because of his “his leadership, immense experience and knowledge” in the carbonated soft drinks industry as well as his “strong track record.”

“Mr. Muramiirah has demonstrated throughout his career the ability to work successfully, designing and leading strategies which resulted in impressive value creation. And given his credentials, I am certain he will make a significant contribution to the role and create the next chapter of CBL’s story of success; Mr. Nzeyi said.

Crown Beverages is 100% Ugandan owned. Its range of carbonated soft drinks includes: Pepsi, Mountain Dew, Mirinda Fruity, Mirinda Orange, Mirinda Pineapple, Mirinda Green Apple, 7UP, Evervess Tonic and Nivana Water in four variants namely; Tangerine, Strawberry, still and sparkling. The products are available in returnable glass bottles and plastic/PET bottles

Creating value and the next chapter of CBL’s story of success

Muramiirah, a Mechanical Engineer by training, joined CBL in 2005 as the head of operations and rose through the ranks. He has also overseen the company’s aggressive production expansion throughout the years.

At the time Muramiirah becme CEO, CBL was year in, year out, losing ground to their archrivals, Century Bottling Company Limited the bottlers of Coca Cola. For example between 2013 and 2016, while Crown Beverages’  Compounded Annual Growth Rate (CAGR) in sales turnover was 4%, Century Bottling was growing at an average 6%, thus widening the space and share of wallet gaps between the 2 cola archrivals who between them control an estimate 80% of the soda market in Uganda.

The confidence of a star-performing CEO

In 2013, while Century Bottling sold UGX302 billion worth of drinks, Crown Beverages sold UGX195.4 billion- a variance of UGX106.6 billion. Century made a UGX13 billion profit, while Crown made UGX15.4 billion. In 2014, the sales turnover gap widened to UGX115.1 billion, as Century sold UGX346.4 billion and Crown Beverages UGX231.3 billion. Both companies made UGX7.3bn in profit. 

(Left-Right): CBL CEO, PAddy Muramiirah, FInance State Minister, David Bahati and CBL CEO, Amos Nzeyi display the award

In 2015, Century sold UGX384.3bn while Crown turned over UGX240 billion- widening the market share gap by UGX144.3 billion. That year Crown made a trifle UGX 100 million in profit, while Century made a handsome UGX20.2 billion in net revenue- their highest in recent history, if not the highest ever!

In 2016, the year Muramiirah was appointed CEO, both companies slowed down in turnover- Century by .23% to UGX383.4 billion and Crown Beverages by 4.7% to UGX228.7- creating an even wider gap between the two companies’ sales turnover of UGX154.7 billion- the highest ever in the companies’ history in Uganda.

Crown however made a profit of UGX9.11 billion and Century UGX2.5bn.

Under Paddy Muramiirah, profit has grown by 222% from UGX9.1 billion to UGX29.3 billion.

Within the first few weeks on the job, Muramiirah oversaw the company’s biggest shakeup, letting go of several senior managers and went on to shock naysayers, by making a 28% come back in 2017 sales turnover to UGX291.8 billion while Coca Cola’s only grew 3% from UGX383.4 billion to UGX394.5- reducing the gap between the 2 companies from UGX154.7bn to UGX 102.7bn- the lowest in 5 years.

Profit also grew by 69% from UGX9.1bn to UGX15.4 billion. Coca Cola on the other hand had profits turn to losses- from a profit of UGX2.5bn in 2016 to a loss of UGX800 million.

2018 saw yet another good year for Crown Beverages- a 19% growth in turnover, from UGX291.8 billion in 2017 to UGX347.9 billion. Century on the other hand grew by 8% from UGX394.5bn to UGX426.7bn and as a result the gap between the 2 rivals further shrunk, this time to UGX78.8bn- a historic low in over 5 years.

Crown Beverages also had, their most profitable year to date- UGX29.3 billion in profit, up 90.3% from the previous year.

The smile of a champion

Thanks to this great performance, in June, 2019, the company won the PepsiCo Europe and Sub-Saharan African (ESSA) Bottler of the Year 2018 award. The company was also named the 1st Runner Up for the global PepsiCo Bottler of the Year award, beating over 200 other PepsiCo bottlers from all over the world.   

Speaking at the ceremony to mark the milestones, Mr. Amos Nzeyi, the Chairman CBL commended the company’s customers, staff, shareholders, partners and the government for their contribution to the success.  

“The journey has just started,” Mr. Nzeyi notified whoever cared to listen.

About Crown Beverages

Crown Beverages’ is a franchisee bottler for PepsiCo Inc. in Uganda that bottles a range of carbonated soft drinks that include: Pepsi, Mountain Dew, Mirinda Fruity, Mirinda Orange, Mirinda Pineapple, Mirinda Green Apple, 7UP and Evervess Tonic. The products are available in returnable glass bottles and plastic/PET bottles.

They also bottle Nivana water in four variants namely; Tangerine, Strawberry, Still and Sparkling.

The company is 100% Ugandan owned; by Amos Nzeyi, Chris Kayoboke and Prof Maggie Kigozi, who in 1997 bought a 51% stake from South Africa’s International Pepsi-Cola Bottler Investments and in  2001, acquired the remaining 49%.

The shareholders have since invested over $200 million (Ugx740 billion) in the business to date, creating the company into one of Uganda’s top 20 taxpayers. According to Muramiirah in a recent media interview, the company has between 2013 and 2018 paid a total of UGX284 billion in taxes.

Continue Reading

The CEO 100

Orient Bank’s Julius Kakeeto to head Post Bank



(R-L): Julius Kakeeto, MD of Orient Bank Limited together with Alhaj Kaddunabbi Ibrahim Lubega, CEO Insurance Regulatory Authority, Herbert Mukoza, General Manager IAA and Arjun Mallik, MD Prudential East Africa on July 24, officially unveil Medilife, a new medical and life insurance cover for Orient Bank customers. Kakeeto has spearheaded a number of innovation at Orient Bank, that have contributed to the bank’s stable growth and return to profitability.  

Julius Kakeeto, formerly Orient Bank Managing Director and Chief Executive Officer, is set to head the troubled Post Bank, CEO East Africa Magazine has learnt.

Kakeeto is to replace troubled Managing Director, Steven Mukweli who is facing corruption charges at the Anti-Corruption Court. Mukweli along with 7 other senior officials at the government owned Post Bank were charged with abuse of office, causing financial loss and conspiracy to defraud their employer.

The officers are: Safina Wabuna, the Executive Director for Information and Communication Technology (ICT), David Mwesige, the Head of Information Technology, Augustine Kisitu, the Head of Business Technology and Emmanuel Mwaka, the Finance Manager. Also charged are: Alex Kayaayo (Executive Director for Credit and Business Growth), Fred Samuel Wasike (Head of Business Growth) and Gilbert Nuwamanya (Sales Manager).

CEO East Africa Magazine, understands that Kakeeto has already sent in this resignation at Orient Bank and a farewell message to staff and is serving his notice period.

A highly placed source at Ministry of Finance, Planning and Economic Development, under whose docket Post Bank falls, also confirmed to CEO East Africa Magazine that indeed Kakeeto is crossing over to Post Bank.

“Off the record, I can confirm that his name has been submitted to Bank of Uganda for approval,” said the source.

Section 54 of the Financial Institutions Act (2004) requires all bank board directors to undergo a fit and proper test, carried out by the Central Bank.

Who is Julius Kakeeto?

Little is known about the largely press-shy Kakeeto, but according to research done by this publication, he wields more than 19 years in banking.

Kakeeto turned around Orient Bank from a UGX13.3 billion loss in 2014, bring about 4 years of straight profits

The Alliance Manchester Business School (MBA, Finance) and Strathmore University (ACCA) alumni started his banking career at the Citi Group in London in September 2001 and rose to the VP Global Markets position in London before returning home as Finance Director at Equity Bank in September 2009, a role he did till May 2011 when he moved on to become Director of Business Development at Orient Bank. Betweeen October 2013 and July 2014, he briefly served as the Executive Director before being appointed substantive Managing Director in July 2014- a role he has served for 5 years and 2 months.

(L-R): Prof. Waswa Balunywa, Makerere University Business School Principal together with Mr. Julius Kakeeto, Orient Bank’s Managing Director at the launch of the 3rd annual Orient Business Academy aimed at equipping small Ugandan business owners with skills to enable them grow their businesses and ensure sustainability.

During his 5 years at the helm of Orient Bank, deposits grew by over 59% from the UGX388.1 billion he inherited to UGX618 billion by close of December 2018- a compounded annual growth rate of 10%. Lending grew by 147.5% over the 5 years from UGX135 billion in 2014 to UGX334.1 billion at end of 2018- an annual growth rate of 201%. Total bank asset book also grew by about 56% from UGX480.8 billion to UGX750 billion at end of 2019.

As a result he managed to turnaround the UGX13.3 billion losses he inherited in 2014, making a profit of UGX1.5 billion in 2015, UGX5.8 billion in 2016, UGX4.8 billion in 2017, closing 2018 with a UGX5.6 billion profit.

Little is known about his package at Post Bank but at Orient Bank, his monthly salary was a reported UGX44,580,000.

Continue Reading

The CEO 100

Geologist, Proscovia Nabbanja appointed as UNOC caretaker CEO



Nabbanja, a geologist has been COO at UNOC and wields a combined 19-years’ experience in oil & gas. A Makerere university alumni, she holds an Msc (Petroleum Geoscience) and MBA both from the Imperial College Business School, London.

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.

Considered an insider, Nabbanja has been part of Uganda’s baby-steps in oil & gas and has matching education qualifications to match the job. Chances are that she will be confirmed as the substantive CEO

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.

Continue Reading




Now Trending

error: Content is protected !!