The Bank of Uganda has declined Stanbic Bank’s nomination for the replacement of outgoing Chief Executive Officer Anne Juuko, who has been promoted to a regional position based in Nairobi.
The decision came after Stanbic Bank’s board of directors submitted Kenneth Mvuselelo Fakudze as their nominee for the CEO position in February.
Fakudze, a Swazi national, currently oversees the lender’s operations in Swaziland.
“Bank of Uganda hereby declines the request from Stanbic Bank Uganda Ltd, to appoint Mr. Kenneth Mvuselelo Fakudze as the Chief Executive,” wrote Mr. Tumubweinee Twinemanzi, the executive director in charge of bank supervision, in response to Stanbic Bank’s nomination.
He further advised Stanbic Bank to nominate another candidate in accordance with the Financial Institutions (Amendment of Third Schedule) Instrument, 2022, which outlines the criteria for determining a “fit and proper person to manage, control or become a director or substantial shareholder in a financial institution.”
The rejection of the nomination raises questions about the reasons behind the decision and whether any of the fit and proper clauses outlined in the statutory instrument had been violated.
Officials from both the Central Bank and Stanbic Bank have not commented on the matter.
