Reports coming in indicate that President Yoweri Museveni has already named the successor of the current embattled Bank of Uganda (BOU) Governor, Prof.Tumusiime-Mutebile and he will be be replaced by Simon Kagugube, the the executive director Centenary Bank.
According insider sources at state house Mutebile’s dismissal would have come as a result of his poor handling of internal major Bank closures that is being probed by the COSASE a parliamentary committee. On addition to that Mutebile’s fall could be attributed to rough internal conflicts in the big financial institution in which he got the likes of Bagyenda sacked before her contract had expired in June hence giving Bagyenda hard time to knock at the IGG’s office to reclaim her job.
Mr. Mutebile was first appointed to that position on January 1, 2001 and was re-appointed for a second five-year term on January 1, 2006. In December 2015, he was re-appointed for a fourth five-year term, effective January 12, 2016. He was the ninth governor of that institution.
Prior to assuming the BOU job, Mutebile had been the Permanent Secretary/Secretary to Treasury in the Ministry of Finance Planning and Economic Development between 1992-2000. He was replaced by Keith Muhakanizi, still holding that post.
Mr Mutebile, an economist by training has in the past had bad relationship with parliament. Before this report he’s also had bad terms with the IGG Irene Mulyagonja over Bagyenda’s dismissal, with the latter claiming Mutebile did not follow the laid-down guidelines as he sacked Bagyenda who is also in trouble over her unexplained wealth accumulation.
Meanwhile, in Kagugube , analysts say Museveni saw a complete manager who has turned around the fortunes of centenary bank to a better business centre and concrete modules in East Africa, with trillions of shillings in assets.
Who is Dr. Simon Kagugube?
Simon is the current Executive Director Centenary Bank, Chairman Board of Directors URA, Chairman Nation Media Group, president of the East African school of Taxation etc.
He has been Executive Director Centenary Bank for 16 years, previously he worked with the prestigious PWC (PricewaterCoopers) as Director Tax and Legal for 2 years, commissioner VAT and Income Tax URA for 6 years.
Dr. Simon Kagugube studied from the Prestigious Yale Law School and graduated with Master of Laws (LL.M.), Doctorate in the Science of Law (JSD), Corporate Law and Taxation; Humanitarian and Refugee Law 1984 – 1989. Makerere University, Bachelor of Laws (LL.B.), (Honours), Corporate Law and Taxation; Civil and Criminal Law; Law of Banking and Negotiable Instruments.
1976 – 1979
He is an advocate of the High court of Uganda.
His appointment by the president is still subject to his willingness to accept the position given his previous refusal of two appointments including that of Vice President of Uganda. The principled lawyer and banker insists he can only serve in positions that are none political for now, this means he is likely to accept this appointment since it’s a none political office.