In a significant development for Uganda’s financial sector, Mr. Michael Atingi-Ego has been appointed as the new Governor of the Bank of Uganda.

President Museveni’s deputy spokesperson, Faruk Kirunda, confirmed the appointment through a post on his X handle, stating that Prof. Augustus Nuwagaba will serve as the Deputy Governor.

This appointment comes three years after the passing of the former governor, Emmanuel Tumusiime Mutebile, in January 2022.

Upcoming Vetting by Parliament

The newly appointed governor and deputy governor are expected to appear before Parliament for vetting tomorrow, according to reliable sources.

Their appointment marks a key moment as the Bank of Uganda navigates its recovery following last year’s major financial scandal.

Central Bank Heist and Its Aftermath

The appointments come as the central bank continues to address the repercussions of a major heist in September of the previous year. In a sophisticated fraud scheme, Shs50 billion was misappropriated by manipulating payment systems within the bank.

The money, intended for beneficiaries such as the International Development Association (IDA), was instead redirected to companies in Japan, Poland, and London.

Eight officials from the Ministry of Finance have since been charged with corruption, electronic fraud, and money laundering. These officials, including the ministry’s top accountant, face allegations of causing financial loss and abuse of office.

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About Dr. Michael Atingi-Ego

Dr. Michael Atingi-Ego brings extensive experience in macroeconomic management and financial policy to his new role.

Prior to his appointment as Deputy Governor in 2020, he served as the Executive Director of the Macroeconomics and Financial Management Institute of Eastern and Southern Africa in Harare, Zimbabwe.

Atingi-Ego’s career at the Bank of Uganda saw him rise through the ranks to become Executive Director in charge of Research.

His international experience includes a position at the International Monetary Fund (IMF) in 2008, where he served as Deputy Director of the African Department.

An alumnus of Makerere University, Dr. Atingi-Ego pursued postgraduate studies in the United Kingdom, earning a master’s degree from Cardiff Business School and a PhD from Liverpool University.

His deep expertise in regional macroeconomic and financial issues makes him well-suited for the top role at the central bank.

About Prof. Augustus Nuwagaba

Prof. Augustus Nuwagaba is an internationally renowned consultant on economic transformation. With a strong background in central bank monetary policy and commercial bank competitiveness, he has been pivotal in analysing fiscal metrics for African governments and reviewing financial performance.

His extensive experience includes serving as a consultant for the African Peer Review Mechanism under NEPAD and being a member of the World Bank Consultative Group that developed the African Plan of Action.

Nuwagaba also led the FINSCOPE Financial Penetration Project in 2013 and contributed to the development of financial management manuals for Uganda’s Parliamentary Accountability Committees.

Prof. Nuwagaba holds a Master of Science degree from the London School of Economics and a Doctorate in Economics, with a focus on Inclusive Growth and Poverty Eradication, from Makerere University.

He has been a member of Makerere’s teaching staff since the early 2000s and previously chaired the Makerere University Academic Staff Association.

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Looking Ahead

The appointments of Dr. Atingi-Ego and Prof. Nuwagaba come at a critical juncture for Uganda’s financial sector.

With their extensive backgrounds in economic policy and financial management, they are well-positioned to steer the Bank of Uganda through its ongoing recovery and restore public confidence.

As they prepare for parliamentary vetting, all eyes will be on how their leadership will address the challenges facing the central bank and strengthen Uganda’s financial stability.