Michael Atingi-Ego has been named the new Governor of the Bank of Uganda, with Professor Augustus Nuwagaba stepping in as his deputy.
Atingi-Ego has been the Deputy Governor since March 2020. His appointment comes three years after the passing of former Governor Emmanuel Tumusiime Mutebile in January 2022.
The two will appear before Parliament for vetting tomorrow, according to sources familiar with the process.
Confirming the news, President Museveni’s deputy spokesperson, Faruk Kirunda, posted on X, saying: “I wish to confirm that H.E the President, as the Appointing Authority, has named Mr. Michael Atingi-Ego as the new Governor and Prof. Augustus Nuwagaba as the Deputy Governor.”
Their appointments come at a time when the central bank is still dealing with the aftermath of a major fraud case. Last September, hackers manipulated the system, diverting Shs50 billion to unintended recipients.
Last week, eight finance ministry officials were charged with corruption, electronic fraud, and money laundering in connection to the scandal. According to the charges, some of the stolen funds were meant for the International Development Association (IDA), a World Bank-affiliated body, but ended up in companies in Japan, Poland, and London. The suspects include a top accountant from the finance ministry.
Who is Michael Atingi-Ego?
Atingi-Ego has had a long career in economics and central banking. Before becoming Deputy Governor in 2020, he was the Executive Director of Macroeconomics and Financial Management at an institute in Harare, Zimbabwe. Before that, he served as Executive Director of Research at the Bank of Uganda.
His international experience includes working with the International Monetary Fund (IMF) as Deputy Director of the African Department.
He holds a degree from Makerere University, a master’s from Cardiff Business School (University of Wales), and a PhD from Liverpool University.
Who is Professor Augustus Nuwagaba?
Nuwagaba is an expert in economic transformation. He has advised African governments on fiscal policy, financial performance, and tax analysis.
His career includes consulting for the African Peer Review Mechanism under NEPAD, serving on the African Regional Panel of Experts on Development, and being part of the World Bank Consultative Group that drafted the African Plan of Action. He also led FINSCOPE, a financial penetration study in 2013.
Nuwagaba studied at Makerere University, earning a degree in Social Sciences before pursuing a Master of Science at the London School of Economics. He later returned to Makerere for a PhD specializing in economics, inclusive growth, and poverty eradication.
Since the early 2000s, he has been a lecturer at Makerere University and once chaired the Makerere University Academic Staff Association.
