Deputy Speaker Applauds Central Bank’s take on Stanbic CEO Substitution

The Deputy Speaker, Thomas Tayebwa, has supported the decision of the Bank of Uganda in declining a foreign nominee put forth by the Standard Bank Group to replace the former Chief Executive Officer (CEO) of Stanbic Bank Uganda, Anne Juuko. Tayebwa asserted the Central Bank’s decision, highlighting the ample local expertise demonstrated by past CEOs in effectively managing the bank.

“Stanbic Bank was overseen by a Ugandan, Patrick Mweheire, who delivered outstanding performance. Subsequently, they appointed a young Ugandan woman, Anne Juuko, who also excelled. It begs the question why they are considering a non-Ugandan for a bank entrusted with our significant assets and finances,” Tayebwa remarked during the plenary session on Tuesday, April 2, 2024.

These comments were prompted by Hon. Paul Omara’s inquiry, where Tayebwa emphasized Parliament’s duty to support the government’s decision to prioritize Ugandans in leadership roles within the bank. He cited similar practices in countries like Kenya and South Africa.

“Why should Uganda be any different? There are no Ugandans heading banks in Kenya, and in South Africa, where Stanbic originates, foreigners are not appointed to such positions,” Tayebwa queried.

Omara acknowledged Uganda’s investments in human capital development, affirming the country’s ability to cultivate the necessary expertise to elevate companies to Stanbic’s level.

“While foreign nationals are typically recruited when local expertise is lacking, Uganda has made significant strides in the financial sector and can produce qualified CEOs,” Omara commented.

Minister for Public Service, Hon. Wilson Mukasa Muruli, echoed the sentiment, praising the Bank of Uganda’s decision and emphasizing the common practice of hiring foreigners only in areas where local proficiency is deficient.