Reports coming in indicate that President Yoweri Museveni has sacked the embattled Bank of Uganda (BOU) Governor, Prof.Tumusiime-Mutebile and replaced him with Richard Byarugaba, the MD of the National Social Security Fund (NSSF).
Mutebile’s dismissal follows his poor handling of internal transfers of senior officials in which he sacked Director in Charge of Supervision, Justine Bagyenda who has knocked at the IGG’s door to help her get back her job as she waits for official retirement in June this year.
Mr. Mutebile was first appointed to that position on January 1, 2001 and was re-appointed for a second five-year term on January 1, 2006. In December 2015, he was re-appointed for a fourth five-year term, effective January 12, 2016. He was the ninth governor of that institution.
Prior to assuming the BOU job, Mutebile had been the Permanent Secretary/Secretary to Treasury in the Ministry of Finance Planning and Economic Development between 1992-2000. He was replaced by Keith Muhakanizi, still holding that post.
Mr Mutebile, an economist by training has in the past had bad relationship with parliament. Before his sacking, Mutebile was on very bad terms with the IGG Irene Mulyagonja over Bagyenda’s dismissal, with the latter claiming Mutebile did not follow the laid-down guidelines as he sacked Bagyenda who is also in trouble over her unexplained wealth accumulation.
Meanwhile, in Byarugaba, analysts say Museveni saw a complete manager who has turned around the fortunes of the National Social Security Fund (NSSF), the largest fund in East Africa, with trillions of shillings in assets.
Who is Byarugaba?
Byarugaba attended Makerere University, graduating with a degree in statistics and economics. He is a qualified accountant with the Association of Chartered Certified Accountants of the United Kingdom (UK). He also holds a diploma in management from Henley Management College, also in the UK.
Byarugaba has held various positions over the years, with the majority in Uganda’s banking sector. He started as a banking officer at Standard Chartered Uganda in 1983. By 1992, he had risen to executive director for finance. In 1994, he was transferred to Stanchart’s international headquarters in London, as the regional manager for finance, responsible for Africa. He returned to Uganda in 1997, where he joined the defunct Nile Bank Limited. He became managing director of the bank in 2003. In 2007, Barclays, the British financial conglomerate, bought all the shares of Nile Bank Limited for US$27 million (Shs52b). They merged the bank with their existing banking interests in the country to form the Barclays Bank (Uganda). Byarugaba moved to Barclays Bank (Uganda) as the chief operating officer.
In 2008, when Global Trust Bank (Uganda) was established, founders appointed Byarugaba as managing director. He held that position until 2010 when he left to become the managing director and chief executive officer of the National Social Security Fund (Uganda). Last year Byarugaba was reappointed NSSF MD for the five-year term.
Intelligence reports say Museveni is likely to appoint Prof. Luis Kasekende as replacement for Byarugaba. That means Byarugaba will operate alongside a new deputy governor, probably picked from within BOU to help him adjust to the new job.
Byarugaba has also worked with Hospice Africa, the Palliative Care Association of Uganda, and the Uganda Institute of Banking and Financial Services. When he resigned from Global Trust Bank, he was the treasurer of the Uganda Bankers Association.
Those who have watched Byarugaba rise through the ranks say he is a perfect replacement for Mutebile, thus if Museveni is searching for one. Oops. It is Fools Day, our readers. Happy Easter.