Chief Executive Officers (CEOs)/ Managing Directors/Executive Directors are high profile leaders. Their roles are more than a title; CEOs make sound decisions for organizations they head. They are responsible for their actions and decisions taken. Additionally, CEOs act in ways that motivate others, and consistently solve problems and celebrate success stories. They engage with others, stay focused even in tough times, and enjoy the ride.
However, in case of poor performance of companies they head, they are answerable in most cases. Many lose their jobs. In no particular order, here are Uganda’s top 30 CEOs who could potentially face a difficult or successful year.
Eng. Harrison Mutikanga, UEGCL
Eng. Mutikanga is the CEO of Uganda Electricity Generation Company Limited (UEGCL). He will be watched as the main man behind the launch of the 600MW Karuma and the 183mw Isimba Hydro Power Projects expected this year. UEGCL is responsible for overseeing the construction of the said dams that have been marred with sloppy works due to inadequate supervision. Karuma will cost slightly over US$1.4bn, while Isimba Hydropower dam is expected to cost US$590 million.
A registered Civil Engineer in Uganda with 20 years experience in utility management, Eng. Mutikanga will no doubt be one of the CEOs to watch considering the fact the Auditor General’s report for 2017 shows that there’s inadequate supervision at the dams in question.
Whereas there are gaps at these dams, analysts say, Eng. Mutikanga has achieved tangible results. One of the immediate things his administration has done is the launch of the new strategic plan (2018-2023). Will these results influence renewal of his contract that expires next month?
Prof. Emmanuel-Tumusiime Mutebile, BoU
Prof. Mutebile is the Governor, Bank of Uganda (BoU), Uganda’s Central Bank. The Bank is responsible for stabilizing macro-economics to support government’s development targets. By December 2017, BoU had reduced the Central Bank Rate (CBR), a benchmark lending rate for commercial banks to 9.5%, the lowest mark since 2011 when it was introduced to fight inflation that had spiked to around 30%. Experts in this field say his monetary policy tool- CBR – has condensed inflation to single digit for the last five years, which is a good thing. However, the reduction is yet to influence further reduction in interest rates charged by commercial banks currently averaging at around 20%, lower than about 28% recorded at the end of 2011. This has not supported growth in private sector credit and thus, the economy’s growth has slowed to an average of 4% in the last five years, lower than over 6% recorded in the same period before. Noteworthy, it is reported that BoU top managers; Governor Mutebile (whose health is deteriorating according to insider sources at BoU), the Deputy Governor Louis Kasekende, and the Director for Banks Supervision, Justine Bagyenda are embroiled in small fights over management of the Bank with each party accusing the other of incompetence and abuse of office. Kasekende and Bagyenda are said to be in one camp and Mutebile in another. If this fight is not contained, it might destabilise the currency market. Will the trio remain united? Will they keep inflation within the target of 5%? Will BoU solve Sudhir/Crane Bank case out of court? (Crane Bank collapse greatly affected BoU’s image). Against the above background, Mutebile and his deputy, who were all seen at the inaugural Prof. Emmanuel Tumusiime Mutebile Centre of Excellence Business dialogue held in Kampala on Jan.11 in Kampala – will be among the top leaders to watch in 2018 especially when GDP growth is expected to peak up by one percentage point to over 5%.
Bemanya Twebaze, Provisional Administrator, UTL
Uganda Telecom Ltd (UTL), the oldest telecom firm in Uganda had literally collapsed after Libyan majority shareholder; UCom unilaterally quit the embattled telecom company in 2017. However, the Government of Uganda which had 39 per cent shareholding in UTL made a quick step to save it by appointing Bemanya Twebaze as UTL’s Official Receiver/Provisional Administrator. He took office effective April 28, 2017. At the time, the company was heavily indebted to the tune of over Shs700bn. The provisional administrator’s number one priority was to protect the company and ensure that it trades as a going concern. “The survival, stability and continuity of UTL with a view of returning it to profitability in the long term is fundamental to this process,” Bemanya, who doubles as Registrar General at Uganda Registration Services Bureau (URSB), said in a statement dated 30th April 2017. President Yoweri Museveni is interested in keeping UTL alive because, although it is technically bankrupt, it serves government agencies with sensitive communication services including to the ministry of Finance, State House, Uganda Police Force, Uganda Revenue Authority, National Water and Sewerage Corporation and others. The company also employs 500 people, and contributes tax revenue to the government among other strategic reasons. Now that more time was given to Bemanya and his supervisor, Evelyn Anite, the State Minister of Finance in charge of Investment to further stabilize the company with old infrastructure amidst tight competition from other big, stable players, some key questions are flying in the air. Will the Provisional Administrator manage to save the ailing company? Will he settle all the debts? Can UTL return to profitability amidst reports that the company is being sold out? Watch the space.
Clement Dodoo, Ecobank
Dodoo is the Managing Director at Ecobank Uganda. Having joined Ecobank Uganda in early 2015 from Ecobank Sierra Leone, Dodoo helped turnaround the bank that had been posting losses since it joined the Ugandan market in 2008.
In 2016, the bank made a net profit of Shs813m in 2016, up from a loss of Shs764m in 2015.
Dodoo will be watched this year on whether he can sustain the Pan-African bank profitable. Will Ecobank Uganda post profits for the 2nd year running?
Jimmy Mugerwa, Tullow Uganda
Mugerwa is the General Manager at Tullow Uganda Operations Pty Ltd and Tullow Uganda Limited. Tullow together with its partners, CNOOC and Total have been key in making Uganda make steps towards mining first oil by 2020. Mugerwa has been at the helm of Tullow since 2012 and will no doubt be a key figure as Uganda nears her first oil. With reports that Tullow might quit Uganda, Mugerwa will be one of the top managers to watch in 2018.
Annet Mulindwa Nakawunde, Finance Trust Bank
Nakawunde is the Managing Director of Finance Trust Bank (FTB). She spearheaded the transformation of this bank from a micro-finance deposit taking institution into a commercial bank in 2014. She is currently the only woman CEO/MD of a commercial bank in Uganda. In 2016, FTB’s net profit reduced to Shs1bn, down from Shs2bn recorded in 2015. Customer deposits grew to Shs95bn in 2016, up from Shs78.4bn. It remains to be seen how the bank performed in 2017. The results will be key to her stay at the women focused bank.
Paul Bwiso, USE
Bwiso is the Chief Executive Officer of the Uganda Securities Exchange (USE). Having been at the helm of the Bourse since March 2015, the role of the USE in enabling companies raise funds from both individual and institutional investors has remained limited.
Analysts have somewhat hailed him for trying to implement awareness campaigns to give the USE image to the public that it is a platform for saving and supporting the economy through capital mobilization. But the achievements are still few. No new company has listed since 2011 when UMEME did. Trading counters remain relaxed except for a few companies out of the 16 and market capitalization is muted at around Shs26 trillion. Bwiso has a lot to do to make the bourse busier in 2018.
Keith Kalyegira, CMA
Kalyegira is the CEO at Capital Markets Authority (CMA). In fact, much of the activity on the USE in many ways reflects the work being done at the CMA. CMA is responsible for promoting, developing and regulating the capital markets industry in Uganda, with the overall objectives of investor protection and market efficiency. However, Uganda has had only 16 listed companies for a long time. When Kalyegira assumed office in 2013, he promised to deliver at least two Initial Public Offerings (IPOs) per annum, but in over five years the market is yet to see an IPO. Only eight local companies are listed on USE. He is currently pushing for capital market authority reforms using a strategic plan of 2016/2017-2020/2021 amidst reports that his contract is about to expire.
Annette Wabunoha Kihuguru, Executive Director, Ecobank
Kihuguru is currently the Executive Director at Ecobank Uganda. Together with the Managing Director, she has been instrumental in Ecobank Uganda turnaround.
Kihuguru has been in the banking sector for close to 30years. Over the years, she has worked with Uganda Commercial Bank, Stanbic Bank Uganda, Barclays Bank Uganda and currently working with Ecobank Uganda as the Executive Director and Head Commercial Banking .
She holds a Masters degree in Management from The Uganda Management Institute in addition to a Bachelor’s Degree in Arts (Economics and Political Science from Makerere University. She has in addition had various international and local trainings over the years mainly in banking. Other responsibilities besides banking are coaching, mentoring and developing team members to enhance their strengths. Kihuguru could soon graduate into a CEO in Uganda’s banking sector. In 2018, she will be watched together the Managing Director on whether they will keep the Pan-African bank profitable for the second year running.
Patrick Mweheire – Stanbic
Mweheire is the CEO of Stanbic Bank Uganda, Uganda’s largest commercial bank and most profitable bank. It posted Shs191bn net profit in 2016, up from Shs151bn recorded in 2015.
However, the bank recorded a bad result, Shs95.4bn net profit in half year results for 2017, down from Shs107.2bn in the year ended June 2016. Will the bank remain the most profitable in Uganda? Stanbic Bank Uganda alongside Japan’s Sumitomi Mitsui of Japan were appointed as joint financial advisers for the oil pipeline which will connect Uganda’s oilfields in the West of the country to the port of Tanga in Tanzania.
The bank plans to raise US$3 billion for the project in the second half of 2018 as Uganda prepares to start oil production by 2020. The market will watch how Mweheire will go about matters banking this year especially now that agent, Islamic and bancassurance are being rolled out by the industry.
Doris Akol-URA
Doris Akol is the Commissioner General at Uganda Revenue Authority (URA). She targets Shs15 trillion in tax revenue for 2017/18. However, the revenue body had collected slightly over Shs6.4 trillion by December 21, 2017. Will she hit the Shs15trillion target? As she scratches her head to hit this target, the budget planning processes for 2018/19 will shape her administration strategy given that the revenue target is being raised to Shs 15.5trillion.
Juma Kisaame- dfcu Bank
Kisaame is the Managing Director at dfcu bank. In early 2017, dfcu beat off competition from 12 financial institutions to acquire assets and liabilities of Crane Bank that had been taken over by the Central Bank after becoming ‘significantly undercapitalized’. The transaction amount wasn’t disclosed, but sources indicated that dfcu paid US$40m to acquire Crane Bank. This acquisition meant that dfcu automatically became one of the most important banks in Uganda’s economy. This development saw dfcu bank post Shs114bn net profit in half year results for 2017, up from Shs23.3bn in June 2016. Amidst growing industry competition and minimal growth in private sector credit uptake, will Kisame record better results this year?
Allen Kagina, UNRA
Kagina is the Executive Director of the Uganda National Roads Authority (UNRA). She was appointed to that position on 27 April 2015. While she generally did an excellent job at URA, Kagina is yet to fix UNRA, with shoddy works and questionable contracts which are negatively selling the Authority’s image. She also has an uphill task to supervise a big road network being built in all regions of Uganda. Being a tested female manager in the country, and now heading one of the highly funded government agencies, Ugandans will definitely keep an eye on her work this year.
Jennifer Musisi, KCCA
Musisi is the Executive Director of the Kampala Capital City Authority (KCCA). She was appointed to that position in April 2011 and assumed office on 15 April 2011. Her contract was renewed in 2017 despite admitting before Parliament last year that she made a mistake to take up the job that earns her over Shs40m per month.
During her stint at KCCA, Musisi has tried to bring order in the city albeit with great resistance. She has failed to cooperate with the political wing particularly with the Lord Mayor Erias Lukwago. The bickering between the two leaders has affected service delivery in the city in many ways. As 2017 was drawing to the end, Musisi criticized the role of the Uganda Police Force in managing traffic in the city.
One evening, Traffic Police withdrew from Kampala roads on the orders of IGP Kale Kayihura after Musisi criticized them for intercepting traffic lights controls, saying it defeats the purpose for the investment. The Musisi administration has also come under fire over the manner in which it handles vendors on Kampala streets without providing them with the alternative sources of income. Museveni’s handlers have also blamed Musisi for her tough actions in the city that have seen him (Museveni) lose some political support to opposition politicians. These are interesting developments in a slowly developing city that will carry on this year.
Albert Saltson, StanChart
Saltson is the Chief Executive Officer at Standard Chartered Bank (StanChart). He replaced Herman Kasekende in early 2017. He joined StanChart at a time it was choking on high Non-Performing Loans (NPLs). Although the bank’s NPLs reduced in 2016, they still remained significantly high. Its NPLs reduced slightly to Shs112.1bn in 2016, down from Shs113.9bn recorded in 2015. However, the bank recorded an impressive Shs112.1bn net profit in 2016, up from Shs28.3bn in 2015. Will Saltson solve the problem of NPLs that has affected StanChart’s performance in recent years?
Jolly K. Kaguhangire, UIA
Kaguhangire is the Executive Director at Uganda Investment Authority (UIA). She assumed office in the later part of 2017. This means her real performance will be measured this year. She promised to create 200, 000 jobs per year. She has an uphill task of providing space in Uganda’s industrial parks. Her job is crucial because Uganda aims to push for industrialization to create jobs to solve unemployment problem. Will she deliver on this promise this year? Will she solve the problem of quack investors who defraud government?
Wim Vanhelleputte- MTN
Vanhelleputte is the CEO at MTN Uganda. MTN is Uganda’s leading telecom firm and remains competitive, thanks to the leadership of Vanhelleputte. However, he faces great competition from Airtel Uganda. In 2017, MTN wasn’t innovative enough. Will it be more innovative in terms of product offering in 2018? Will he maintain Mobile Money business without scandals? The big question now is; how will he deal with Uganda Communications Commission (UCC) to ensure that the company’s contract which expires this year is renewed?
Fabian Kasi, Centenary
Kasi is the Managing Director at Centenary Bank, Uganda’s largest indigenous bank. The bank has many customers. Even after opening Mapeera House, a spacious beautiful building in the middle of Kampala city, customers still spend a lot of time queuing to transact. This has exposed gaps in the bank’s customer care department which Kasi has to fill in 2018. Fortunately, the bank’s performance is not bad.
It posted a net profit of Shs109.9bn in 2016, up from Shs101.6bn recorded the previous year. However, Non-Performing Loans (NPLs) increased to Shs35.6bn in 2016, up from Shs27.4bn in 2015.
Sudhir Ruparelia, Ruparelia Group
Sudhir is the chairman and majority shareholder in the companies of the Ruparelia Group. His investments are mainly in the areas of education, real estate, floriculture, hospitality, capital markets and more. His net worth was estimated around US$900 million as at end of 2016. On 20 October 2016, the Bank of Uganda, which regulates banks in Uganda, took control of Crane Bank, the largest subsidiary of the Ruparelia Group, due to a significant decline in capital. The bank was eventually sold to dfcu. Not done, Sudhir’s forex bureaus were closed. In 2018, he (Sudhir) will be a man to watch as he handles his differences with BoU.
Ephraim Wainaina, Davis & Shirtliff
Wainaina is the Managing Director at Davis & Shirtliff. Under Wainaina’s stewardship, Davis & Shirtliff has played a big role as supplier of water related equipment in Uganda. On farming, the company provides Water Pumps, Boreholes, Generators and Solar Equipment. One of the biggest achievements of Davis & Shirtliff under Wainaina’s leadership was the successful installation of a large Grundfos solar powered borehole pumping system for a ministry of water project at Panyamur, Nebbi District of North Western Uganda. The installation included 120, 120W Solar modules and will bring approximately 14m3/hr of water to the local community. Will Davis & Shirtliff remain competitive as new players join the market? Wainaina will have to innovate if Davis & Shirtliff Uganda is to remain a household name in the country.
Gordon Mugyenyi, Middle East Consultants
Mugyenyi is the Managing Director at Middle East Consultants Limited, a professional company that has been exceptional in the export of labour.
The company has helped lift many Ugandans out of poverty. It has also helped government in fighting unemployment.
However, given the increasing cases of human trafficking and competition, Mugyenyi will need to be on top of his game if Middle East Consultants is to remain Uganda’s leading labour exporting agency.
V.G Somasekhar-Airtel
VG Somasekhar is the Managing Director at Airtel Uganda. He returned to Airtel Uganda in the latter part of 2017 to replace Anwar Soussa, who quit the telecom firm two years into the job. His return is viewed as one aimed at toppling MTN as Uganda’s leading telecom firm. This year, Somasekhar will be one of the CEOs to watch especially as he pushes for new innovations.
President Yoweri Museveni
Museveni is the President of Uganda. In simple terms, he is the CEO of Uganda. He has been criticized for not implementing policies to grow the economy to over 8% that was recorded in some parts of 2000s up from averages of 4% since 2012.
In 2017, the Age Limit noise didn’t do any good to the economy. With unemployment high and 68% of Ugandans engaged in subsistence farming, Museveni will no doubt be watched by Ugandans and the world.
Others
Other executives to watch in their respective areas of business are; Kin Kalisa, the CEO of Next Media services; Aeko Ongodia, the CEO of Xeno Technologies Uganda Limited, an indigenous investment fund management company that officially launched business on Jan.03; Johnson Agoreyo, the Managing Director at United Bank for Africa (bank made profits for the first time in nine years in 2016. Will it remain profitable?), Silver Mugisha – MD- National Water and Sewerage Corporation; Chris Nugent, MD – Plascon Uganda Limited; Richard Byarugaba – MD NSSF; Godfrey Mutabazi, ED, UCC; Eng. Kasingye Kyamugambi is the Project Coordinator for the Standard Gauge Railway (SGR) AND James Saaka, ED, NITA-U; Michael Mugisa, ED National Forestry Authority; Gideon Badagawa, ED, Private Sector Foundation Uganda (PSFU), Everest Kayondo, the chairman of Kampala City Traders Association (KACITA) among others.
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