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Cabinet endorses changes at BoU

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The cabinet has endorsed changes at the Bank of Uganda (BoU), which saw the reshuffle of 30 top officials including the long-serving Executive Director Bank Supervision Justin Bagyenda, who was sent into retirement.

The changes, which were announced by BoU Governor Prof. Emmanuel Tumusiime Mutebile two days ago, saw Dr. Tumubweine Twinemanzi appointed to replace Ms. Bagyenda.

Over the past few years a number of commercial banks have closed reportedly due to ‘poor supervision’, the most prominent being the Crane Bank in 2017.

And, in the subsequent litigation the Central Bank has spent over Shs6 billion in litigation, paid out to law firms MMAKS and AF Mpanga-Bowmans.

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