Grace Semakula Replaces Joram Ongura As Stanbic SBG Securities Chief Executive

  • by Mary Ociiti
  • March 1, 2024

Stanbic Uganda Holdings Limited (SUHL) has appointed Grace Semakula as the new Chief Executive for SBG Securities Uganda Limited (SBGS) and by virtue of that position, an Executive Director on the company Board, effective March 1, 2024. The appointment is subject to regulatory approval.

Semakula who was previously with UMEME replaces Joram Ongura—the SBG Securities founding Chief Executive who left the role last May.

He has a wealth of expertise and experience spanning nearly 20 years of practice in the sectors of Asset Management, Brokerage and Energy & Infrastructure, 12 of which have been at Executive and Board leadership level.

Commenting on his appointment, Francis Karuhanga, the SUHL Chief Executive said, “after a long search, we have appointed Semakula from a long list of good candidates. He possesses a diverse skill set that covers financial modeling, private equity, fixed income, equities, and investment banking; his holistic understanding of the financial landscape, coupled with analytical dexterity and strategic acumen, means he has what it takes to lead SBG Securities on the next frontier of growth.”

Grace Semakula said: I am pleased to join Stanbic Uganda, the leading financial services brand in the country. I am looking forward to making my contribution to its purpose of driving Uganda’s growth in my capacity as Chief Executive—SBG Securities.”

SBG Securities which offers Securities and Asset management services, served over 38,000 clients, as of May 2023. In 2021, it played a lead role in the MTN Uganda Initial Public Offer—IPO, the largest in sub-Sahara region and the first green IPO in East Africa.

SBG Securities is one of the subsidiaries operating under SUHL (Stanbic Uganda Holdings Limited), a member of the Standard Bank Group—a listed entity on the Uganda Securities Exchange. The other SUHL subsidiaries are Stanbic Bank Uganda, Stanbic Properties, Stanbic Business Incubator, and FlyHub.