Martin Nsubuga has been appointed acting Chief Executive Officer of the retirement benefits regulator, URBRA, replacing David Nyakundi Bonyi, a Kenyan national whose three-year contract ended last week. This appointment is an implementation of a directive by Finance Minister Matia Kasaija that the job be given to a competent Ugandan.
Martin Nsubuga has been appointed to head the retirement benefits regulator in acting capacity, replacing David Nyakundi Bonyi, a Kenyan national whose three-year contract ended last week.
Nsubuga will be in office up to the end of this financial year.
URBRA board chairman, Andrew Kasirye, told Uganda Radio Network that the board cannot appoint a new CEO before receiving guidance from Finance Minister Matia Kasaija on remunerations. The salaries of public servants are currently undergoing rationalisation and harmonisation. Kasirye said the minister also advised him to delay appointment of the new CEO because of the ongoing reorganisation of government authorities and statutory bodies.
This appointment is an implementation of Minister Kasaija's directive that the job be given to a competent Ugandan. Kasirye last month told Uganda Radio Network that Bonyi had performed well and the board recommended for a second term but Minister Kasaija insisted that the job be given to a competent Ugandan.
Nsubuga has been serving as URBRA director of supervision and compliance. He is a financial economist with a solid background in financial analysis, investment and non-bank financial sector policy development.
Prior to moving to URBRA, Nsubuga was at the Ministry of Finance, Planning and Economic Development where he spearheaded a number of reforms and policies in non-bank financial sector. He initiated policies and regulatory reforms in insurance, pension and capital markets. He also drafted Uganda's Public Debt Management Framework 2013 and Uganda's medium term debt management strategy.
Bonyi had been earning a hefty gross salary amounting to Uganda Shillings 91 million. He was being paid 57 million shillings basic salary. He was also pocketing a gratuity which is 25 percent of the salary, amounting to Uganda shillings 14 million. Government further paid 10 percent of his gross salary as NSSF contribution. Other benefits such as health insurance, fuel, and entertainment allowances pushed the gross salary to 91 million.
Bonyi's recruitment was funded under a Trust Fund managed by World Bank arrangement. The World Bank footed Bonyi's salary remunerations for a year and later pulled out. This meant government started drawing from the Consolidated Fund.
It's this hefty salary, sources told Uganda Radio Network, that unsettled politicians who started questioning why government should renew Bonyi's contract.