Geoffrey Onegi Obel, a renowned figure in Uganda's financial sector, has passed away at the age of 60, leaving behind a lasting legacy in the country's financial institutions and economic thought. Obel was a pioneer of Uganda's securities market and a champion of financial sector reform. He died on October 18 after receiving cancer treatment at a hospital in Nairobi, Kenya. Obel's contributions to Uganda's financial sector will endure beyond his lifetime, remembered by those who knew him as a brilliant mind and an astute financial manager.
Obel's career in finance spanned over four decades in East Africa, during which he played a significant role in shaping Uganda's financial sector. He was the publisher of the Uganda Financial Times, a publication meant to prepare the market for the establishment of the exchange. At the time of his death, he was chairman of the board of Global Capital & Infrastructure Fund Partners, established in 2017 to develop products for the capital markets industry. He led research and development on a pipeline of products at various stages of completion, targeting domestic, regional, and global markets.
One of Obel's most enduring contributions was founding the Uganda Securities Exchange (USE), which he chaired from 1997 to 2007. He established the country's first stock exchange with the support of then Bank of Uganda Governor Emeritus Leo Kibirango. The exchange ushered in Uganda's first bond and equity listings, enabled cross-listings with the Nairobi Securities Exchange, and helped deepen the country's financial services sector. Obel also established the BERI Forum—Bonds, Equities and Related Instruments—to bring together stakeholders committed to developing capital-market products and deepening Uganda's financial sector.
Obel's vision for Uganda's capital markets took shape early in his career. Between 1988 and 1989, he spent a year at Princeton University researching the establishment of a stock exchange in Uganda, laying the intellectual groundwork for what would become the Uganda Securities Exchange. He deepened his expertise in international finance in 1995, completing a programme in Banking, International Corporate Finance and Bond Markets at the New York Institute of Finance, where he was awarded a certificate. These formative experiences helped prepare him for the task of building institutions and expanding Uganda's participation in modern capital markets.
In addition to his work in finance, Obel served on the board of The Independent, Uganda's leading current affairs magazine. Norbert Mao, the Minister of Justice and Constitutional Affairs, described Obel as “an outstanding and towering figure in the world of finance.” Mao recalled that Obel introduced him to the writings of Robert J. Samuelson, the Newsweek columnist renowned for making complex economic issues accessible to ordinary readers. Winnie Byanyima, executive director of UNAIDS and a prominent activist, also paid tribute to Obel's contributions to Uganda's financial sector.
During his career, Obel took on another significant role: chairing the board of the National Social Security Fund (NSSF), which he led from 2002 to 2005. His tenure at NSSF reflected his ambition to mobilise domestic savings and channel them into investments that could support Uganda's economic development. However, his push to venture into housing finance through the proposed Nsimbe housing project became one of the most difficult episodes of his career, triggering a prolonged legal battle over an alleged loss of Shs8 billion to the Fund.
Tributes continue to pour in for Obel, with Charles Kankya, general manager of The Independent, remembering him as a formidable financial mind whose influence extended beyond boardroom deliberations to the people he mentored. As chairperson of the company's audit committee, Obel worked closely with Kankya on financial management, budgets, accountability, and corporate governance. Kenneth Kitariko, a U.S.E. director and CEO of African Alliance, also recalled Obel's dedication to the institution he founded, saying he was adamant that the Exchange had started in his office, and therefore, as far as he was concerned, he owned it.
Key points
- Geoffrey Onegi Obel, a pioneer of Uganda's securities market, has died at 60, leaving behind a lasting legacy in the country's financial institutions and economic thought.
- Obel founded the Uganda Securities Exchange (USE) and chaired it from 1997 to 2007, establishing the country's first stock exchange and deepening its financial services sector.
- Tributes have poured in for Obel, remembering him as a brilliant mind, an astute financial manager, and a generous mentor who contributed significantly to Uganda's financial sector.
