News
Business community mourns former NSSF board chair Onegi-Obel
He is reported to have passed away on Sunday, October 18, at MP Shah Hospital in Nairobi, Kenya, where he had been admitted.
Businessman and former National Social Security Fund (NSSF) board chairperson Geoffrey Onegi-Obel passed away on Sunday. (File photo)
By: Charles Etukuri, Journalist @New Vision
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The business community is mourning the death of businessman and former National Social Security Fund (NSSF) board chairperson Geoffrey Onegi-Obel, who passed away on Sunday (October 18).
He is reported to have passed away on Sunday, October 18, at MP Shah Hospital in Nairobi, Kenya, where he had been admitted.
Onegi-Obel joined the business by established The Financial Times of Uganda before he sold it to go for further training in the US.
At the time, he had started mobilising stakeholders to start a securities trading platform – the Uganda Securities Exchange, which started its operations in January 1998.
Onegi-Obel later succeeded Joel Kateregga as NSSF board chairperson after his (Kateregga’s) tenure elapsed in 2001. Onegi-Obel held the office until September 2004, when he was replaced by Edward Gamuwa.
In September 2004, President Yoweri Museveni ordered that NSSF be transferred from the Ministry of Gender, Labour and Social Development to the Ministry of Finance, Planning and Economic Development over corruption, especially the botched Nsimbe Housing Estate project.
At the time, he had started mobilising stakeholders to start a securities trading platform – the Uganda Securities Exchange, which started its operations in January 1998.
Onegi-Obel later succeeded Joel Kateregga as NSSF board chairperson after his (Kateregga’s) tenure elapsed in 2001. Onegi-Obel held the office until September 2004, when he was replaced by Edward Gamuwa.
In September 2004, President Yoweri Museveni ordered that NSSF be transferred from the Ministry of Gender, Labour and Social Development to the Ministry of Finance, Planning and Economic Development over corruption, especially the botched Nsimbe Housing Estate project.
He also suspended the Fund’s board led by Onegi-Obel and top management led by the then Managing Director, Leonard Mpuuma. But before it was transferred to the Finance Ministry, the Bank of Uganda took over the supervisory role of NSSF starting from January 1, 2005, until the Finance Ministry took over later in the year.
In November 2006, Onegi-Obel was remanded to Luzira Prison after he was charged with abuse of office and causing financial loss amounting to sh8b in the botched up $225 million Nsimbe Housing Estate deal.
Onegi-Obel was the son of Angelo Onegi-Obel, who served as Governor of the Bank of Uganda from 1973 to 1978.
He attended St Mary’s College Kisubi before studying law at Makerere University, where he obtained a Bachelor of Laws degree. He later travelled to the US from where he upgraded.
In November 2006, Onegi-Obel was remanded to Luzira Prison after he was charged with abuse of office and causing financial loss amounting to sh8b in the botched up $225 million Nsimbe Housing Estate deal.
Onegi-Obel was the son of Angelo Onegi-Obel, who served as Governor of the Bank of Uganda from 1973 to 1978.
He attended St Mary’s College Kisubi before studying law at Makerere University, where he obtained a Bachelor of Laws degree. He later travelled to the US from where he upgraded.