George Egaddu, a Certified Public Accountant with a career spanning over 35 years, has been named Board Chairman at Bank of Africa’s (BOA) Uganda operation.
BoA has also named renowned media executive, Conrad Nkutu as board director.
Egaddu, replaces Mr. John Carruthers who has served the bank for 14 years and oversaw the bank’s transition from Allied Bank to Bank of Africa in 2006 and superintended over the bank’s growth into one of Uganda top 10 commercial banks.
During Carruthers’ 14 years tenure, BOA has moved from a small financial services institution, worth UGX6 billion in 2004 to UGX111 billion in 2018- a growth of 1750%- an average annual growth rate of 22%. The bank has also grown from 3 branches to 35 and 100 employees to over 450 in the same period.
By end of 2018, BoA was the 10th largest bank with UGX799 billion in assets, accounting for 2.8% industry market share. It is also the 10th largest bank by lending (UGX344.1 billion) and customer deposits (UGX569 billion).
It is also the 10th most profitable bank, having earned a net UGX15.1 billion profit in 2018, accounting for 2% market share of industry profitability.
“I recall when I started my term as Chairman of the Board, I was undoubtedly convinced about the future of this great institution and looked forward to the challenge before me with great expectation,” Carruthers told friends, bank executives and stakeholders, attending his farewell party at Kampala Serena Hotel on 15th August.
“Coming from an Insurance background, I found my new found involvement in banking matters a most invigorating experience. I certainly changed a lot in the process. And, I am pleased to say that the Bank also changed dramatically throughout the years. Without a doubt, the Bank today is very different from the one that I joined in 2004,” he said.
The farewell, was attended by others, the Bank of Uganda Deputy Governor, Dr. Louis Kasekende.
Who is George Egaddu and Conrad Nkutu?
George William Egaddu brings over 35 years’ wealth of experience in financial, audit, strategic and risk management to the bank.
Currently a sole practitioner at George Egaddu CPA, he worked as a Partner at Coopers & Lybrand for 24 years- and when in 1998 the firm merged globally with Price Waterhouse, forming what is now known as PricewaterhouseCoopers, Egaddu became a PwC Partner till 2003 when he retired to join sole practice.
He has served as a member of several boards of directors / trustees in private sector companies and in public sector corporations, authorities or agencies of the Government of Uganda. Most recently he served as Board Chairman Barclays Bank of Uganda Limited, National Medical Stores and Uganda Golf Club Board of Trustees.
He has also previously served as board member for National Forestry Authority, National Drug Authority and Uganda Revenue Authority amongst others.
Conrad Nkutu is a renowned media and business executive with wide experience in newspaper publishing, TV and radio broadcasting and film production at the executive level in Uganda and Kenya.
As Managing Director of Nation Media Group’s Broadcasting Division, he led NTV Uganda and NTV Kenya as well as Easy FM. Prior to that, he was previously Managing Director of NMG’s Uganda subsidiary, Monitor Publications Ltd (Daily Monitor/ Sunday Monitor newspaper and 93.3 KFM).
Before MPL, he was the Commercial Director at the Standard Newspapers Group (Kenya), Corporation Secretary of Uganda’s New Vision newspaper and Country Manager (Uganda) of The East African newspaper.
While at MPL in Uganda, between March 2004 to June 2007, Nkutu is remembered for turning around and rebranding Monitor FM (to KFM) and The Monitor (to Daily Monitor). In the 3 years at MPL, he nearly doubled sales turnover from the UGX11.3 billion he inherited to UGX21.1 billion. He also turned around the loss making operation from a UGX323 million loss in 2004 to a net profit of UGX1.9 billion in 2007.