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PEOPLE, MONEY & POWER: Uganda’s 45 Most Powerful and Influential People in Banking, 2019

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The total assets of Uganda’s financial services industry reached UGX.45.81 trillion, or 44.3 percent of Uganda’s GDP, as at end December 2018.

The banking sector, dominated 69% of these assets, followed by Pension Funds at 22%, then Funds under Management (6%) and lastly the insurance sector at 3%, according to Bank of Uganda’s Financial Stability Report, June 2019.

According to the report, as at end June 2019, the banking sector, continued to flourish with commercial banks accounting for 95.2 percent (UGX30.3 trillion) of the banking sector’s total assets of UGX.31.8 trillion. This was followed by the Microfinance Deposit-taking Institutions (MDIs) whose assets reached UGX.642.3 billion from UGX.562.2 billion largely due to growth in gross loans by UGX.55.2 billion and fixed assets by UGX.14.9 billion.

But who are the people behind this growth? Who are the key decision makers; the go-to persons for major game-changing decisions like project financing, policy making and market pricing?

To arrive at this list of Uganda’s 45 Most Powerful and Influential People in Banking, CEO EA Magazine did a 2-months painstaking research that considered various elements such as portfolio under management, positions of authority, past performance, industry and government networks, executive market presence and visibility, industry experience and knowledge, local knowledge and above all, ownership of the 26 banks in Uganda.

The list intentionally left out government regulators.


1 of 45: Patrick Mweheire


CEO, Stanbic Bank, Uganda/ Chairman Uganda Bankers Association

The Harvard Business School alumni is not only the CEO of Stanbic Bank, Uganda’s largest bank but is also the chairperson of Uganda Bankers Association.

For 9 years, from 1999, Mweheire sharpened his financial services knowledge as an investment banker in the mergers & acquisition division at Merrill Lynch; one of the world’s best investment banks. In 2008, he was hired by Renaissance Capital, an investment bank out of Russia, to run their African investment banking unit- covering 7 African countries, including Uganda.

In 2012, he relocated back to Uganda to take up the position of Executive Director and “Head of Corporate and Investment Banking at Stanbic Bank Uganda.

Some of the deals he led, included, the disposal of Actis LLP’s majority stake in Umeme and the $43.2m sale of Actis LLP’s shares in dfcu Bank to Rabo Development B.V. and The Norwegian Fund for Developing Countries (Norfund).

In January 2015, the Board of Directors at Stanbic, appointed Patrick Mweheire as Managing Director and CEO of Stanbic, Uganda’s largest bank. Mweheire is the first Ugandan to head the bank since Standard Bank Group became the majority shareholder in 2001.

Mweheire, has led perhaps Stanbic Uganda’s most successful 5 years, nearly doubling assets from UGX3.7 trillion in 2015 to UGX6.1 trillion as of June 2019.  

Today, the bank is also the most profitable- up from UGX151 billion in 2015 to UGX215.1 billion in 2018.

In August this year, the bank announced that H1 2019 net profits had grown by 39.5% from UGX96.1 billion in June 2018 to UGX134 billion at the end of June 2019- an indicator that the bank is on course for yet another bumper profit, this 2019.  

CEO EA Magazine understands that when his 5-year contract runs out this December, he will take up the Regional Chief Executive, East Africa role at Standard Bank Group, a role that among others involves oversight over Stanbic Bank Uganda, Tanzania, Kenya as well as Standard Bank, Malawi.

He will sit in Nairobi.

For his solid experience and the running of Uganda’s largest bank as well as chairing the Ugandan Bankers Association, Mr. Mweheire is therefore our most powerful and influential person in banking, this 2019.


2 of 45: Fabian Kasi


Managing Director, Centenary Bank

Centenary Bank’s soft-spoken Managing Director, Fabian Kasi, this August, started his 10th year at Centenary Bank- 10 years of impressive growth, whichever way you look at it.

Kasi, was among the first crop of indigenous CEOs to head the top 10 banks in the late 2000s- previously, a preserve of foreigners.    

During Fabian’s reign, Centenary Bank has moved from the fourth largest bank by assets- UGX807.2 billion and 7.12% market share in 2010 to the second largest bank with UGX3.2 trillion and 11.3% market share at the end of 2018.

The bank is also the second largest bank by lending, deposits and profitability; controlling 12% of industry lending, 11.7% of industry deposits and 14.3% of industry profitability as at end of 2018.

To put this into perspective, by end of 2018, Centenary Bank was larger than the Ugandan asset base of 11 banks at the bottom of the chain combined i.e. Ecobank, United Bank for Africa, Tropical Bank, Exim Bank (Formerly Imperial), NC Bank, Guaranty Trust Bank, Finance Trust Bank, Bank of India, Commercial Bank of Africa, Cairo International Bank and ABC Capital Bank.

The 11 banks together had UGX2.6 trillion in assets.

Fabian, started his career 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 Uganda, 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.  


3 of 45: Albert Saltson


Managing Director, Standard Chartered Bank, Uganda

Albert joined Standard Chartered Bank over 25 years ago and has since held various senior positions in different functions across the African continent. Prior to his appointment as CEO in Uganda, he was on different occasions the Head of Consumer Banking at Standard Chartered Bank Zambia and Ghana spanning a period of over eight years.

Under him, Standard Chartered Bank Uganda’s assets have grown by 3.9%- from UGX2.8 trillion in 2017 to UGX2.9 trillion at the end of 2018, on the back of a 7.3% growth in lending from UGX1.2 trillion to UGX1.3 trillion.

This 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. He also reduced the bank’s non-performing loans portfolio- UGX114 billion in 2015 and UGX112 billion in 2016 to UGX78.6 billion in 2017 and 22.2 billion in 2018.

As a result, there was 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.

As of end of December 2018, Albert controlled 10.3% of industry lending and 9.3% of industry deposits which is why he is No.4 on our power/influence list. 

He is a graduate from the Kwame Nkrumah’ University of Science and Technology, Kumasi, Ghana and also holds an MBA in International Banking from the Henley Management College, United Kingdom. He has also attended strategic management courses at Oxford University and INSEAD.


4 of 45: Mathias Katamba


Chief Executive Officer, dfcu Bank

Mathias Katamba is the Chief Executive Officer, at dfcu Bank, the fourth largest bank by assets- UGX2.88 trillion, as at end of 2018.

Katamba, wields nearly 15 years of senior banking experience gained from Barclays Bank (now Absa Bank Uganda, Pride Microfinance, Finance Trust Bank and Housing Finance Bank; his last assignment before becoming the dfcu Bank leader.

During his 5 years at Housing Finance Bank, assets grew by 30% from UGX597billion in 2014 to UGX777billion in 2018. He also grew profitability by 386.2% from UGX4.3 billion in 2014 to UGX21 billion in 2018.

However, his presence at dfcu Bank is yet to be felt as the bank’s performance is still in doldrums.

Interim H1 2019 results indicated a 14.3% decline in net profit to UGX35.7 billion down from UGX41.6 billion in the same period in 2018. Deposits declined by 1.5% from UGX2.02 trillion to UGX1.99 trillion while lending went down by 3.8% from UGX1.4 trillion to UGX1.36 trillion.

Assets however stood at UGX2.95 trillion, some 2.4% increase from the UGX2.88 trillion registered at the end of 2018.    

Because of the mixed results and poor market conditions, dfcu’s share price has fallen by 21% from UGX822.97 on January 2nd 2019, closing at UGX650 on November 08th 2019.

Dfcu however remains an influential bank with about 11% market share of industry lending and 10% of industry deposits as at end of 2018- making Katamba a very powerful and influential man, both by virtue of his industry portfolio but also his experience and networks.

Katamba is a highly-educated financial leader who holds several academic qualifications including; a Bachelor of Arts degree in Economics from the University of Greenwich and a  Master of Science in Financial Management (University of East London). He has attended Executive Leadership programmes at Harvard University’s, John F. Kennedy School of Government and The Wharton School of the University of Pennsylvania as well as the Strathmore Business School in Nairobi.


5 of 45: Nazim Mahmood


Managing Director, Absa Bank Uganda

As CEO of Absa Bank Uganda Limited (previously Barclays), Uganda’s 5th largest bank by assets, lending, customer deposits and profitability, with approximately 10% market share on all those parameters, Nazim Mahmood is a powerful man.

He controls more than UGX2.8 trillion in assets, UGX1.2 trillion in lending, UGX1.8 trillion in deposits. 

He does possess a wealth of retail, SME and corporate banking experience, spanning nearly two decades gained from working for 3 global banking giants- Citibank, Standard Chartered and Barclays in Asia and Africa.

Much as he just became Absa Uganda CEO, this July 2017, he also possesses prior Ugandan experience, having worked as Director Retail & Business Banking (Commercial & SME) at Barclays Uganda, between August 2013 and August 2017.

It is from here that he rose to Barclays Africa, Headquarters in Johannesburg as the Director Core Banking Transformation in charge of Greater Africa.

The seasoned banker holds an MBA (Finance) from the Bentley University’s Graduate School of Business as well as a bachelor’s degree in business administration from the University of Massachusetts, Amherst in the United States of America. 


6 of 45: Richard Byarugaba


Managing Director, NSSF/ Shareholder Various Banks

He could have been a former Managing Director at the now defunct Nile Bank and Global Trust Bank and a Chief Operating Officer at the then Barclays Bank, but Richard Byarugaba’s influence and power in the banking industry does not necessarily emanate from this.

Rather, it has to do with the fact that NSSF Uganda is a shareholder in all of Uganda’s listed banks which are also some of Uganda’s largest banks. The Fund owns 2.6% of Stanbic Bank Uganda- Uganda’s largest bank, 7.5% of Dfcu Bank, Uganda’s 4th largest bank and 2% of Bank of Baroda, the 6th largest bank.

NSSF also directly owns 50% of Housing Finance Bank, the 11th largest bank in Uganda.  The fund also indirectly owns a chunk of KCB Bank Uganda (13th largest bank) through a 2.17% stake in KCB Group Ltd, KCB Bank’s mother company. NSSF also owns 2.78% of Equity Group – which owns Equity Bank Uganda, the 8th largest bank. 

That is not all, NSSF is perhaps the single largest holder of deposits in the industry- holding about UGX146 billion in deposits as of June 2019. 

NSSF’s annual collections- UGX 1.208 trillion or UGX200billion per month are handled through the banking system, making an NSSF account a must have and therefore, Richard Byarugaba the man to have on your side- or at least not on your bad side.

Byarugaba is a Herriot-Watt University MBA (Business Administrations & Management) holder, an ACCA Fellow with a Diploma in Management from the Henley Business School. He also holds a BSc Degree in Mathematics and Statistics from Makerere University.


7 of 45: Alykhan Karmali


Director & Shareholder, Exim Bank/ CEO Mukwano Industries

Alykhan Karmali is a businessman, entrepreneur, industrialist, and philanthropist in Uganda. He is the Managing Director of Mukwano Industries Uganda Limited, a member company of the Mukwano Group.

His influence and power in the banking industry, have to do with his directorship role, as a non-executive director of Exim Bank (Uganda), a commercial bank in which the Mukwano Group maintains 36.5 percent shareholding.

As an individual, he is said to be worth some USD700 million and according to Forbes Mgazine, the Mukwano Group’s annual turnover is estimated at USD230 million (UGX850.4 billion) making him a prime customer worth having on your side for any bank.


8 of 45: Ketan Morjaria


Vice Chairman & Majority Shareholder, Orient Bank Limited

Ketan Morjaria is a largely private individual- but quite influential in Uganda’s banking industry.

He, in 1993 was one of the majority founding shareholders of Orient Bank Limited- Uganda’s 12th largest bank by assets (UGX913.1 billion as at December 2018), 11th by lending (UGX334.1 billion) and 9th by deposits (UGX618 billion).

In April 2009, Bank PHB Group, a then Nigerian financial services group, acquired 80 percent shareholding in Orient Bank for a cash payment of US$62 million- leaving Ketan Morjaria with 20%. 

In August 2011, Bank PHB Group was itself declared insolvent by the Central Bank of Nigeria, and its assets and some liabilities were acquired by Keystone Bank Limited, which was owned by the Federal Government of Nigeria. In February 2015, Keystone Bank divested from Orient Bank by selling 42 percent shareholding to a private equity firm 8 Miles Fund, whose shareholders include celebrity entertainer and activist Bob Geldof, and the remaining 38% was sold to three individuals, namely Ketan Morjaria’s Morka Group (29%) Alemayehu Fisseha (4.5%) and Zhong Shuang Quan (4.5%).

Once again, Ketan Morjaria became a major shareholder in Orient Bank. The businessman also owns 9.88% of Kenya’s Credit Bank Limited which at the end of December 2018, had KES17.8 billion (UGX643 billion in assets) 


9 of 45: Dr. Sudhir Ruparelia


Billionaire Businessman and Shareholder (Baroda, Stanbic Bank & dfcu Bank)

He could have lost his Crane Bank where he was the second biggest shareholder in the contested controversial takeover and closure by Bank of Uganda, but Dr. Sudhir Ruparelia, Uganda’s richest man still remains an influential figure in Uganda’s banking industry.

First of all, he is the biggest individual shareholder in Stanbic Bank, Uganda’s largest bank with 330,723,247 shares (valued at UGX8.9 billion as at November 8th 2019) that constitute 0.65% of the bank. He is also the biggest individual shareholder in Bank of Baroda with 62,527,250 shares (2.5% of the bank) – valued at UGX7.8 billion. Again, through the stock exchange, he owns 0.29% of dfcu Bank- an equivalent of 2,165,575 shares.

That’s not all, Ruparelia Group’s over 28 companies are said to have a turnover of over $300 million (UGX1.1 trillion) annually- making him a prized client for any bank.


10 of 45: Japheth Katto


Board Chairman, Stanbic Bank Uganda

He may be retired, but Japheth Katto, is not tired; even in his retirement he wields a lot of influence. An ACCA Fellow and a member of the Institute of Certified Public Accountants of Uganda, Mr. Katto is a corporate governance and financial services regulation consultant.

He was the founding CEO of Uganda Capital Markets Authority (CMA), Uganda’s regulator of capital markets and retired in 2013. Before then he worked with Financial Services Authority in the UK for 8 years.

After retiring from CMA, Katto was in 2015, appointed the board chairman of Stanbic Bank- Uganda’s largest bank since 2015, the amiable Katto, may not be showy, but he is a powerful man who can open doors in many offices, especially in the financial services sector and many a regulator especially in the financial services sector.

During his time at Stanbic, he has superintended over healthy growth of the business- assets from UGX3.7 trillion in 2015 to UGX6.1 trillion as of June 2019. 

But if that is not enough influence, Katto, chairs the board of Uganda Breweries Limited, the subsidiary of East African Breweries Limited, the region’s biggest brewer, where he also sits on its board of directors.

By virtue of his chairmanship, Katto oversees businesses with a combined 2018 gross turnover of UGX1.1 trillion – UBL; UGX426.7 billion and Stanbic UGX661.1 billion. 


11 of 45: Patrick Ayota


NSSF Deputy MD, Board Director; Housing Finance Bank

True, Patrick Ayota was Barclays Bank’s CFO between 2007 and 2010 but his power and influence has more to do with his Deputy MD position at National Social Security Fund (NSSF)- the Fund. 

The Fund owns 2.6% of Stanbic Bank Uganda- Uganda’s largest bank, 7.5% of dfcu Bank, Uganda’s 4th largest bank and 2% of Bank of Baroda, the 6th largest bank. The Fund is also a significant investor in not just Uganda’s bourse but also all of East Africa’s bourses.

NSSF also directly owns 50% of Housing Finance Bank, the 11th largest bank in Uganda.  The fund also indirectly owns a chunk of KCB Bank Uganda (13th largest bank) through a 2.17% stake in KCB Group Ltd, KCB Bank’s mother company. NSSF also owns 2.78% of Equity Group – which owns Equity Bank Uganda, the 8th largest bank. 

NSSF in 2018/19 collected UGX 1.208 trillion and paid out UGX450 billion through the banking system, making the fund’s management an influential player especially on deciding which bank gets a bigger portion of their money- which constitutes nearly 10% of the total industry deposits.

Ayota sits on the board of Housing Finance Bank as non- executive director.

He studied at Liberty University in Lynchburg, Virginia, in the United States, graduating with a Bachelor of Science degree. He was later admitted to the University of South Carolina, at Columbia, where he graduated with an MBA.  He is also a Certified Public Accountant and a member of the Institute of Certified Public Accountants of Uganda.


12 of 45: Sarah Arapta


Managing Director, Citibank Uganda

In January 2016, Sarah Arapta was appointed Managing Director and CEO of Citibank Uganda. 

Arapta is one of the few female CEOs in Uganda’s banking industry in a testosterone dominated industry.

Before joining Citibank, she between March 2009 and December 2011, was the Head, Corporate Banking at Stanbic Bank and then between January 2012 and December 2013 she became, Head, Investment Banking in the same bank.

In June 2014, she crossed over to Barclays Bank as the Director, Corporate & Investment Banking between until November 2015. 

Her performance at Citibank is quite mixed- there has been a 4% decline in assets from UGX951billion in 2014 to UGX913.1 billion as at end of December 2018. Lending has however grown by 37% from UGX214billion to UGX310.3 billion.

Deposits have reduced by 16.1% from UGX659 billion in 2016 to UGX536.1 billion.

Similarly, there has been a reduction in profits from UGX50.5billion in 2016 to UGX39.3billion in 2017, but in 2018 picked up to UGX42.1billion.

Nonetheless, Citibank remains a dominant player in especially corporate banking, handling all the major corporates in Uganda.

As at end of December 2018, Arapta managed 2.4% of industry lending, 2.7% of industry deposits and 5.6% of industry profitability, earning her a place in the country’s top  most powerful and influential bankers.


13 of 45: Varghese Thambi


Managing Director, DTB Uganda

Perhaps the longest serving bank CEO in Uganda to date, Varghese Thambi joined the Aga Khan owned DTB Bank- Uganda’s 7th largest bank in 2007 as CEO. Before then, 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).

Varghese has been there throughout DTB’s major milestones, transforming the bank from an UGX305.4billion in assets in 2011 to now a huge bank with over UGX1.6 trillion in assets as at end of 2018. In 2018, Varghese Thambi also controlled 4.2% of industry lending (UGX534.2 billion) and 5.2% of industry deposits (UGX1.15 trillion). DTB is also the 19th most profitable bank, having made UGX18.2billion in profit in 2018.

He graduated at the St Thomas College, Thrissur in Kerala State, India with a Bachelor’s Degree in physics in 1975 and is a Certified Associate of Indian Institute of Bankers (CAIIB) and holds a Post Graduate Law Diploma in Cyber Laws.

He is also Honourable Fellow of Uganda Institute of Banking and Financial Services (FUIB).


14 of 45: Samuel Kirubi


Managing Director, Equity Bank Uganda

Samuel Kirubi joined Equity Bank Uganda as Managing Director in the last quarter of 2015 after serving as Managing Director, Equity Bank Rwanda and before that, Chief Operations Officer of Equity Bank South Sudan.

He has presided over perhaps Equity Bank Uganda’s most prosperous times. The period between 2015-2018 has seen sharp growth in deposits- by 84% from UGX476.7 billion in 2015 to UGX875.5 billion at the end of 2018- a compounded annual growth rate of 16%.

He has more than doubled lending, growing loans by 188.6% from UGX246.4 billion to UGX711 billion- a CAGR of 30%. As a result, assets grew by 89%- from UGX622 billion to UGX1,175.4 billion- on average 17%  growth year on year. In 2018 Equity was one of the fastest growing banks posting the second biggest growth in lending- UGX203.8 billion; 3rd biggest growth in deposits (UGX146 billion) and 4th biggest absolute growth in assets (UGX 147.billion). 

As at end of 2018, Equity Bank was the 8th largest bank in Uganda, by deposits, lending, profits and assets. It is 1 of only 8 banks in the Trillionaire’s Club- CEO EA Magazine’s categorisation of banks with over UGX1 trillion in assets.

According to 2019 half year results, Equity Bank is set for yet another above-industry growth, this 2019.

In the half year, customer deposits grew by 26% from UGX750 billion in June 2018 to UGX947billion in June 2019. Lending grew by 38%, from UGX601 billion to UGX829 billion, influencing a 22% rise in assets from UGX1,038 billion to UGX1,320 billion.

Profit before tax grew by 12% from UGX24.9billion to UGX27.9 billion.

If this trajectory continues, the bank could close 2019 with over UGX1.2 trillion in deposits, UGX1 trillion in lending and over UGX61 billion in net profit.

Mr. Kirubi, holds a master’s degree in Business Administration (Finance) from Moi University and a Bachelor of Arts Degree in Economics and Statistics from Egerton University. He is also a graduate of Advanced Management Programme (Strathmore- IESE Business School, Barcelona Spain).


15 of 45: Dr. Elly Karuhanga


Board Chairman, dfcu Limited


Dr. Elly Karuhanga 71, is a Chairman at dfcu Limited, the holding company of dfcu Bank. He has also been a long-serving Chairman at British American Tobacco Uganda (BAT).

Unofficially known as Mr. Fix It in the corridors of power, Dr Elly Karuhanga is a lawyer and Senior Partner at Kampala Associated Advocates (KAA), one of Uganda’s top 5 law firms.

He is the board chairman of dfcu Limited, the holding company for dfcu Bank- Uganda’s 4th largest bank. He first became an independent Non-Executive Director in May 2005- at the time, he was one of the major shareholders in the bank, following its IPO in 2004.

He also chairs the following boards: Rwenzori Water; Uganda’s largest mineral Water bottler, British American Tobacco; biggest cigarette company in Uganda with UGX70 billion turnover in 2018 and Minet Uganda, the largest insurance brokers.

He also sits on the Board of Directors at Marasa Holdings Ltd- part of Madhvani Group with interests in over 5 hotels and lodges and Nile Breweries Ltd, Uganda’s largest alcohol company as well as Canmin Resources Ltd- a mining company.

 He is also the Founder President and Chairman, Governing Council, Uganda, Centre for Arbitration and Alternative Dispute Resolution (CADER) formed in 1998. CADER was established by Parliament under Act 8 of 2000. He was appointed its Chairman and has been reappointed every three years to date.

Hon. Elly has been the Chairman of Uganda Chamber of Mines & Petroleum, an organisation that seeks to promote and develop Uganda’s mining and petroleum operations and services, since 2008 to date. He has promoted mining and petroleum activities in Uganda and spoken to many audiences all over the world about mining and petroleum activities in Uganda.

He also previously served as President and Director of Tullow Uganda Operations Pty Ltd. from 2006 to 2014 and was also the Senior Advisor, Africa, for Tullow Oil.


16 of 45: Ashwini Kumar


Managing Director, Bank of Baroda

When we published his UGX14.4 million salary per month, early this year, the market was in shock- but nonetheless, Ashwini Kumar, the largely quiet Managing Director of Bank of Baroda, is a powerful man.

He runs Uganda’s 6th largest bank by assets (UGX1.7 trillion: 6.1% market share), lending (UGX757.2 billion; 5.9% market share) and deposits (UGX1.3 trillion; 6.6% market share). His bank is also the 4th most profitable, notching some UGX73.5billion in 2018 profits.

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 more than two years, he has been at Baroda he has grown the bank’s assets by 16.8% from UGX1.5 trillion in 2017 to UGX1.8 trillion in June 2019- according to results released in August 2019.

He has also been behind a 14.5% growth in deposits from UGX1.16 trillion in 2017 to UGX1.34 trillion as of June 2019.   

At a monthly salary of, UGX14,4 million, Mr. Kumar is probably the lowest paid bank CEO in Uganda.


17 of 45: Dr. Simon Kagugube


Executive Director, Centenary Bank

No one quite understands why Simon Kagugube was not appointed Centenary Bank Managing Director in 2010 because he had all the connections, with the Catholic Church who are the majority owners of the bank as well as the experience- at the time he had been Centenary Bank’s Executive Director for over 7 years.

He also had the books- a Law degree from Makerere majoring in Corporate Law and Taxation; Civil and Criminal Law; Law of Banking and Negotiable Instruments.

He also holds a Masters of Law (L.L.M) and a Doctorate in the Science of Law (JSD) both from the famous Yale Law School.

Nonetheless, the amiable Dr. Kagugube remains a very influential man- both as the No.2 of Uganda’s second biggest bank but also in many other capacities such as the board chairman of Uganda Revenue Authority (URA) and Monitor Publications Limited (MPL).

Between January 1994 – December 1999, he was the Commissioner, Value Added Tax and Income Tax at URA and between January 2000 – December 2002, he worked as Director, Tax and Legal Services at PriceWaterhouseCoopers from whence he joined Centenary Bank in January 2003 as Executive Director.


18 of 45: Arthur Isiko


Managing Director, Bank of Africa

Arthur Isiko (FCCA), is a seasoned banker who has spent 17 years of his banking career at Bank of Africa.

As at December 2018, the bank was Uganda’s 10th largest bank by assets (UGX799 billion), by lending (UGX344.1 billion) and by deposits (UGX569 billion).  

He joined the Bank in 2003 from PricewaterhouseCoopers as an Audit Manager and rose to become the Head of Finance, a role he served in for 6 years. In April 2010, he was appointed the Bank’s Executive Director and later became Managing Director in October 2015.

Since taking on the role, the Bank has steadily grown its total asset book by 64% from UGX 498billion in 2014 to UGX 815billion by end of 2018. There has also been a notable turn around in profitability from UGX 1 billion in 2014 to double digit figures of each of the last three years. In 2018, the bank posted a profit of UGX 12.6 billion.

Worth noting is that during Isiko’s reign, the bank which was 5 years ago, struggling with profitability, has had a cumulative annual growth rate of about 17% over the last 5 years- 7 percentage points above the average banking industry annual growth rate of 10%.

Mr Isiko holds a Bachelor of Commerce degree in Accounting from Makerere University and an MBA from the University of Warwick.


19 of 45: Michael Karokora Mugabi


Managing Director, Housing Finance Bank

It is now over one year since Michael Karokora Mugabi was appointed as acting Managing Director and subsequently confirmed as Managing Director of Housing Finance Bank (HFB).

As at 31st December 2018, HFB was Uganda’s 11th largest bank by assets (UGX777 billion; 2.8% market share), 9th largest by lending (UGX511.6 billion; 4% market share), 13th largest by deposits (UGX451.3 billion; 2.3% market share) and 9th most profitable (UGX21 billion; 2.9% market share).

Prior to his appointment as Managing Director, Michael served as Executive Director of the bank, providing oversight to critical functions of the bank including credit, information technology and bank operations during a crucial transitional period that saw the bank successfully transform from a mortgage banking institution into a fully-fledged commercial banking entity.  

Having served in other key senior positions in operations, legal & HR, Mr. Mugabi has been key to Housing Finance’s growth in the last 5 years, namely; a 30% growth in assets from UGX597billion in 2014 to UGX777billion (CAGR 5%) and 363% growth in profitability from UGX4.3billion to UGX20billion (CAGR 37%). 

He is a Fellow of the Chartered Secretaries and Administrators, United Kingdom and currently serves as President of the Institute of Corporate Governance of Uganda (ICGU), both accreditations that draw upon his years of experience when he served as Company Secretary of the Bank. 

Mugabi, has a Master of Laws Degree in Commercial and Corporate Law from the University of London, United Kingdom, a Bachelor of Laws Honours Degree from Makerere University Kampala, amongst other professional qualifications.


20 of 45: Kevin Wingfield


Executive Director, Stanbic Bank Uganda

Kevin Wingfield is the Executive Director at Stanbic Bank and therefore the No.2 at Uganda’s largest commercial bank; by assets, deposits, lending and profits.

He is also the Head Personal and Business Banking- the division that accounts for about 55% of the banking giant’s income. Given Stanbic’s size, Kevin’s portfolio is practically bigger than the entire worth of many banks in Uganda.

He wields extensive banking experience, having served Standard Bank Group for over 17 years in different positions including Head Customer Channels Personal and Business Banking Africa 2013-2015, Head Personal and Business Banking Stanbic Bank Ghana 2010 – 2013, Director Customer Strategy and Channel Development Stanbic Africa 2007 – 2010, Director Strategic Finance- Stanbic Africa at Standard Bank of South Africa 2003-2007 and Director Finance Africa at Standard Bank Group 1998-2003.

Wingfield holds a Bachelor’s degree in Accounting and Auditing from the University of Natal Pietermaritzburg in South Africa which he attained in 1992. He has also attended the Advanced Management Programme at INSEAD. 


21 of 45: Dr. Maggie Kigozi


Board Member, CBA Bank

Commercial Bank of Africa Uganda, on whose board, Prof. Dr. Maggie Kigozi sits as a board member, could be one of the smallest banks- UGX200.4 billion in assets, as at 31st December 2018, but on her own, she is also a powerful and influential woman.

A Medical Doctor by training she is a businesswoman in her own right- she is one three shareholders in Crown Beverages Limited, the Pepsi Franchise bottler in Uganda- UGX347.9 billion in 2018 turnover and UGX29.3 billion in profit.

For 11 years, she was the Executive Director at Uganda Investment Authority (UIA) and left with an impeccable record. In her position at UIA, Maggie created wide networks in government, business and academia.

A Fellow of the Africa Leadership Initiative of the Aspen Institute, Maggie, is very many things; positive things and she opens doors.


22 of 45: Keval Bid


Executive Director & Head, Transaction Banking, Standard Chartered Bank

Keval Bid is the Executive Director at Standard Chartered Bank Uganda, the 3rd largest bank as at 31st December 2018.

He is also the Head, Transaction Banking at the bank. He joined SCB in 2012 as Executive Director & Head, Transaction Banking in Nairobi and later moved to Uganda in January 2015 to take up the Executive Director & Head, Transaction Banking role.    

In addition to leading sales and governance, he is responsible for driving the Bank’s digitization agenda for corporate clients through digital product and channel innovations. He has over 15 years of banking experience across East Africa and the U.K. within Transaction, Commercial and Investment Banking.

He has worked extensively within the FMCG, Agriculture, Infrastructure, and Public Sector space driving trade and commerce giving him a unique perspective in sustainable banking, digital innovation via collaboration and the regulatory frameworks that enable it.

Previously he served in senior roles at Stanbic Bank Kenya and Barclays Bank Kenya, and also in the Private Placements – Debt Capital Markets team at Barclays Capital in the United Kingdom.

He graduated from the University of Nottingham with a Manufacturing Engineering (Management) degree.  


23 of 45: Sam Mwogeza


Chief Finance Officer, Stanbic Bank 

He may not be a CEO yet, but as CFO of Uganda’s largest Bank, Sam Mwogeza is an influential figure in Uganda’s banking industry.

According to his LinkedIn Profile, Sam Mwogeza, is an ACCA Fellow and holds an MBA from the famous Edinburgh School of Business. He, between June 2003 and September 2007 worked at Citibank Uganda as the head of Business Services and Operations and then moved to Barclays Bank Uganda in April 2008 as Head, Commercial MI & Analytics till April 2010. In May 2010 he crossed over to Stanbic Bank Uganda as the Finance Manager, Corporate & Investment Bank and after 2 years, he moved to become a Financial Controller for nearly four years, before being appointed the CFO in November 2015

Sam Mwogeza won the 2018 CFO of the Year Award, organised by ACCA Uganda and Deloitte. In September 2019, he was also declared the CPA of the Year at the 2019 Accountancy Service Awards (ASA) by the Institute of Certified Public Accountants of Uganda (ICPAU). He is also the technical lead on the Uganda Bankers Association (UBA) CFO Executive Committee.


24 of 45: Barbara Mulwana


Board Member, Stanbic Bank

Like her late father, Barbara Mulwana has merged to be an influential leader on Uganda’s business scene.

Her late father- industrialist James Mulwana at the time of his death, had chaired and or sat on the boards of several companies- including East African Development Bank, UMEME, Airtel Uganda and BAT Uganda among others.

Today, Barbara an electrical engineer and computer scientist, from the Northwest University in the United States of America, serves on the board of Stanbic Bank- a position she has held for about 10 years.

She also chairs the board of Uganda Manufacturers Association. Most recently she was chosen by Lafarge-Holcim to chair the cement giant’s Uganda operation- Hima Cement.

She is also a businesswoman in her own right- running Nice House of Plastics (a member of Mulwana Group of Companies) as Executive Director and also sits on the Jesa Dairy Farm board a director. Jesa is also a member of Mulwana Group of Companies- founded by the late James Mulwana.


25 of 45: Jimmy D. Mugerwa


Board Chairman, dfcu Bank

As chairman board of Directors of dfcu Bank, Uganda’s 4th largest bank- with 11% of industry lending, 10% of industry deposits and 8.2% of industry profitability, Jimmy Mugerwa is an influential person.

Add that to his clout at Tullow Uganda Operations Pty Ltd where has been Managing Director (he is moving to Tullow Oil’s London Headquarters as Group Director for Infrastructure and Organisation) and his board membership for both Uganda Breweries Limited and East African Breweries Limited, then you begin to understand why we have included him on our list of Uganda’s most powerful people in banking.

He has also worked for Kenya Shell Ltd as Country Chairman, Head of Sales and Operations and General Manager for East Africa

He graduated from Makerere University with a B.Sc (Agriculture Economics) and M.Sc (Agriculture) from University of Wales, Aberystwyth, UK. He has also done the Executive Business Leadership Programme at IMD, Lausanne, Switzerland.


26 of 45: Byamah Edgar


Managing Director, KCB Bank Uganda

Edgar Byamah has over 18 years’ experience in the banking industry and has practically worked his way, all the way from the bottom to the Managing Director Position of Uganda’s 13th largest bank by assets and lending. KCB Bank is also the 12th largest by deposits and profits as at December 2018.

Although he has only been Managing Director for 10 months, he has been part of KCB Bank’s successful story in Uganda- having worked for the bank for over 6 years as Head of Treasury and Executive Director, before being appointed Managing Director in February 2019.

Before KCB Bank, he also worked as Head of Treasury and Financial Institutions at EcoBank (U) Ltd, Asset and Liability Manager at Stanbic Bank, Unit Head – Credit Risk Management Services at Citi Bank, and Senior Auditor at Ernst & Young.

As per 2018 industry results, Byamah controls 2.4% of industry assets (UGX686.1 billion), 1.8% of lending(UGX226.6 billion), 2.5% of deposits (UGX 489.5 billion) and 1.3% of profitability (UGX9.6 billion)- thus his inclusion on this power list. He holds a Bachelor’s degree in Statistics from Makerere University, is a Fellow of the Association of Chartered Certified Accountants (FCCA). 


27 of 45: Michael Segwaya


Executive Director/CFO, Absa Uganda

Segwaya is a seasoned banker with over 20 years in the business. 14 of those years have been spent at Absa Bank Uganda (previously Barclays Bank Uganda) – where he started as the Head of Financial Reporting in July 2005. In January 2006, he got appointed as Financial Controller and after 6 years, in November 2012, he became the CFO and Executive Director- a role he has served for 7 years now.

In the time, he has been Executive Director and CFO (2012-2018), customer deposits have more than doubled- by 111.3%, from UGX846 billion to UGX1.79 trillion. Lending too has grown by more than twofold- by 142.3% from UGX486 billion to UGX1.18 trillion leading to a 136% growth in assets from UGX1.18 trillion in 2012 to UGX2.8 trillion in 2018, making Absa Uganda (previously Barclays), the 5th largest bank in Uganda.

As at end of 2018, Absa was also the 5th most profitable bank having posted UGX69 billion in net profit. In 2012, when Segwaya became ED and CFO, net profit stood at UGX36 billion.

He has a wealth of banking experience especially in strategy formulation, management, financial risk, risk management, corporate finance, and planning.

He is well read too. He is a Certified Chartered Accountant (FCCA) and holds a B.Com (Accounting & Finance) degree from Makerere University as well as an MBA from Oxford Brookes University in the UK.


28 of 45: William Sekabembe


Executive Director, dfcu Bank

William Sekabembe was in September 2018 offered the KCB Managing Director job but he turned it down- of course dfcu Bank gave him a salary rise, but that speaks volumes about how big, the No.2 job at Uganda’s 4th largest bank is.

Sekabembe is not only the Executive Director, but he is also the dfcu Bank Chief of Business. He got appointed to the Executive Director role in August 2016.

Prior to his appointment, he was the Head of Development and Institutional Banking. Altogether he possesses nearly 20 years of banking experience and with that, extensive knowledge in retail and business banking, credit risk management and product development.

He has worked with several leading financial institutions in Uganda, Head of products (Stanbic Bank Uganda) and Head of Distribution (Barclays Bank Uganda) and has had exposure to different markets including; United Arab Emirates, South Africa, Zimbabwe and Kenya.


29 of 45: Anthony Kituuka


Executive Director, Equity Bank Uganda

Anthony Kituuka is the Executive Director and No.2 at Equity Bank Uganda Limited, Uganda’s 8th largest bank in Uganda, by deposits, lending, profits and assets and 1 of 8 banks with over UGX1 trillion in assets as at 31st December 2018.

He has served as Equity Bank’s ED since June 2016, but before that, between October 2014 to June 2016, he worked as the Executive Director in charge of Regional Subsidiaries based at Equity Bank’s regional headquarters in Nairobi.

As such, he is part of Equity Bank’s success that has seen the bank emerge as the 8th largest lender with UGX670billion in loans and 5.5% share of industry lending and the 8th largest bank by deposits- UGX876 billion and 4.5% market share. 

Before Equity Bank, Kituuka worked with Kenya Commercial Bank (KCB) in Nairobi as the head of Global Corporates, KCB Bank Uganda Limited and Barclays Bank Uganda Limited.

He holds an MBA in Oil and Gas from Middlesex University, London and a Bachelor’s degree in Statistics &Applied Economics from Makerere University, Uganda.

He is also an FCCA and an alumnus of the Strathmore, Lagos and IESE (Spain) Business Schools  


30 of 45: Clement Dodoo


Managing Director, Ecobank Uganda Limited


Clement Dodoo is an accomplished banker who has spent most, if not all of his banking career at Ecobank- one of Africa’s largest banks.

He is the current Managing Director at Ecobank Uganda Limited since May 2015.

Ecobank Uganda, as at 31st December 2018, was the 14th largest bank by assets (UGX414.7 billion), 14th by deposits (UGX288.3 billion) and 16th by lending (UGX131.6billion). The bank closed 2018 with a profit of UGX3.3billion.

Dodoo who arrived at the time Ecobank was still loss making- (UGX764 million loss in 2015), is credited for driving the bank into profitability- UGX813 million in 2016 to UGX1.5 billion in 2017; closing 2018 with UGX3.3 billion.

This was facilitated by a 39% growth in customer deposits from UGX207.5billion in 2015 to UGX288.3billion in 2018  growth in deposits partly powered a 12.5% growth in lending- from UGX117billion in 2015 to UGX131.6billion.

This contributed to an UGX45.1% growth in assets from UGX286 billion in 2015 to UGX414.7 billion at end of 2018.


31 of 45: Johnson Agoreyo


Managing Director/CEO, United Bank for Africa

Johnson Agoreyo is UBA Bank’s 6th Managing Director/Chief Executive Officer in 10 years. He arrived in the country in June 2016 from Nigeria’s UBA Bank Headquarters where his last assignment was Group General Manager, in charge of Lagos Island, Central & Upper West.

Much as Uganda was his first country as Managing Director, Mr. Agoreyo has presided over 3 years of straight profits, ending an 8-year profit drought that had eluded 5 CEOs.

During Agoreyo’s 3 years at the bank, customer deposits have grown by 183.1% from UGX86.4 billion in 2016 to UGX244.6 billion in 2018. This translates into a compound annual growth rate (CAGR) of 41.5%.

Lending has grown by 87.5% from UGX 17.6billion to UGX33billion (CAGR 23.3%).

This growth in the bank’s fundamentals, fueled a 43% growth in income from UGX33.3 billion in 2016 to UGX47.6 billion in 2018 (CAGR 12.5%) and subsequently net profit has grown by 88.5% from UGX2.6 billion to UGX4.9 billion in the same period.

Assets have grown by 83.3% from UGX173% to UGX317 billion (CAGR 22.4%), making UBA Uganda’s 15th largest bank, overtaking some banks that have been in the country for over 20 years such as Tropical Bank and Cairo International Bank.

He holds an MSc Degree in Finance from the University of Lagos and has been in banking for over 25 years, across major African banking brands such as Zenith Bank, Stanbic IBTC and First Bank of Nigeria before joining UBA in 2014.


32 of 45: Darshana Bhatia


Executive Director & Ag. Managing Director, Orient Bank

Darshana is the Ag. Managing Director at Orient Bank and also doubles as the Executive Director, since September 2016.

Orient Bank is Uganda’s 12th largest bank by assets (UGX913.1 billion as at December 2018), 11th by lending (UGX334.1 billion) and 9th by deposits (UGX618 billion). 

She started her finance Career at Hima Cement in 1996 and rose to become a reporting Accountant at Hima Cement Between January 2003 to March 2006. From April 2006 to October 2013, she joined Orient Bank Ltd as Head of Finance and left for Exim Bank in November 2013 as Head of Finance till June 2016 when she returned to Orient Bank as Executive Director. 

She is a member of the Institute of Chartered Accountants of India and a member of Certified Public Accountants of Uganda.

Darshana holds a Bachelor’s Degree in Commerce (Financial Accounting & Auditing).   


33 of 45: Julius Kakeeto


Managing Director, Post Bank

It is now confirmed that Julius Kakeeto, formerly Orient Bank Managing Director and Chief Executive Officer, has crossed over to government owned Post Bank as its Managing Director.

Post Bank, may not be a licensed commercial bank and certainly not as big as Orient Bank but it is an influential player as well.

With an asset base of UGX397.5 billion as at 31st December 2018, Post Bank is larger than 10 commercial banks. Its loan book of UGX252.6 billion is also bigger than that of 12 banks in 2018, while its UGX294 billion customer deposits portfolio, is bigger than that of 11 banks.

Post Bank also posted UGX5.5 billion in profits and ended 2018, more profitable than 10 banks. 

Kakeeto, wields more than 19 years of banking experience.

The Alliance Manchester Business School (MBA, Finance) and Strathmore University (ACCA) alumnus started his banking career at the Citi Group in London in September 2001 and rose to the VP Global Markets position in London.

He returned home in September 2009 as Finance Director at Equity Bank 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.

During his 5 years at the helm of Orient Bank, He also grew lending by

He grew the bank’s assets by 56% from UGX480.8 billion to UGX750 billion at end of 2018- thanks largely to a 147.5% growth in lending UGX135 billion to UGX334.1 billion. This was made possible, largely by a 59% growth in deposits from the UGX388.1 billion he inherited to UGX618 billion.

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, UGX5.8billion in 2016, UGX4.8billion in 2017, closing 2018 with a UGX5.6 billion profit. 


34 of 45: Kin Kariisa


Chairman, EcoBank Uganda

In April 2019, businessman and media mogul, Kin Kariisa became board Chairman for Ecobank, replacing Henry Lubwama, the construction magnate and CEO of HL Investments who retired from the job.

Before that, he was a board member since 2011. In his early 40s, Kariisa is probably the youngest bank chairman to date.

Kariisa’s power and influence not only stems from his chairmanship of Ecobank, but also extends to his ownership and leadership role at Next Media Services, Uganda’s 3rd largest media group. Next Media, encompasses NbsTv, SanyukaTv, Salam Tv, Nile Post, Next Communications and Dream Catcher Productions. 

He is also the chairman of the National Association of Broadcasters (NAB) since July 2015. NAB brings together hundreds of radio and television broadcasters in Uganda.

He also worked as a Special President Assistant on ICT for 9 years and that too, in Uganda, could open a few more doors.

Kariisa is not only a successful businessman, he is well read too and is one of Uganda’s few wunderkinds in ICT.

He graduated from Makerere University with a Bachelors of Statistics (Computing) degree. He also possesses a Masters in Computer Engineering from Huazhong University of Science and Technology in China as well as an Advanced Postgraduate Diploma in Computer Security from the Radboud University in Nijmegen-Netherlands. He has also done a Global Executive MBA from USIU-Kenya and SolBridge International Business School of South Korea and has attended over 4 Strategic Business leadership and Management from Harvard University.  


35 of 45: Veronica Gladys Namagembe


Managing Director, Pride Microfinance Limited

Although not yet a licensed commercial bank, Pride Microfinance Limited (PML) is an influential tier 2 financial institution- a micro-deposit taking institution with UGX 280.6 billion in assets as at end of December 2018.

At that size, PML was larger than eight commercial banks, namely: Exim Bank (UGX276.1 billion), NC Bank (UGX273.5 billion), Guaranty Trust Bank (UGX209.2 billion), Finance Trust Bank (UGX206.5 billion), Bank of India (UGX203.6 billion), Commercial Bank of Africa (UGX200.4 billion), Cairo International Bank (UGX124.8 billion) and ABC Capital Bank (UGX61.7 billion).

Veronicah is a seasoned microfinance specialist with over 20 years.

During her time, PML has grown from 29 branches to 34 networked branches and 8 contact offices, manned by 766 staff. The financial institution closed 2018 with 549,944 customers.

As a result, customer deposits have grown by nearly 11 times, from UGX11.4 billion in 2008 to UGX123.1 billion as at end of 2018. Lending has grown from UGX43.4 billion to UGX148 billion and assets grown by more than 4 times, from UX62.8 billion to UGX280.6 billion.

PML closed 2018 with UGX15 billion in profit, up from UGX2.6billion she inherited in 2008.

Before being appointed MPL Managing Director in 2008, she served as Acting Deputy Managing Director and Head of Operations. Before that, she worked with Diamond Trust Bank Uganda for 1 year and Uganda Women’s Finance Trust, (currently Finance Trust Bank) for 6 years.

She has also previously served as the National President of the Association of Microfinance Institutions in Uganda (AMFIU) and Board member of the Uganda Institute of Banking and Financial Services. Currently, she sits on the Board of Majestic Brands Ltd- the investment arm of the Buganda Kingdom.

Veronicah holds an MBA from the University of Durham in the United Kingdom, a Master’s of Science in Accounting and Finance from Makerere University Business School and a Bachelor’s Degree in Business Administration, also from Makerere University.

She has attended various Executive Leadership Trainings from Harvard University’s Kennedy School of Government, Frankfurt School of Finance, Harvard Business School, London School of Economics, Boulder Microfinance Training and School of Applied Microfinance (Mombasa).


36 of 45: Annet Nakawunde Mulindwa


Managing Director, Finance Trust Bank

Annet Nakawunde Mulindwa is the Managing Director and Chief Executive Officer (CEO) of Finance Trust Bank.

In the early 1990s, Nakawunde started out her career at Pride Microfinance Limited and later moved to Nile Bank Limited, before joining what was then known as Uganda Finance Trust.

At Finance Trust, she worked in different capacities, rising to become its CEO in April 2012 and eventually leading it to become a commercial bank on 11th November 2013 when it was granted a commercial banking license by Bank of Uganda.

She also became its first Managing Director/CEO as well as the second Ugandan woman, in Uganda’s banking history rise to the rank of CEO.

During her tenure, customer deposits have grown by more than 170% from UGX46.1 billion in 2013, to UGX124.3billion in 2018. This has supported a 102.8% growth in lending, from UGX60.2billion in 2013 to UGX122.7billion in 2018 and subsequently, a 124% rise in bank assets from UGX92.2 billion in 2013 to UGX206.5 billion in 2018. 

Bank profitability has also grown from UGX1.7billion in 2013 to UGX5.8billion in 2018. As at 31st December 2018, Finance Trust Bank was Uganda’s 13th most profitable bank out of 24 banks, 5 of which were loss making.         

She graduated with a Bachelors of Arts degree from Makerere University, an MBA (Finance) and a Postgraduate Diploma in Financial Management, both from Uganda Management Institute (UMI), Kampala.    


37 of 45: Robert Jjagwe


Executive Director, Citibank Uganda

Robert Jjagwe is the Executive Director at Citibank Uganda.

Citibank was at close of 2018, the 9th largest bank by assets (UGX913.1 billion; 2018); the 11th largest by lending (UGX310.2 billion; 2018) and customer deposits (UGX536.1 billion; 2018). It was also the 7th most profitable bank (UGX42.1 billion; 2018).

He also doubles the Head of Treasury and Trade Solutions and is the go-to person for trade services, trade finance, and working capital finance and cash management products. 

He has also worked at Citibank N.A Kuwait as the Senior Country Operations Officer and the Head of Operations & Technology at Citibank Uganda.


38 of 45: Anthony Ndegwa


Managing Director, Commercial Bank of Africa (CBA)

Anthony Ndegwa was appointed the CEO of Commercial Bank of Africa (Uganda) Limited in May 2018. Anthony has worked for about 30 years in various profit and non-profit institutions, mainly in accounting and banking functions. In the banking sector, Anthony has worked for First American Bank, Credit Agricole Indosuez, Citibank (in Kenya and Uganda), Standard Chartered Bank and Bank of Africa.

The senior roles that Anthony has held in banking, include Head of Corporate and Investment Banking at Citibank, Director Corporate Banking at Citibank Uganda Limited, East Africa Transactional Banking Sales Head of Global Corporates, at Standard Chartered Bank and most recently Head of Enterprise Centers at Bank of Africa.

Anthony is a Certified Public Accountant of Kenya (CPAK), a holder of an MBA from Herriot-Watt University – Edinburgh Business School and a Bachelor of Science in Business Administration from United States International University. 

As Managing Director of Commercial Bank of Africa, Anthony Ndegwa presides over assets worth over UGX200.4 billion, UGX85 billion in lending and UGX134 billion in customer deposits.

Following the September 2019 merger of NIC Group PLC and Commercial Bank of Africa Limited (CBA) the parent companies of NC Bank and Commercial Bank of Africa respectively, forming NCBA Group PLC and NCBA Bank Kenya PLC; NC Bank Uganda and CBA Bank in Uganda are set for a merger in Q1 2020.

Once the merger is approved, NC Bank and CBA, previously the 17th and 22nd largest banks by assets, will create NCBA Bank Uganda with over UGX474 billion asset base (2018 results), thus occupying the 14th largest bank by assets position, just between Eco Bank (UGX390.8billion) and KCB Bank (UGX743 billion)- as per 2018 results.

The new entity would also be the 14th largest bank by lending and 15th by customer deposits.

It is not clear, who between Anthony Ndegwa and Sam Ntulume (NC Bank Uganda) will lead the new entity.


39 of 45: Tineyi Emmanuel Mawocha


Managing Director, Opportunity Bank

Opportunity Bank Uganda Limited (OBUL) on 25th September 2019 was awarded a Commercial Banking license by Bank of Uganda, becoming Uganda’s 25th Commercial Bank. 

Tineyi Mawocha Emmanuel is the bank’s CEO since October 2016 and has been part of the bank’s growth over the last 5 years that has seen assets more than double from UGX66billion to UGX132 billion (CAGR 15%).

Although it is the 25th bank to enter the commercial banking space, OBUL hits the ground running as Uganda’s 23rd biggest bank by assets, 20th by lending and 17th by profitability- going by 2018 results.

At UGX90.5billion in lending in 2018, OBUL’s loan portfolio is larger than that of 5 commercial banks i.e. (UGX85.8 billion), Guaranty Trust Bank (UGX72.3billion), Cairo International Bank (54.8billion), United Bank for Africa (33 billion) and ABC Capital Bank (19.6billion).

With an asset base of UGX132 billion, OBUL is bigger than Cairo International Bank and ABC Capital Bank who at the end of 2018 had UGX124.8 billion and UGX61.7 billion in assets respectively. 

As at end of 2018, OBUL was more profitable than 8 commercial banks, 5 of which were loss making. The 8 banks are: Bank of India (UGX4.1 billion), Commercial Bank of Africa (UGX600 million), ABC Capital (UGX300 million), Cairo International Bank (UGX3.5 billion loss), NC Bank (UGX4 billion loss), Tropical Bank (UGX5.8 billion loss), Guaranty Trust Bank (UGX10.1 billion loss) and Exim Bank (UGX16 billion loss).

This earns Mr. Mawocha a place amongst Uganda’s 45 most powerful and influential players in the banking industry.

He holds an MBA from the University of Zimbabwe and another Masters in Development Finance from University of Stellenbosch Business School, South Africa


40 of 45: Sebhapathy T. Krishnan


Managing Director, Exim Bank 


Krishnan has been Exim Bank’s Chief Executive Officer (CEO) for close to 2 years since February 2018.

Born in India, he has over 27 years of extensive experience across various industries including Pharma and FMCG.  

What he lacks in terms of local networks, he compensates for banking knowledge. He has over 27 years of working experience in banking, pharma and FMCGs.

He worked for Standard Chartered Bank in India for over 12 years as well as 5 years at India’s ICICI bank- one of three largest banks in India. 

Krishnan holds a Bsc, Chemistry from the University of Mumbai, India plus a Masters in Banking and Finance, from the Indian Institute of Finance. 

As at 2018, he presided over UGX276.1 billion in assets- part of which included UGX169 billion in loans. He also held UGX226 billion in customer deposits. 

He however, has a big hole to fill, given that his bank in 2018, made the biggest loss- UGX16 billion and another UGX6 billion loss, in 2017.


41 of 45: George Opiokello


Board Chairman, Housing Finance Bank 

Mr. Opiokello is the Chairman, Board of Directors at Housing Finance

Bank since November 2016. Altogether, he has served on the Board of the Bank for over 8 years and saw the bank through its transition to from a mortgage institution to a fully-fledged commercial bank.

George, spent 28 years at Uganda’s Central Bank rising to the post of Ag. Deputy Governor, Bank of Uganda, before retirement.

He certainly is a treasure trove of industry knowledge and can open several doors at Bank of Uganda.

He is a certified accountant and a founding member of the Institute of Certified Public Accountants of Uganda (ICPAU) and a member of the Association of Certified Chartered Accountants (ACCA) of the United Kingdom.


42 of 45: Sam Ntulume


Managing Director, NC Bank Uganda

He is not your usual loud bank CEO, but behind the composed demeanor lies a banking professional with over 15 years’ experience and some good results under his hand.

Ntulume, has been the Managing Director of NC Bank Uganda, for slightly over 3 years, since July 2016. Before that, he was the bank’s Executive Director since May 2012 when NC Bank entered Uganda from Nairobi where it is headquartered.

In the slightly over three years he has led NC Bank,

Customer deposits have nearly doubled from UGX75.9 billion to UGX150.4 billion and lending has grown by 46.2% from UGX98.3 billion in 2016 to UGX143.7 billion in 2018. As such assets have grown by 65% from UGX165.7 in 2016 to UGX273.5 and income has grown by 20.5% from UGX22 billion in 2016 to UGX26.5 billion.

The bank is however yet to stabilise its profit position as it is still oscillating between profit and losses- in 2017 it made a UGX4 billion loss, down from a UGX600 million profit in 2016 and 2017.

Before NC Bank, Ntulume was a Financial Controller at Stanbic Bank for 2 years, between May 2010 and April 2012. He also worked as Head of Finance at Stanbic Bank Kenya from July 2007- April 2010. Before heading to KEnya he was a Manager, FInancial Accounting at Stanbic Bank Uganda and before that, he spent 3 years in various finance roles at Total Uganda Limited.

Following the September 2019 merger of NIC Group PLC and Commercial Bank of Africa Limited (CBA) the parent companies of NC Bank and Commercial Bank of Africa respectively, forming NCBA Group PLC and NCBA Bank Kenya PLC; NC Bank Uganda and CBA Bank in Uganda are set for a merger in Q1 2020.

Once the merger is approved, NC Bank and CBA, previously the 17th and 22nd largest banks by assets, will create NCBA Bank Uganda with over UGX474 billion asset base (2018 results), thus occupying the 14th largest bank by assets position, just between Eco Bank (UGX390.8billion) and KCB Bank (UGX743 billion)- as per 2018 results.

The new entity would also be the 14th largest bank by lending and 15th by customer deposits.

It is not clear, who between Anthony Ndegwa (CBA Uganda) and Sam Ntulume will lead the new entity.


43 of 45: Abdulaziz M.A Mansur


Managing Director, Tropical Bank

He may be new into town, but Abdulaziz M.A Mansur’s Tropical Bank is a major bank.

As at end of December 2018, Tropical Bank was the 17th out of 24 banks in deposits (UGX182.6bn) and lending (UGX128.7bn).  It is also the 16th largest by assets (UGX289.5 billion)

Abdulaziz M.A Mansur, who has more than 28 years’ experience in the financial services industry, holds a Master of Business Administration (MBA) in Accounting and Finance from the Yeditepe University in Turkey.

For five and a half years (2000-2005) he was seconded by the Libya Foreign Bank (LFB) to work as the head of audit at A&T Leasing Company, in Turkey, a subsidiary of A&T Bank, also in Turkey- itself majority owned by the Libyan Foreign Bank- an investment arm of the Libyan Central Bank.

LFB and the government of Uganda are joint shareholders in Tropical Bank, but LFB is the majority shareholder.

Between 2005 and November 2010, Abdulaziz, moved back to Tripoli, Libya and served as the Deputy Manager, Risk Management and Manager HR at Libya Foreign Bank.  From December 2010 to September 2019 he served as the General Manager and one of the key people in starting up Nuran Bank- a joint venture between Libya Foreign Bank and Qatar Holding LLC- the investment arm of the Qatar Investment Authority. 


44 of 45: Bernard Robinson Magulu 


Executive Director, Bank of Africa (BoA)

Bernard Robinson Magulu was appointed as the Executive Director of Bank of Africa – Uganda Ltd on 9 May 2016.

Before that, he was the Executive Director at Orient Bank from September 2013.

Bernard’s over 20 years’ experience in banking cuts across Bank of Uganda, Centenary Bank and United Bank for Africa (UBA) where he worked as Chief Finance Officer and Strategist. He was part of the team that ushered the West African bank into the Ugandan market.

His specific competencies lie in Finance, Credit Management, Risk and Forensic Management, Corporate Transformation, Liquidation Management and Strategy Execution.   

He is the Vice Chairman of the UK – Ugandan Convention, an Investment Forum and his an accredited member of the European Economic Community (EEC) Business Forum, and Commonwealth Business Council (CBC).

He is a Fellow of the Association of Certified Chartered Accountants of England, (FCCA) and a member of the Institute of Public Accountants of Uganda (ICPAU). He earned a First Class/Distinction Masters of Management and International Business degree from the Southampton Business School, United Kingdom, specializing in International Finance and Corporate Strategy.

He also possesses Bachelors in Business Administration and Management from Uganda Martyrs University and another Bachelors of Science (Applied Accounting) from Oxford Brookes University, UK.   


45 of 45: Gerald Muhereza


Executive Director, Commercial Bank of Africa

Gerald Muhereza was appointed as Executive Director and Head of Business in August 2018.

He has over 15 years banking experience having served in several capacities as Senior Relationship Manager/Senior Business Analyst at DFCU Bank Limited, Head of Local Corporates and Head of Corporate Banking at Orient Bank Limited, General Manager Credit at Equity Bank Uganda Limited and most recently Executive Director at UGAFODE Microfinance Ltd (MDI).

He holds an MBA (Finance) and B. Com (Honors) Accounting, both from Makerere University Kampala.  



Muhereza Kyamutetera is the Executive Editor of CEO East Africa Magazine; strategic communications consultant, social-economic analyst and travel enthusiast based in Kampala.

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Conrad van Niekerk the new Managing Director for the Central Africa Region has been hailed as an international commercial leader and strategist with over 30 years' experience. He arrived in Uganda in 2016. Amongst his achievements is maintained Coca Cola’s market leadership. He also presided over, perhaps Coca-Cola Beverages Africa’s big expansion plans in Uganda and more than USD15 million investments into new innovations and expanded bottling capacity.

Conrad van Niekerk, formerly head of Coca Cola Beverages in Uganda, has been appointed the Coca-Cola Beverages Africa Managing Director for the Central Africa Region, covering Uganda, Tanzania and Ghana.

He will still sit in Uganda.

In another management change, Melkamu Abebe has been appointed General Manager of Uganda. He will now lead the Ugandan Country Management Team, reporting to Conrad, now the Central Africa Region Managing Director.

Melkamu has been the Supply Chain Director in Uganda since August 2018. Before that, he occupied a number of leadership positions in the supply chain function since joining the Coca-Cola system as a graduate trainee in Ethiopia in 2008.

“He (Melkamu) has developed an in-depth proficiency in supply chain management and demonstrated strong leadership and innovation skills,” said a statement from the company.

Melkamu Abebe, the new Uganda General Manager is no stranger to Uganda. He has been the Supply Chain Director in Uganda since August 2018. He brings more than 10 years’ industry experience- all of it in the Coca Cola system.

He holds a Degree in Mechanical Engineering from the Addis Ababa University and “is passionate about developing talent within organisations and learning something new every single day,” according to the company statement.

Conrad, according to the same company was described as “an international commercial leader and strategist with over 30 years’ experience with Coca-Cola, the world’s most recognisable brand.”

Andrew Musingo Otieno has been appointed General Manager of Tanzania

“He has held executive roles within the Coca-Cola system with direct experience in people and talent development, sales strategy and execution, and product development,” further read the statement.

Conrad started his career in Coca-Cola SABCO (South Africa) in 1990 and subsequently took up leadership roles working for The Coca-Cola Company in South Africa, Egypt and northern Africa in general, before heading up the Ghana bottler as Managing Director from 2008.

He was eventually appointed Regional Manager for West Africa managing nine countries while based in Barcelona, Spain.

He arrived in Uganda in 2016.  

During his time, according to figures available to CEO EA Magazine, he grew the business’ turnover by 12% from UGX383.4 billion to UGX426.7 billion, maintaining Coca Cola’s market leadership against a resurgent competition.

In 2018 Conrad also led a USD15 million (UGX55 billion) investment plan for Coca-Cola Beverages Africa in Uganda that included a USD8.35million (UGX 30.7billion) manufacturing line in April 2018.

Edward Ojede, previously the Country Engineering Manager for Uganda, has been appointed the Manufacturing Director for Uganda.

He is also credited for leading several product innovations that especially use local law materials, such as Climb Up Milk- bottled by Rwenzori Bottling Company Limited, a subsidiary of Coca-Cola Beverages Africa.  Climb Up Milk is made out of Uganda milk supplied by Lato Milk, which directly benefits Ugandan dairy farmers; sugar supplied by the Sugar Corporation of Uganda Limited (SCOUL) that supports sugar cane farmers in Lugazi, and packaging elements supplied by Riley Packaging Industries, Bhumi Tapes and Graphic Systems Limited.  

Other Coca-Cola Beverages Africa people changes

In another Uganda team change, Edward Ojede, previously the Country Engineering Manager for Uganda, has been appointed the Manufacturing Director for Uganda.

Edward joined the Coca-Cola system at Century Bottling Company in 2007 and has distinguished himself over the years as an Engineering professional, occupying a number of technical leadership roles and gathering a wealth of experience in his field of expertise. He has in-depth technical knowledge of manufacturing processes and demonstrates superior project management skills. He is known for his agility as a leader and his superior interpersonal skills,” said a company statement.

Herbert Nuwamanya, a Ugandan has been moved into the role of General Manager of Zambia. He previously was the Commercial Director for Coca-Cola Beverages Zambia. He too is a Coca Cola insider having played various senior commercial roles in East and West Africa in Coca-Cola Sabco and Coca-Cola Hellenic.

Edward holds a BSc in Mechanical Engineering from Makerere University and is in the process of completing his MBA. He is a member of the Uganda Institution of Professional Engineers and a Board Member of the Manufacturing Skills Sector Committee under the Uganda Ministry of Education and Sports.

Outside Uganda, Herbert Nuwamanya has been moved into the role of General Manager of Zambia, “after playing a crucial role in the integration of the two Coca-Cola Beverages Africa operations in Zambia as Commercial Director for Coca-Cola Beverages Zambia.”

 Before that, Herbert held various senior commercial roles in East and West Africa in Coca-Cola Sabco and Coca-Cola Hellenic.

“Over the years Herbert has built up a seasoned multi-cultural, multi-country and multi-bottler experience with great impact in strategic business and commercial growth,” said the company statement.

Herbert holds an MSc degree and will continue to be based in Zambia, leading the Country Management Team.

In another change, Andrew Musingo Otieno has been appointed General Manager of Tanzania, leading the Country Management Team and reporting to the Central Africa Region Managing Director.

Andrew has previously served as Coca-Cola Beverages Africa’s Head of Sustainability, before which he was Public Affairs & Communications Director for the Group’s International Division.  

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Travel & Lifestyle

MEMORABLE 2019 XMAS: Four pocket-friendly reasons to spend this Festive Season at any of Speke Group’s 9 hotels and residences

You have worked hard all year long. The festive season is a time to be together with your loved ones, rekindle the love and toast to the year’s joys as you usher in the New Year with gratitude. But you don’t have to break the bank. Speke Group of Hotels, Uganda’s largest chain of hotels with a portfolio of luxury and budget hospitality facilities has put together special packages for you, to make this festive season a memory to behold.

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Speke Apartments, Wampewo is the largest and most luxurious apartments in Uganda. It features one, two and three bedroom apartments, as well as penthouse suites that are spacious and come with fully equipped kitchens, elaborate bedrooms and bathrooms, Speke Apartments, Wampewo is ideal for families that would like to stay longer. The self-catering options are great ways to manage expenditure, yet create memorable experiences for kids. All apartments have access to complimentary WiFi, ample parking slots within the premises for residents and their guests. Guests have complementary access to use the swimming pool and gym.

Christmas season is the longest holiday anyone can have. The moment December starts you can get the feel of the festivities approaching with the Christmas trees, the decoration and Christmas lights spread all over malls, offices and even homes.

Christmas time is with no doubt family time. It is time to bond with your entire family and catch up with them. So people get to travel upcountry while others travel back into the country/ the city to meet their families since they are having a break from work. It is the time that you get to create memories with your family and this Christmas and the Ruparelia group hotels are giving you the perfect plans for you and your family to create more memories together.

Aside from having prestigious hotels around the city, the Ruparelia group has made sure that their guests during the festive season get to enjoy themselves to full capacity by creating a number of discounts so that they get to enjoy the great service that the group has to offer.

Here are 4 reasons why you should spend your Christmas with the Ruparelia group hotels;


1. Discounted Accommodation Packages


Munyonyo Commonwealth Resort and the adjacent Speke Resort and Conference Centre are the flagship hotel brands of the Speke Group of Hotels.

The two hotels are throwing a variety of discounts this festive season to make sure you enjoy, without breaking a bank or two.

Built on an expansive 100 acres by the breezy shores of Lake Victoria, Speke Resort Munyonyo and Commonwealth Resort, Munyonyo have a combined 450 tastefully finished rooms and 25 international standard conference rooms.

From 13th December to 23rd December and from 26th December to 5th January, their single deluxe rooms will be charged at $139 and the double deluxe will be at $188. The one bedroom suite that takes up to 2 people will be at $219, the superior room and the executive room will be each at $250. The executive suite will be charged at $436. The presidential cottage and presidential suites which take up 4 people each will be charged at $498 and $684 respectively.

However, on Christmas eve and Christmas day, the rooms will have slithly higher. The single deluxe room will be charge at $176, The double deluxe will be charged at $262, the one bedroom suite will be charged at $293. Both the superior room and the executive room will be charged at $324. The executive room, executive suite, presidential cottage and presidential suite will be charged at $324, $510, $647, $832 respectively.

All rates are full board- breakfast, lunch and dinner. On 25th December there will be a Grand Christmas Buffet by the Olympic swimming pool. They are also inclusive of a 30 minutes boat ride and a 10 minutes pony ride for children. On top of all that, the guests will also have access to the swimming pool, gym, spa and sauna.


2. A variety of options to pick from


Speke Group of hotels, has a variety of luxurious and budget options to pick from- hotels and self-catering apartments. The include: Speke Resort and Conference Centre (www.spekehotel.com), Munyonyo Commonwealth Resort (https://www.munyonyocommonwealth.com), Kabira Country Club (https://www.kabiracountryclub.com), Dolphin Suites (https://www.dolphinsuites.co.ug), Forest Cottages (www.forest-cottages.com), Bukoto Heights (https://www.bukotoheights.com/) and Speke Apartments (https://www.spekeapartments.com)

If it a lakeside room that you want, Speke Resort Munyonyo has you covered with rooms over looking the calm waters of Lake Victoria.

Conveniently located on Kitante Close, off Yusuf Lule Road, in the affluent leafy lower Kololo, Speke Apartments, Kitante features 64 one-bedroom apartments, 10 two-bedroom apartments and 9 two bedroom superior apartments. The apartments have been built to British Standards and come with a fully fitted kitchen, double glazed sound proofed windows, led flat screen TVs with customized sets of channels, complimentary high speed Wifi internet, air conditioning, ample parking space and 24 hour security. Residents have free access to the nearby Kabira Country Club and Speke Apartments Wampewo state-of-art health clubs. Long term residents get up to 49% discounts.

Speke Apartments (Wampewo & Kitante) as well as Bukoto Heights are luxury self- catering apartments that are suitable for both pleasure and business. The apartments are located near town so you are not far from any amenities that you need for you and your family.

The Forest cottages are set in serene environment with ever green trees hovering over the cottages. They give a feel of a get away from town yet they are not so far from the city centre.

Kabira Country Club has a variety of room types that cater for both individuals and families as well.


3. Christmas and New Year’s day programmes


Christmas comes with a lot of excitement and the mention of food cannot be excluded from it all. Normally, women in the house have to get into the kitchen and cook large feasts to feed their family but as opposed to doing that, you can visit any of the Speke Group hotels and enjoy the different kinds of buffets they have planned for this Christmas.

On Christmas day, Speke Resort Munyonyo will serve a lunch buffet at the Speke Resort Poolside. Each adult will be charged Ugx 175,000 and children under 14 will be charged Ugx 75,000.

It will be a 3 course menu that will consist of starters made of salads, cold cuts, dips, soups and bread. The main dishes will have turkey, chicken, beef, pasta, naan bread, hot buffet and so much more. The desserts will comprise of different cakes, fruits, mousse, and so much more.


The La Cabana restaurant at Speke Apartments, Wampewo avenue will also have a 3 course meal to serve its guests on Christmas day. Adults will be charged Ugx 125,000 and the kids will be charged 50% less and have free access to the pool.


Would you prefer burgers by the pool for Christmas? Forest Cottages will be serving these and adults will be charged UGX 50,000 and children will be charged Ugx 40,000. This all comes with a glass of wine and juice respectively.


Kabira Country club will serve a barbecue meal for Christmas where adults will be charged UGX75,000 and children will be charged UGX 45,000.


And if you are in the mood for something more chilled and relaxing like a pool party, Dophlin Suites will be having a pool party on Christmas day with a bouncing castle and face painting for children at UGX 35,000.


4. Well equipped amenities & activities for kids

Don’t let all the Xmas eating scare you- you can break down all the food in the variety of swimming pools, gyms and health clubs- in nearly each of the facilities.

Kabira Country Club, Speke Apartments, Dolphin Suites, Speke Resort Munyonyo and Forest Cottages all have swimming pools where guests can go and relax.

The swimming pool at Speke Resort Munyonyo is the only Olympic-sized pool in Kampala.

They also have gyms that are well equipped with a variety of equipment from treadmills, benches, treadmills, station bikes among so many other kinds of equipment. This can be used by guests to work out and stay fit even during the festivities.

The gym is also well aerated with open windows for fresh air to come in during work out sessions.

Now you know.

For more inquiries please reach out to the hotels using contacts on their websites and have yourself a Merry Christmas and A happy new Year!

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Big Story

Bank of Uganda clarifies on staff with unreconciled dates of birth story

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Reference is made to a story we wrote earlier today (but has since been taken down) titled: CONFLICT OF INTEREST: BoU board breaks own rules; fails to fire 12 staff for falsifying their age.

Whereas we had made attempts to speak to the Bank of Uganda Deputy Governor, Dr. Louis Kasekende, before writing the story and did not get any response from him, we have since spoken to the BoU Board Secretary, Mrs. Susan Kanyemibwa who has since clarified the following:

  • The Bank of Uganda, Director of Human Resources, Dr. Jan Tibamwenda has denied ever authoring the memo particularly referred to in the article addressed to the Deputy Governor proposing a particular course of action on staff with unreconciled dates of birth.
  • Whereas it is true that Bank of Uganda like many other public institution is undertaking a reconciliation process of their staff records to align them with biodata presented to the National Identification and Registration Authority (NIRA) and National Social Security Fund (NSSF), this matter is still a management matter and has not yet been brought to the attention of Bank of Uganda Board as alleged in our story and as claimed by the purported memo to the Deputy Governor. In fact, there was no meeting of the Board of Directors to discuss the matter as alleged in the article.
  • Some of the Bank of Uganda officials mentioned in the purported memo and therefore in our story have not been affected by the said unreconciled biodata records.

The management of CEO East Africa Magazine regrets the inaccuracies above and has since pulled down the story. We have started a process of streamlining media inquiries with the central bank to ensure improved and more factual reporting.

We pledge to hold our sources more accountable in the future.

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