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By Moses Kaketo
Forget the hefty six billion Uganda shillings bonuses that were paid out to Ugandan top officials who oversaw tax dispute settlements with international oil firms.
Forty senior officials from the Uganda Revenue Authority, Energy, Finance and Justice Ministries received bonuses, some exceeding $100,000(About Ugx. 360 million).
“This is nothing, but the beginning of the resource curse,” Dickens Kamugisha, the chief executive officer at the African Institute for Energy Governance (AFIEGO) told Reuters.
Well, some Ugandans are making clean money in the private sector and being rewarded for their hard work.
Reports indicate, Stanbic Bank Chief Executive Officer, Patrick Mweheire is one billion Uganda shillings richer after management rewarded him following a wonderful 2016 performance.
Stanbic Bank CEO is one of top paid CEO’s in Uganda.
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Reports indicate, Mr. Mweheire earns Ugx. 80m monthly. This does not include other benefits like housing, insurance etc.
The other top paid employees at Stanbic Bank include the Head of Marketing and the Head Global Markets, Anne Juuko who earns Ugx. 60. This excludes other benefits like medical, Housing, a car etc.
Newz Post understands Stanbic Bank posted a net profit of Ugx. 200 Billion in 2016. Details will come in our subsequent articles.
This is not the first time; Stanbic bank is rewarding her CEO and top manager. In 2015 Stanbic Bank, emerged the most profitable bank in Uganda.
In 2015, the bank recorded a net profit of Ugx. 150.8 billion Up from Ugx. 135.1 billion in 2014, a 12 percent year-on-year growth.
This was the highest profit ever in Uganda’s banking sector. For this exceptional performance, the Stanbic bank boss, Board members, middle and top managers smiled, this time round within the bank.
The former Head of Corporate and Investment Banking at the Stanbic Bank, Mr. Mweheire reportedly received one percent of the net profit the bank recorded in 2015.
Others who were rewarded handsomely include Head Global Markets, Anne Juuko who pocketed Ugx. 600 million as bonus.
For her strategic focus and guidance, the seven Board members each received between Ugx. 80m and Ugx. 100m.
Stanbic bank has seven Board members: Joseph Katto the Board Chairman, Kitili Mbathi, Ruth Emunu, Barbara Mulwana, Dr. Samuel Sejjaaka, Josephine Ayugi Okot and Patrick Masambu.
The Stanbic bank story turnaround has one lesson- Businesses should seek to change top leadership after specific set time otherwise leaders ‘expire’.
Mr. Mweheire’s two years at Stanbic bank have been phenomenal. The Bank’s net profit, return on equity, Net operating margin, earning per share, Market share, total assets,, customer deposits and Shareholder’s equity have all shoot-up.
Who is Patrick Mweheire?
Mweheire replaced Philip Odera, who had been CEO from 2007 to 2014. The soft speaking 47-year-old was formerly Head of Corporate and Investment Banking at the Stanbic Bank, before he was appointed CEO Stanbic Bank Uganda.
Mweheire joined Stanbic Bank in July 2012 from Renaissance Capital, an investment bank where he spent close to five years as Managing Director, Investment Banking.
Between 2002 and 2008, he worked with Merrill Lynch & Co, New York, where he worked as a Director, Investment Banking. Here he was involved with various Mergers and Acquisitions mainly in the US and East Africa.
Mweheire was one of the dealmakers on some of the biggest deals by any listed companies in Uganda.
He also has significant restructuring experience and worked with several distressed auto suppliers during the 2001-2003 downturns in the United States.
He holds an MBA from the Harvard University Graduate School of Business.
More about the Author: Moses Kaketo