The Bank of Uganda (BoU) has named Margaret Kasule as the new Legal Director and appointed Collin Babirukamu as the Executive Director of IT. These changes come amid an ongoing investigation into missing funds, raising concerns about transparency and governance within the central bank.
These appointments are expected to play a crucial role in ensuring regulatory compliance and financial integrity, and is seen as an effort to stabilize operations and restore confidence in the institution.
The BoU is currently investigating several financial discrepancies that have raised serious concerns. A USD 14.5 million cash movement has prompted questions regarding its legitimacy and handling. Additionally, a USD 3.2 million payment to an unlicensed firm has sparked worries over regulatory oversight and due diligence.
Another key issue under scrutiny is the USD 134 million debt servicing request from the previous year, which is being examined to assess its justification and transparency. The ongoing probe aims to provide further clarity on BoU’s financial security measures and governance protocols, with findings expected to have significant implications for the institution.
Margaret Kasule re-enters BoU’s leadership team, having previously served as the head of legal services. Her tenure has been marked by controversy, particularly regarding the bank’s legal strategies in high-profile cases. She played a central role in legal battles surrounding bank closures and asset liquidations, including the Crane Bank case. The legal strategies pursued during these cases resulted in substantial financial losses and reputational damage for BoU, attracting intense scrutiny from regulators and stakeholders. Her return to the bank’s top legal position signals an effort to strengthen legal frameworks and handle ongoing legal challenges effectively.
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Collin Babirukamu’s appointment as Executive Director of IT comes at a critical time for BoU’s IT infrastructure. With financial security and digital transactions playing an increasingly vital role in banking operations, he is expected to focus on strengthening IT systems, enhancing cybersecurity, and safeguarding against financial irregularities. Collin has over 20 years of experience in leadership and business transformation using Information Technology.
Before joining the Bank of Uganda, he worked as the Cloud Territory Leader at Oracle Corporation East Africa since August 2018. He was previously the Chief Information Officer (CIO) and Head of IT at NSSF – Uganda, where he spearheaded business transformation of the back-end operations, customer-facing systems, and change management using innovative technology solutions.
Collin holds a Bachelor’s degree in Computer Science from Mbarara University of Science & Technology and a Master’s in Leadership Development in ICT & the Knowledge Society from the University of Mauritius. Additionally, he has a Post Graduate Diploma in Business Administration from the University of Leicester (UK) and another Post Graduate Diploma in ICT & Knowledge Society from Dublin City University (Ireland).