Geoffrey Alan Onegi-Obel, one of Uganda’s pioneering investment bankers and a prominent figure in the country’s financial and corporate sector, has died in Nairobi, Kenya, aged 70.
Onegi-Obel died on Sunday, October 18, 2026, at MP Shah Hospital in Nairobi, where he had been admitted. His death brings to an end a career that spanned banking, investment, corporate governance, public service and business, during which he occupied some of the most influential positions in Uganda’s emerging financial markets.
He was the founding chairman of the Uganda Securities Exchange (USE), an institution that became a cornerstone of Uganda’s capital markets when it opened for trading in January 1998.
At the time of his death, Onegi-Obel was serving as Group Chairman of Pinnacle Holdings E.A. Limited, where colleagues described him as a visionary leader, mentor and adviser whose experience helped shape the company’s growth.
His death immediately triggered an outpouring of tributes from former colleagues, friends, schoolmates and business leaders, many of whom remembered him less for the titles he accumulated than for his wit, humility and contribution to Uganda’s financial sector.
Former Makerere University colleague and UN Under-Secretary-General Winnie Byanyima described him as one of the first friends she made when she entered the university.
“I’m so sad that my friend Geoffrey Onegi-Obel has left this world,” Ms Byanyima wrote.
She recalled him as self-effacing and brilliantly funny, saying he rarely spoke about his achievements despite his contribution to Uganda’s financial sector.
“Whenever our paths crossed, we would catch up with much laughter,” she said, adding that she was proud of his contribution to Uganda. “Rest in peace, my brother Geoffrey,” Ms Byanyima wrote.
Building Uganda’s capital market
Onegi-Obel belonged to a generation of Ugandan professionals who played a critical role in rebuilding and modernising the country’s financial institutions during the economic liberalisation era of the 1990s.
His most enduring institutional legacy was his role as the founding chairman of the Uganda Securities Exchange.
The USE opened for trading in January 1998, providing Uganda with a formal platform through which companies could raise capital and investors could buy and sell securities.
The creation of the exchange was part of a broader transformation of Uganda’s financial sector, as the country moved from a largely state-controlled economy towards a more liberalised system driven by private investment and capital markets.
Onegi-Obel’s involvement at the founding stage placed him among the professionals who helped establish the institutional architecture on which Uganda’s modern securities market was built.
His career also included senior positions in the banking and financial-services industry.
He served on the boards of UAP Financial Services, Standard Chartered Bank Uganda and Housing Finance Bank, giving him a broad view of Uganda’s financial sector at a time when banking, insurance, investment and pension services were undergoing major changes.
He also served as a Senior Presidential Adviser on Trade and matters relating to the African Growth and Opportunity Act (AGOA), giving him a role in Uganda’s efforts to expand its commercial links with international markets.
NSSF years and the Nsimbe controversy
Onegi-Obel also served as chairman of the National Social Security Fund (NSSF) Board of Directors from 2001 to 2005.
His tenure at the pension fund, however, became associated with one of the most prominent controversies in Uganda’s corporate and public-sector history involving the Nsimbe Housing Estate project.
The project eventually resulted in criminal proceedings against several individuals, including Onegi-Obel.
The case cast a long shadow over his otherwise distinguished career, but on November 27, 2014, the Anti-Corruption Court fully acquitted him of all charges.
The acquittal cleared him of criminal liability in the case and marked a significant moment in his long-running legal battle.
For supporters, the episode became one of the trials that he endured during a career otherwise characterised by senior appointments and professional achievement.
Lawyer Silver Kayondo, in a tribute following his death, reflected on the challenges Onegi-Obel faced. “Despite all the trials & tribulations, you never lost your spark of genius,” Mr Kayondo wrote. He added: “You made your mark. Now time to rest. Thank you for everything.”
A son of a former central bank governor
Onegi-Obel was born on October 20, 1955, into a family with a strong connection to Uganda’s financial establishment. His father, Angelo Onegi-Obel, served as Governor of the Bank of Uganda from 1973 to 1978.
The younger Onegi-Obel would eventually follow a path that placed him firmly within the country’s financial and corporate establishment, although his career extended well beyond conventional banking.
He became known as an investment banker, corporate director, public-sector adviser and entrepreneur, moving between the private sector and public service.
His professional career reflected the changing face of Uganda’s economy, particularly during the period when private investment and capital markets became increasingly important to national development.
The SMACK connection
Beyond boardrooms and financial institutions, Onegi-Obel maintained strong links with St Mary’s College Kisubi (SMACK), where he was remembered as a distinguished old boy.
The SMACK Old Boys Association paid tribute to him, describing him as an accomplished investment banker and dedicated servant of the school community.
“It is with profound sadness that SMACKOBA announces the passing of Dr Geoffrey Alan Onegi-Obel, a distinguished SMACKIST, accomplished investment banker and dedicated servant of our alma mater,” the association said.
It described his contribution to Uganda’s financial sector and his commitment to the SMACK fraternity as part of a lasting legacy.
Former Vice President of Uganda’s Parliament? [Need avoid unsupported]. William Kituuka Kiwanuka, recalling their school years, said Onegi-Obel was in the school’s HSC class when he joined SMACK in 1974.
His passing therefore resonated not only in Uganda’s financial sector but also among generations of schoolmates who had known him since his youth.
‘Down-to-earth and prudent’
Tributes from the business community similarly focused on his character.
Jimmy Kiberu described Onegi-Obel as a “down to earth and prudent professional”, recalling his leadership at NSSF and his involvement in financial media.
Humphrey Mutaasa also mourned him as the former USE founding chairman and NSSF chairman, recalling that their last meeting came after Onegi-Obel had ventured into grain and processing.
His death also drew a tribute from businessman and politician Mike Mukula, who described his passing as a loss to Uganda’s development.
“I am deeply saddened by the passing of Geoffrey Onegi Obel,” Mr Mukula wrote, describing his legacy in leadership, service and dedication.
At Pinnacle Holdings E.A. Limited, where Onegi-Obel served as Group Chairman until his death, the grief was particularly profound.
The company described him as a visionary leader whose “wisdom, integrity and dedication” shaped the foundation and growth of the group.
Beyond his business acumen, the company said, he was a mentor, inspiration and cherished friend to many.
A life larger than the boardroom
For a man who spent much of his professional life in boardrooms, financial institutions and public offices, the tributes following his death have painted a picture of someone who was comfortable away from the spotlight.
Ms Byanyima remembered his laughter and humour. His former colleagues recalled his prudence. His schoolmates remembered his connection to SMACK. Business associates spoke of his mentorship and wisdom.
These recollections provide another dimension to the story of a man whose public career was defined by high office but whose personal relationships appear to have been defined by warmth and humility.
Onegi-Obel died just two days before his 71st birthday. He was born on October 20, 1955, and would have turned 71 on Tuesday.
His death therefore comes at a moment when he was still actively engaged in business, serving as chairman of Pinnacle Holdings and pursuing interests in the private sector.
His passing leaves behind a professional legacy intertwined with some of the institutions that have shaped Uganda’s modern economy.
The Uganda Securities Exchange, which he helped establish at its foundation; NSSF, which he chaired during a formative period; banks and financial institutions on whose boards he served; and Pinnacle Holdings, which he led in his final years, all form part of that legacy.
But perhaps the most enduring tribute will come from the people who knew him personally.
As SMACKOBA recalled in its memorial message, his contribution to the financial sector and his commitment to his alma mater have left a lasting mark.
The association quoted the biblical words from John 11:25: “I am the resurrection and the life.”
For Uganda’s financial sector, Onegi-Obel belonged to a pioneering generation that helped lay the foundations of the institutions that operate today.
For his friends and family, he was Geoffrey — the witty, self-effacing and warm man who could laugh with old friends, offer advice to colleagues and quietly go about his work.
He leaves behind a legacy of professional service, institutional leadership and resilience.
May his soul, through the mercy of God, rest in eternal peace.
Author Profile
- Charles Gazza Kodili is a seasoned journalist with over 20 years of experience in the media industry. He holds a Bachelor of Arts degree in Mass Communication. He’s currently the Chief Editor at the Investigator.
Charles can also be reached via; Tel: +256 774 108978
Email: [email protected]
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