Geoffrey Onegi Obel
|Geoffrey Onegi Obel|
|Born||1955 (age 60–61)
|Alma mater||Undisclosed University
(Bachelor of Arts in Economics)
(Master of Arts in Economics)
|Occupation||Economist & Politician|
|Years active||1978 — present|
|Title||Chairman UAP Financial Services|
|Spouse(s)||Mrs. Onegi Obel|
Geoffrey Onegi Obel is a Ugandan economist and politician. He is the current Chairman of UAP Financial Services Uganda Limited, a subsidiary of the Nairobi-based financial services conglomerate, UAP Holdings. 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 Onegi 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 from 1973 until 1978. He studied Economics at university obtaining both the degrees of Bachelor of Arts in Economics and Master of Arts in Economics.
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 liveihoods of local farmers.
After he left the NSSF, he became the director of UAP Financial Services Uganda Limited, a subsidiary of UAP Holdings, whose shares are traded over the counter, pending listing on the Nairobi Stock Exchange.
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 400 acres (160 ha) of land that NSSF acquired from Amama Mbabazi and Amos Nzeyi at a valuation of about US$2.75 million in 2015 dollars (USh8 billion). 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 all charges because he was able to prove in court that he followed all relevant protocols, including getting clearance from the Minister of Finance at the time, as required by the law. The land that procured in 2004, had, by 2014 doubled in value as of 2014 and was valued at about US$5.5 billion (USh16 billion in 2015 dollars).
- Ryan, Orla (5 March 2003). "Uganda Seeks Help In Saving". BBC News. Retrieved 8 March 2015.
- BOU, . (2012). "Bank of Uganda Governors: 1966 - Now". Bank of Uganda (BOU). Retrieved 8 March 2015.
- Gichane, Charles (9 January 2013). "UAP Begins Trading of New Shares". 98.4 Capital FM. Retrieved 8 March 2015.
- Wesaka, Anthony (14 February 2014). "Onegi-Obel Charged Afresh, Remanded to Luzira Prison". Daily Monitor (Nairobi). Retrieved 8 March 2015.
- Okanya, Andante (27 November 2014). "Onegi-Obel Cleared of Fraud In NSSF Sh8 Billion Case". New Vision (Kampala). Retrieved 8 March 2015.