Stanbic Bank Uganda, the country’s largest bank by assets and profitability, is expected to announce Phillip Madinga as its new chief executive officer.
If approved by the central bank, the appointment will fill the leadership void left at the bank after Anne Juuko was moved to a regional role in Nairobi at the end of last year. In March, the Bank of Uganda refused to approve the appointment of Kenneth Mvuselelo Fakudze to the post.
“Bank of Uganda hereby declines the request from Stanbic Bank Uganda Ltd to appoint Mr Kenneth Mvuselelo Fakudze as the chief executive,” wrote Tumubweine Twinemanzi, the executive director in charge of banking supervision at the time.
“You are advised to nominate another candidate in accordance with Financial Institutions (Amendment of Third Schedule) Instrument, 2022.” The rejection was first reported by the Daily Monitor newspaper. An Eswatini national, Mr Fakudze heads Standard Bank’s operation in Eswatini.
The unprecedented action by the central bank threw Stanbic Bank into a state of uncertainty, prompting Standard Bank Group Chief Executive Sim Tshabalala and board chair Nonkululeko Nyembezi to travel to Kampala to meet with senior Bank of Uganda officials in a bid to resolve the matter.
Following the meetings, Stanbic Bank appointed Samuel Mwogeza, head of personal and private banking, as interim CEO. Barbara Dokoria, the bank’s head of compliance, was also appointed as interim managing director to replace Emma Mugisha, who left Stanbic for another bank.
However, these appointments do not appear to have met with the approval of the central bank.
Under pressure, including from within parliament, to appoint a Ugandan to the post, Stanbic Bank Uganda then advertised the position and has been conducting a recruitment process. Sources in the banking industry say the company has decided to go for a non-national in Mr Madinga.
Mr Madinga, 52, holds a degree in economics from the University of Malawi and a degree in business administration from Stellenbosch University. He has been managing director and chief executive officer of Standard Bank Malawi since January 2021. Prior to this, he worked for the goverment of Malawi.
