After serving three years in an acting capacity, Dr Michael Atingi-Ego has officially been appointed as the governor of the Bank of Uganda, according to a statement from the Presidential Press Unit (PPU) on Monday. Alongside Atingi-Ego, Prof Augustus Nuwagaba was appointed as deputy governor.
“In exercise of the powers vested in the President, Dr. Michael Atingi-Ego has been appointed as the new Governor, and Prof. Augustus Nuwagaba as the Deputy Governor of the Bank of Uganda,” the PPU confirmed.
The names and curriculum vitae of both appointees have been submitted to parliament for approval, as per constitutional requirements.
ATINGI-EGO’S JOURNEY TO THE TOP
Dr Atingi-Ego took over from the late Prof Emmanuel Tumusiime-Mutebile, who passed away on January 23, 2022, at Aga Khan hospital in Nairobi. Following Mutebile’s death, Atingi-Ego, who had served as deputy governor since April 23, 2020, was appointed acting governor.
His formal appointment comes at a time when the Bank of Uganda is navigating challenges, including a high-profile Shs 60 billion fraud scandal that has shaken public confidence in the institution.
HANDLING THE FRAUD SCANDAL
The scandal, which surfaced in 2024, led to the arrest and charging of seven suspects, including the accountant general. Initial reports suggested that the bank’s IT systems had been compromised, but Atingi-Ego refuted these claims during a press briefing at the Bank of Uganda headquarters in December 2024.
“There is no evidence indicating that the central bank’s IT system was hacked,” Atingi-Ego clarified. “The fraud was initiated outside the bank’s IT systems, where instructions were received to make payments to incorrect beneficiaries, leading to the diversion of funds.”
He provided detailed examples, including a $6.1 million payment intended for the World Bank that was mistakenly sent to Roadway Co. Limited via MUFG Bank of Japan on September 12, 2024. Another payment of $8.6 million, meant for the African Development Fund, was diverted to MJS International in London on September 28, 2024.
Atingi-Ego confirmed that $8.2 million of the diverted funds had been recovered and credited to the Consolidated Fund.
REFORMS AND ACHIEVEMENTS AS ACTING GOVERNOR
During his tenure as acting governor, Atingi-Ego implemented significant reforms to strengthen the financial sector. Notably, he increased the minimum paid-up capital requirements for microfinance deposit-taking institutions from Shs 500 million to Shs 10 billion. This move aimed to ensure these institutions held sufficient capital to protect depositors and creditors from potential losses and aligned Uganda’s standards with international best practices.
Additionally, Atingi-Ego oversaw a comprehensive reshuffle of the bank’s leadership in response to longstanding concerns from staff. The restructuring followed a KPMG review conducted in 2023 and was approved by the board on May 7, 2024.
The changes were designed to enhance the bank’s efficiency by prioritizing skills, qualifications and experience.
A GLOBAL FINANCIAL LEADER WITH DEEP ROOTS IN UGANDA
Dr Atingi-Ego brings to his new role extensive regional and international experience. Before he was appointed deputy governor in 2020, he served as the executive director of the Macroeconomics and Financial Management Institute of Eastern and Southern Africa (MEFMI) in Harare, Zimbabwe. While on leave from the International Monetary Fund (IMF), he led MEFMI from September 2018.
At the IMF, where he served as deputy director in the African Department from June 2008, Atingi-Ego played a crucial role in modernizing monetary policy frameworks across developing countries and improving macroeconomic statistics in sub-Saharan Africa. He also contributed to data management initiatives and provided strategic guidance to numerous IMF African country teams.
Atingi-Ego’s career began at the Bank of Uganda in August 1984, where he rose to the position of executive director of research. His work focused on macroeconomic policies, financial management, and statistics, establishing him as an expert in capacity building and monetary operations across East, West and Southern Africa.
EDUCATIONAL BACKGROUND AND VISION FOR THE BANK
Dr Atingi-Ego holds a PhD in Economics from Liverpool University (1996), an MSc in International Economics and Banking from Cardiff Business School, University of Wales (1991), and a BSc in Economics from Makerere University.
As he assumes the role of governor, Atingi-Ego brings a blend of technical expertise, leadership skills, and a vision to strengthen the Bank of Uganda’s governance and policy frameworks. His appointment signals continuity in the Bank’s commitment to financial stability, transparency, and international cooperation.
With parliamentary approval pending, the country watches closely as Atingi-Ego steps into one of Uganda’s most critical financial roles, tasked with steering the central bank through complex challenges and opportunities in the years ahead.
Job well done by the steps we see the dollar come down; I thank personally the team working with guvnor bank of Uganda