Geoffrey Alan Onegi Obel is a

Uganda }), is a landlocked country in East Africa East Africa, Eastern Africa, or East of Africa, is the eastern subregion of the African continent. In the United Nations Statistics Division scheme of geographic regions, 10-11-(16*) territor ...

investment banker Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with ...

. He is the founder of the

Uganda Securities Exchange The Uganda Securities Exchange (USE) is the principal stock exchange of Uganda. It was founded in June 1997. The USE is operated under the jurisdiction of Uganda's Capital Markets Authority, which in turn reports to the Bank of Uganda, Uganda's ...

and of UAP Old Mutual Financial Services Uganda Limited, a subsidiary of the Nairobi-based financial services conglomerate,

UAP Old Mutual Holdings Old Mutual Holdings Plc, Formally known as UAP Holdings Limited, is an investment, retirement, and insurance group that operates mainly in Eastern Africa, but has plans to be a pan-African insurance company. UAP Holdings is one of the leading ins ...

. From 2001 until 2005, he served as the Chairman of NSSF Uganda.

Background and education

He was born in Uganda, circa 1955. His father is the renowned Ugandan economist and Politician

Onegi Obel Angelo Onegi Obel (4 April 1932 – 16 December 2008), was a Ugandan economist and politician and former adviser to the President of Uganda. He also served as the Governor of the Bank of Uganda from 1973 to 1978. Background and education Obel ...

(1932–2008), who served as the Deputy Governor of the Bank of Uganda from 1968 until 1973 and was the

Governor of the Bank of Uganda The Governor of the Bank of Uganda is chief executive officer and the chairman of the board of directors of the Bank of Uganda. The current governor was Emmanuel Tumusiime-Mutebile, who was first appointed to this position on 1 January 2001, and wa ...

from 1973 until 1978. He studied

Economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and intera ...

at university obtaining both the degrees of

Bachelor of Arts in Economics The Bachelor of Economics (BEc or BEcon), or the "Bachelor of Applied Economics", is a bachelor's degree awarded by many universities and colleges for completion of an undergraduate program in economics, econometrics, or applied economics; the ...

and Master of Arts in Economics.

Career

In 2001, he was appointed Chairman of Uganda's National Social Security Fund (NSSF). In 2003 he spoke out about "how cash is the missing ingredient in the recipe for the country's economic development" in reference to the Ugandan economy relying on donor funding and taxes derived from imports. Under the NSSF, Obel attempted to raise foreign investment and advance the regulation of the Bank of Uganda to improve national savings. His efforts towards developing the economy and instructure of Uganda and corporate interests has often led to conflict and in 2006, for instance, he was involved in a legal battle over the construction of a bridge which jeopardized the livelihoods of local farmers. After he left the NSSF, he became the director of UAP Financial Services Uganda Limited, a subsidiary of

UAP Holdings Old Mutual Holdings Plc, Formally known as UAP Holdings Limited, is an investment, retirement, and insurance group that operates mainly in Eastern Africa, but has plans to be a pan-African insurance company. UAP Holdings is one of the leading ins ...

, whose shares are traded over the counter, pending listing on the

Nairobi Stock Exchange The Nairobi Securities Exchange (NSE) was established in 1954 as the Nairobi Stock Exchange, based in Nairobi the capital of Kenya. It was a voluntary association of stockbrokers in the European community registered under the Societies Act in ...

Controversy

In 2003, while still the Chairman of NSSF Uganda, he floated a special purpose vehicle called Premier Developments Limited, a 50–50 joint venture between NSSF Uganda and Mugoya Estates Limited. NSSF's contribution was of land. The project was cancelled by government and charges were brought against Geoffrey Onegi Obel and others. The case was dismissed, but government prosecutors re-filed it a second time. He was cleared of all charges because he was able to prove in court that he followed all relevant protocols, including getting clearance from the Minister of Finance, as required by the law. The land that was procured in 2004, had, by 2014, doubled in value to UGX:16 billion.

References

External links

UAP Given Green Light On Unit Trust Management
{{DEFAULTSORT:Obel, Geoffrey Onegi Ugandan politicians Ugandan economists Living people 1955 births People from Nebbi District People from West Nile sub-region Ugandan Roman Catholics