BoU moves to replace seven directors

Bank of Uganda has announced a move that will see seven of its directors replaced, the Nile Post has learnt.

In an internal advert dated April, 24, 2020 by Solomon Oketcho, the Executive Director in charge of administration, the seven directors will be replaced with new ones.

“For each vacant position, a maximum of five candidates shall be presented for oral interviews by the board. If the shortlisted candidates are more than five, a written leadership and management test shall be administered and a maximum of five successful candidates shall be shortlisted,” the internal memo reads in part.

It is also copied to the bank governor, his deputy and ban secretary.

According to the advert, the position of the Executive Director in charge of Information Technology held by Eliot Mwebya, Executive Director Operations, Director Non- Bank Financial Institutions, Director Medical, Director Human Resources, Director Financial Stability and Director Financial Markets will have new holders.

“In case of the positions of Executive Director, eligible candidates shall be staff who holds a minimum of a Bachelor’s degree in any of the relevant fields. Hold a Master’s degree in any of the relevant fields from an accredited university, have served substantively at the rank of director for a minimum of two years and also satisfy the person specification stated in the job descriptions of the position being applied for,” the advert reads.

“Interested candidates should submit their applications to the Director Human Resources through the BoU recruitment module of the HRMS not later than May,22, 2020.”

The Central bank has in the past few years been in the limelight over the manner in which it handled the closure of various commercial banks.

In February, the Parliamentary committee on Commissions, Statutory Authorities, and State Enterprises (COSASE) released its report from the 2018 inquiry into “irregular conduct” by the central bank in the process of taking over defunct banks and noted that the central bank acted irregularly in the process.

The report called for wide ranging changes at the central bank. It also called for punishment of the implicated officials.

The report singled out other officials that should be held culpable in the mismanagement of the sale of some commercial banks. These are: Benedict Ssekabira, the director of Financial Markets Development Coordination (FMDC), Justine Bagyenda, the former executive director for Commercial Banks supervision; and Margaret Kasule, the legal counsel.

It noted that the Bank of Uganda board needs to be strengthened in the way it plays its supervisory role.

The report also advised that the then Deputy Governor, Dr Louis Kasende’s contract should not be renewed.

Consequently, President Museveni appointed Dr Michael Atingi-Ego as the new Deputy Governor.