Uganda’s financial sector is mourning the death of Geoffrey Alan Onegi-Obel, a pioneering investment banker who played a key role in establishing the country’s capital markets and later chaired the National Social Security Fund (NSSF).
Onegi-Obel died on Sunday, 18 October 2026, at MP Shah Hospital in Nairobi, Kenya, where he had been admitted. He was 70.
He is remembered for his contributions to the development of the Uganda Securities Exchange (USE), where he served as founding chairman, and for his leadership in managing the country’s national retirement savings.
Born on 20 October 1955, Onegi-Obel came from a family with a long history of public service. He was the son of the late Angelo Onegi Obel, who served as Governor of the Bank of Uganda from 1973 to 1978.
He attended St. Mary’s College Kisubi (SMACK) before pursuing a Law degree at Makerere University. Driven by a vision to build robust financial systems, he undertook advanced specialized training, including an Albert Parvin Fellowship at Princeton University focused on capital markets, as well as executive training at the New York Institute of Finance. He was also honored as a Fulbright Scholar in 1987.
Championing Uganda’s Capital Markets
Determined to demystify market mechanics and foster domestic wealth creation, Onegi-Obel established The Financial Times of Uganda. The publication sparked vital public debate on economic management, capital allocation, and open-market transactions, laying the ideological groundwork for a local stock exchange.
After selling the newspaper, he mobilized key public and private stakeholders to establish the Uganda Securities Exchange (USE), which officially opened for trading in January 1998. Onegi-Obel served as its founding Chairman and later as a long-standing Board Director. In recognition of his foundational legacy, he was later honored with the USE Lifetime Achievement Award.
Stewardship at NSSF and Anti-Corruption Court Acquittal
Between 2001 and 2005, Onegi-Obel served as Chairman of the NSSF Board of Directors. Throughout his tenure, he forcefully advocated for deploying domestic pension savings into long-term national development projects, particularly affordable housing and mortgage financing.
His tenure at the fund was marked by the controversial Nsimbe Housing Estate project, which led to high-profile legal proceedings where he faced charges of abuse of office and alleged financial loss of approximately UGX 8 billion. However, on 27 November 2014, the Anti-Corruption Court fully acquitted him of all charges, ruling that the prosecution had failed to produce any incriminating evidence against him.
Corporate Leadership and Advisory Roles
Beyond the USE and NSSF, Onegi-Obel held high-level executive and advisory roles across public and corporate sectors:
- Board Leadership: Served as Director (from 2006) and later Chairman of UAP Financial Services Uganda; sat on the boards of Standard Chartered Bank Uganda and Independent Publications Ltd.
- Institutional Development: Contributed to key strategic bodies including Housing Finance Bank, the Private Sector Foundation Uganda (PSFU), the National Planning Authority (NPA), Enterprise Uganda, and the Canadian International Development Agency (CIDA).
- Public Service: Served as Senior Presidential Adviser on Trade and African Growth and Opportunity Act (AGOA) matters.
- Community & Education: Chaired the SMACK Endowment Fund and its fundraising committee.
His international contributions earned him honorary recognition from the State of Oklahoma and Oklahoma City, along with an honorary doctorate from Turks & Caicos University.
Legacy
Until his final days, Onegi-Obel remained an outspoken proponent of financial sovereignty, repeatedly making the case that Uganda’s workers’ savings ought to be mobilized to fund domestic infrastructure and job creation.
At the time of his passing, he served as Group Chairman of Pinnacle Holdings E.A. Limited, which issued a statement confirming his death and hailing him as a “visionary leader, mentor, and steadfast champion of economic transformation.”
Members of Uganda’s banking, capital markets, and corporate leadership have paid tribute to Onegi-Obel, marking his passing as the close of a landmark chapter in the nation’s financial history.
Funeral and burial arrangements will be announced by the family in due course.
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