Stanbic Bank
Stanbic Bank
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Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank

BoU Deputy Governor, staff in bitter clash 

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There is a looming crisis at Bank of Uganda following bitter disagreements between the Acting Governor Michael Atingi-Ego and top officials over the Bank’s new organisational structure. 

According to sources close to the bank, some key roles were either subsumed or separated, which now threatens the smooth running of the Central Bank.

Some directors have been left redundant with very few staff to supervise yet their juniors under the same directorates supervise a bigger number of staff.

One of the top officials who have written to the Deputy Governor to show their displeasure is the bank’s Executive Director for Supervision Tumubweine Twinemanzi. 

In a letter dated July 7, 2023, Mr Twinemanzi told Me Atingi-Ego that the new structure jeopardises controls and reporting relationships and fails to “appreciate and provide for different levels essential to effective internal controls. 

” The Quality Assurance being subsumed into Risk and Compliance which introduces conflict of interest” he wrote.

Some employees have been demoted or left redundant in the new structure called Organisational Structure Re-engineering while others have been given bigger roles even when they are juniors.

Mr Twinemanzi also said it’s wrong to separate the financial stability role from the broader supervision function since they complement each other.  He also said that the new structure does not follow the “subsisting laws”.

In other documents, some staff are complaining that the movement, demotion and promotion of staff did not follow employment service procedures. There are reports that hundreds of staff have been either moved or demoted. 

“There is a very big problem at the Bank and if not addressed, there will be trouble,” one of the documents reads. 

BoU for the last one year has been operating without a substantive Governor ever since Emmanuel Tumusiime Mutebile died January 2022.

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