The Deputy Governor Bank of Uganda (BoU), Michael Atingi-Ego, recently made changes in the top management of the institution, although the changes were made to silence those who wanted to stick to the work principles of the late Governor Emmanuel Tumusiime-Mutebile who at the time of his death was not in good terms with his then retired deputy Dr Louise Kasekende whose name was so prominent in the irregular closure of some of the commercial banks in Uganda, leading to public outcry.
One of the senior staff changes that have shocked staff in the central bank is the elevation of David Kalyango, who has been the Executive Director of Finance to Executive Director Supervision, replacing Dr Twinemanzi Tumubwine. Twinemanzi, who replaced Justine Bagyenda in 2018, was transferred to serve as Executive Director, National Payments Systems.
“Following the Board approval of the new Organization Structure on 07 May 2024, and in consideration of the skills, qualifications, competencies and experience, this is to inform you that with effect from 06 August 2024, Heads of Directorate and Department at the rank of Executive Director and Director respectively have been deployed,” said Atingi-Ego in a staff memo on Monday, August 5, 2024.
Mackay Aomu, who previously served as Director in charge of National Payments Systems has been moved to head the supervision arm of non-bank financial institutions.
Dr Jacob Opolot, who has been holding the position of Executive Director and Economic Advisor to the Governor, has been appointed head of operations which runs the currency docket.
There is concern that all those elevated to new positions are friends of Michael Atingi-Ego who has been fighting Twinemanzi Tumubwine. Insiders say Twinemanzi Tumubwine, who had been number three at BoU has done a good job since he came in, ensuring that the country’s banking industry is stable. There was no good reason to demote him.
Others say Jacob Opolot is not fit to hold the new position of head of operations (currency centre) but because the current deputy governor wants to frustrate those he does not like, such changes have to happen.
There is concern that Atingi-Ego is a friend to Kasekende, and with his inner circle, he wants to tame those who still revere Tumusiime-Mutebile, yet hard working.
Phillip Wabulya, who has been the Executive Director Petroleum Investment Fund and Chairman contracts committee, will head Risk and Strategy at the central bank.
Background
In 2023, BoU staff resisted plans to restructure the central bank, saying the move targeted officials who were loyal to late Governor Emmanuel-Tumusiime Mutebile.
The staff argued that the restructuring process also sought to reward those loyal to current Deputy Governor Dr Michael Atingi-Ego.
However, the Central Bank has defended the new structure, saying it was being implemented following a review by a consultant, KMPG and that it had even been suggested by the deceased governor.
“BoU acknowledges that implementing comprehensive structural changes to achieve ambitious goals may present challenges in structural adjustments and their impact on individual staff,” said BoU then.
