BoU Replaces Supervision Boss, Justine Bagyenda in Major Reshuffle

Bank of Uganda has appointed Uganda Communications Commission’s (UCC) Director for Industry Affairs and Content, Dr Tumubweine Twinemanzi, to replace Justine Bagyenda as the Executive Director in charge of supervision.

Justine Bagyenda came to prominence during the chaos that followed Bank of Uganda’s takeover and subsequent sale of the defunct Crane Bank.

The unprecedented downfall and closure of Crane Bank brought the supervisory role of the central bank and particularly that of Bagyenda as the chief supervisor in critical scrutiny.

Many faulted Bagyenda and BOU as a whole for negligence of duty as ordinary Ugandans (Crane Bank clientele) lost billions of shillings suspected to have been defrauded by the bank proprietors.

The International Monetary Fund (IMF) too had in one of its reports questioned Bank of Uganda’s effectiveness recommending a more intrusive approach to supervision of banks.

It is unclear whether Bagyenda’s replacement had anything to do with this oversight.

Her replacement was announced by a statement released by Bank of Uganda. It was part of a large scale reshuffle including new appointments and transfers contained in an internal memo signed by the Governor Bank of Uganda, Prof Emmanuel Tumusiime Mutebile.

In the same changes that take immediate effect, the Governor appointed Mary Katarikawe as the new Executive Director for Operations and Richard Mayebo as the Executive Director for Risk and Strategic Management.

The other newly appointed Executive Directors are; Phillip Wabulya for I.T, Deborah Kabahweza for Finance, David Kalyango as Chief Internal Auditor and Joyce Okello as Personal Assistant to the Governor.

Mutebile has also made changes at the level of Directors and Assistant Directors.

Those assuming positions as Directors include Charles Abuka (Statistics), Dr Kenneth Egesa (Financial Stability), Olive Ojangole (Banking), Christine Alupo (Board Affairs), Charity Mugumya (Communications) and Hannington Wasswa (Commercial Banking) among others.