Atingi-Ego named new BoU governor deputized by Prof Augustus Nuwagaba

CAPTION: Michael Atingi-Ego, left, and Nuwagaba, right.

By Our reporter

What you need to know:

• The development comes as the institution continues to deal with the discomfiture of last September’s heist in which the bank, with a stroke of a few keys on a computer keyboard, was manipulated to wire Shs50 billion to wrong payees.

Mr Michael Atingi-Ego has been appointed as the new Governor of Bank of Uganda, with Prof Augustus Nuwagaba as his deputy. 
Atingi-Ego has been serving as the Central Bank’s Deputy Governor since  March 2020 when he was appointed.

Their appointment comes three years after the death of then Governor, Emmanuel Tumusiime Mutebile on January 23, 2022.

The two are expected to appear before Parliament for vetting tomorrow, according to sources privy to their appointment.

“I wish to confirm that H.E the President Museveni, as the Appointing Authority, has named Mr. Michael Atingi-Ego, former Deputy Governor, Bank Of Uganda (B.O.U) as the new Governor and Prof. Augustus Nuwagaba as the Deputy Governor,” President Museveni’s deputy spokesperson, Faruk Kirunda posted on his X handle.

The development comes as the institution continues to deal with the discomfiture of last September’s heist in which the bank, with a stroke of a few keys on a computer keyboard, was manipulated to wire Shs50 billion to wrong payees.

Eight finance ministry officials were last week charged with corruption, electronic fraud and money laundering following the heist.

The hacking at the central bank occurred last year and involved redirecting of some payments from its intended beneficiary to different recipients, according to the charges read in a magistrate’s court in the capital Kampala late on Thursday.

Some of the money was meant for the International Development Association (IDA), an arm of the World Bank, as principal and interest repayments for loans given to Uganda, but was instead redirected to two companies in Japan and Poland, according to the charge sheet.

Some of the money was also illegally paid out from the central bank to a company in London, the charge sheet said.

The officials, who include the ministry’s top accountant, were charged with corruption, causing financial loss, electronic fraud, money laundering and abuse of office for their various roles in the theft, according to the charge sheet.

About Dr Atingi-Ego
Before his appointment as deputy governor in 2020 to replace Dr Louis Kasekende whose contract ended after serving in the position for 10 years, Dr Atingi-Ego was the executive director of Macroeconomics and Financial Management, Institute of Eastern and Southern Africa, based in Harare, Zimbabwe.

Before that, he served at BoU, as the executive director in charge of research.

In 2008, he served at the International Monetary Fund.

He is a seasoned economic policy official who has served in several capacities at various institutions. He obtained his first degree from Makerere University and later proceeded for post graduate studies in the United Kingdom where he got a master’s degree from the Cardiff Business School, University of Wales and a PhD from Liverpool University.

He started his career at the Bank of Uganda rising through the ranks to become the Executive Director, Research. In 2008 he took up an assignment with the International Monetary Fund (IMF) as Deputy Director of the African Department (AFR).

His international exposure and deep knowledge on regional macroeconomic and financial issues provide him with the necessary professional and technical expertise needed for such an institution

About Prof Nuwagaba

He is an international consultant on economic transformation. 
He is qualified (MBA) in application of central bank monetary policy on commercial bank competitiveness. Prof. Nuwagaba has worked intensively in analysis of fiscal metrics for governments in Africa, review of financial performance and analysis of tax policies. 

He was Consultant for the African Peer Review Mechanism under NEPAD, was a member of the African Regional Panel of Experts on Development. Nuwagaba is a member of the World Bank Consultative Group that developed the African Plan of Action. He was the team leader of FINSCOPE – Financial Penetration Project (2013). He was a team leader for Developing Financial Management and Training manual for Parliamentary Accountability Committees, member of audit committee of the Ministry of Finance Planning and Economic Development of Uganda, winner of International Award for significant Contribution to World Society. 

He joined Makerere University faculty of Social Sciences in 1986, graduating in 1989. Later he graduated from the London School of Economics with the degree of Master of Science. He returned to Makerere University and pursued studies leading to the award of the degree of Doctor of Philosophy. His field of specialization for his doctorate degree was Economics, Inclusive growth and Poverty Eradication. 

Career
Nuwagaba has been a member of the teaching staff at Makerere University, since he returned from his master’s degree studies in London in the early 2000s. He served as the chairperson of the Makerere University Academic Staff Association.