The recent upheaval within the Bank of Uganda (BoU) is nothing short of a ruthless, calculated coup aimed at exterminating the influence of the late Governor Emmanuel Tumusiime-Mutebile. This so-called “restructuring” is a blatant power grab by Deputy Governor Michael Atingi-Ego, who is hell-bent on erasing the last vestiges of Mutebile’s legacy. The reshuffle reeks of corruption, cronyism, and outright betrayal of the institution’s founding principles.
The disgraceful ousting of Dr. Twinemanzi Tumubweine, a man who fortified the banking sector with unwavering diligence, is a prime example of Atingi-Ego’s malicious vendetta. Tumubweine’s replacement by David Kalyango—a puppet whose only qualification appears to be his loyalty to Atingi-Ego—is a slap in the face to every Ugandan who values integrity in their financial institutions. This move sends a chilling message: loyalty to Mutebile’s principles is punishable by demotion or exile.
But this bloodletting within the BoU’s ranks is far more than an internal squabble. It’s a deliberate assault on the stability of Uganda’s financial sector. Mutebile, despite any flaws, was a guardian of banking integrity, committed to shielding the sector from the political corruption that festers in other corners of Ugandan governance. Atingi-Ego, on the other hand, seems intent on burning down this legacy, surrounding himself with sycophants who are more concerned with currying favor than with protecting Uganda’s economic future.
The unholy alliance between Atingi-Ego and disgraced former Deputy Governor Dr. Louise Kasekende only deepens the rot. Kasekende’s tenure was marked by scandal and the shady closure of several banks, sowing mistrust and fear among the public. That Atingi-Ego is now elevating Kasekende’s cronies within the BoU is a glaring red flag, signaling the institution’s descent into a cesspool of corruption and power plays.
The laughable justification for this coup, framed as a consultant-recommended restructuring, is an insult to the intelligence of every Ugandan. This charade is not about efficiency; it’s about eliminating those who dare to honor Mutebile’s vision. The BoU, once the cornerstone of financial integrity in Uganda, is now a hollow shell, gutted by Atingi-Ego’s ruthless ambition and the cancerous cronyism he fosters. Uganda’s financial future is being sold off to the highest bidder in this disgusting display of self-serving governance.
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