The late Geoffrey Alan Onegi-Obel
HABARI DAILY I Kampala, Uganda I More details have emerged about the death of Geoffrey Alan Onegi-Obel, a prominent Ugandan investment banker and founding chairman of the Uganda Securities Exchange (USE), who passed away on Sunday, October 18, 2026, at the age of 70.
Onegi-Obel died of natural causes at MP Shah Hospital in Nairobi, Kenya, where he had been admitted for medical treatment, according to reports surrounding his death.
His passing marks the end of an era for Uganda’s financial sector, where he played a pioneering role in establishing capital markets, managing retirement savings and advocating for the use of domestic investment to support national development.
At the time of his death, he was the Group Chairman of Pinnacle Holdings E.A. Limited, a position that reflected his continued involvement in corporate leadership and investment.
Pioneer of Uganda’s securities market
Onegi-Obel is widely recognised for his contribution to the establishment of the Uganda Securities Exchange, which officially opened for trading in January 1998.
Before the exchange was established, he worked to promote public understanding of investment, capital allocation and the role of securities markets in economic development. He founded The Financial Times of Uganda, a publication that helped stimulate debate about financial markets and economic management.
After selling the newspaper, he mobilised stakeholders from the public and private sectors to support the creation of a formal securities market in Uganda.
As the USE’s founding chairman, he helped lay the institutional foundations for organised securities trading, providing businesses with a platform to raise capital and investors with opportunities to participate in the country’s economic growth.
He subsequently remained involved with the exchange as a board director. His contribution to the development of Uganda’s capital markets was recognised through the USE Lifetime Achievement Award.
The exchange became an important part of Uganda’s financial infrastructure, helping connect companies seeking investment with individuals and institutions looking for investment opportunities.
Leadership at NSSF
Beyond the capital markets, Onegi-Obel played a significant role in the management of Uganda’s retirement savings.
He chaired the National Social Security Fund (NSSF) Board of Directors from 2001 to 2005, a period during which he advocated for the deployment of pension savings into long-term national development projects.
He supported investments in areas such as affordable housing and mortgage financing, arguing that domestic savings could be used to finance productive activities while generating returns for workers whose contributions sustain the fund.
His tenure, however, also attracted controversy over the Nsimbe Housing Estate project. He faced charges of abuse of office in proceedings linked to alleged financial loss of approximately Shs8 billion.
On November 27, 2014, the Anti-Corruption Court acquitted him of all charges, ruling that the prosecution had failed to present incriminating evidence against him.
Career beyond the exchange and pension fund
Onegi-Obel’s influence extended beyond the USE and NSSF into banking, corporate governance, public policy and private sector development.
He served as a director and later chairman of UAP Financial Services Uganda and sat on the boards of Standard Chartered Bank Uganda and Independent Publications Limited. He also contributed to the work of institutions including Housing Finance Bank, the Private Sector Foundation Uganda, the National Planning Authority and Enterprise Uganda.
His public service engagements included serving as a Senior Presidential Adviser on Trade and matters relating to the African Growth and Opportunity Act (AGOA), which provides eligible African countries with preferential access to the United States market.
He also maintained a commitment to education and community development, chairing the St Mary’s College Kisubi Endowment Fund and its fundraising committee.
His international engagements earned him honorary recognition from the State of Oklahoma and Oklahoma City, as well as an honorary doctorate from Turks & Caicos University.
Education and family background
Born on October 20, 1955, Onegi-Obel came from a family with a history of public service. His father, the late Angelo Onegi Obel, 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. He later pursued specialised training in financial markets, including an Albert Parvin Fellowship at Princeton University and executive training at the New York Institute of Finance. He was also a Fulbright Scholar in 1987.
His education and professional development helped shape his interest in capital markets and the mobilisation of investment for economic growth.
A lasting financial legacy
Until his final days, Onegi-Obel remained an advocate for financial sovereignty, emphasising the potential of Ugandan workers’ savings to finance infrastructure, businesses and job creation at home.
Pinnacle Holdings E.A. Limited, where he served as Group Chairman, confirmed his death and described him as a “visionary leader, mentor, and steadfast champion of economic transformation.”
His passing is likely to prompt reflection across Uganda’s banking, pension and investment sectors on the institutions he helped establish and the role of long-term domestic capital in national development.
For Uganda’s financial industry, his legacy lies not only in the creation of a securities exchange but also in his sustained argument that local savings should contribute to productive investment and broader economic transformation.
Funeral and burial arrangements are expected to be announced by the family in due course.
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