- Geoffrey Onegi-Obel, founding Chairman of the Uganda Securities Exchange, died on October 18, 2026, at MP Shah Hospital in Nairobi
- The veteran investment banker served as NSSF Board Chairman and was publisher of The Financial Times of Uganda
- Tributes have poured in from UNAIDS Executive Director Winnie Byanyima and the Uganda Securities Exchange official account
Elijah Ntongai is an experienced editor at TUKO.co.ke, with more than four years in financial, business, labour and technology research and reporting. His work provides valuable insights into Kenyan, African, and global trends.
Geoffrey Alan Onegi-Obel, the founding chairman of the Uganda Securities Exchange (USE) and a towering figure in East African finance, died on Sunday, October 18, 2026, at MP Shah Hospital in Nairobi, Kenya, where he had been receiving medical treatment. He was 70 years old.
Source: Twitter
His death was confirmed by CEO East Africa Magazine, which described him as one of the architects of Uganda's modern financial sector.
The Uganda Securities Exchange also posted a formal statement of condolence on its official channels.
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A Career Built Around Capital Markets
Trained as a lawyer at Makerere University, Onegi-Obel channelled his professional energy into investment and the development of domestic capital markets.
He founded and published The Financial Times of Uganda to stimulate public conversation about open-market transactions and the case for a Ugandan securities exchange.
After receiving an Albert Parvin Fellowship at Princeton University, where he researched capital markets with a Ugandan stock exchange in mind, and completing further training at the New York Institute of Finance, he sold the newspaper and set about mobilising stakeholders.
The Uganda Securities Exchange opened for trading in January 1998, with Onegi-Obel serving as both its founding chairman and, later, a board director.
He subsequently chaired the National Social Security Fund (NSSF) from 2001 to 2005 and served as a senior presidential adviser on the African Growth and Opportunity Act (AGOA), having been asked by President Museveni in 2002 to pioneer Uganda's response to the initiative.
He also held directorships at UAP Financial Services Uganda, Standard Chartered Bank Uganda, and Independent Publications Ltd, among other institutions.
At the time of his death, he was serving as Group Chairman of Pinnacle Holdings E.A. Limited.
His father, the late Angelo Onegi Obel, served as Governor of the Bank of Uganda from 1973 to 1978, having previously been Deputy Governor from 1968 to 1973.
In 2014, the Anti-Corruption Court acquitted Onegi-Obel of allegations of abuse of office and causing financial loss of approximately UGX 8 billion related to the proposed Nsimbe housing development. Justice Margaret Tibulya ruled that the prosecution had failed to produce incriminating evidence.
Among his honours were a Uganda Securities Exchange Lifetime Achievement Award and an honorary doctorate from Turks & Caicos University.
@Winnie_ Byanyima said:
"I’m so sad that my friend Geoffrey Onegi-Obel has left this world. Geoff was among the first friends I made when I entered Makerere University all those years ago. Whenever our paths crossed, we would catch up with much laughter. Self-effacing and brilliantly funny, he said little about his achievements, but I knew and was proud of his contributions to Uganda’s finance sector. Rest in peace, my brother Geoffrey. I like to imagine you somewhere fun, smiling down at us and making everyone around you laugh."
@mukulaa, a businessman/industrialist, said:
"I am deeply saddened by the passing of Geoffrey Onegi Obel (RIP) at Shah Hospital, Nairobi. Geoffrey’s contributions to Uganda’s development and his legacy of leadership, service and dedication will be remembered. My heartfelt condolences to his family, friends and all whose lives he touched. May his soul rest in eternal peace."
@SilverKayondo said:
"Rest in peace Mzee Geoffrey Alan Onegi Obel. Despite all the trials & tribulations, you never lost your spark of genius. But such is Uganda, a country that perpetually punishes its best & handsomely rewards its worst. You made your mark. Now time to rest. Thank you for everything."
@USEUganda, the Uganda Securities Exchange official account, said:
"The Board, Management and Staff of the Uganda Securities Exchange mourn the passing of Dr. Geoffrey Onegi Obel, our founding Chief Executive Officer and Board Chairman. Dr. Onegi Obel was a visionary leader whose pioneering contribution laid the foundation for Uganda’s securities market. His commitment to developing the country’s capital markets leaves an enduring legacy at the Exchange and across Uganda’s financial sector. We extend our heartfelt condolences to his family, friends, colleagues and all whose lives he touched. May his soul rest in eternal peace."
St. Mary’s College Kisubi Old Boys Association, @SmackObs, said:
"IN MEMORIAM | DR. GEOFFREY ALAN ONEGI-OBEL. 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. His exemplary contribution to Uganda’s financial sector and his commitment to the SMACK fraternity leave a lasting legacy... May his soul... rest in eternal peace."
@RuzindanaA said:
"Rest in peace Onegi-Obel. He made his contribution to the country quietly but with an everlasting stamp. That’s what the meaningful contribution that matters. His soul should be at ease. RIP."
Other short tributes include “May the Soul of the Financial Guru, Dr Onegi Obel rest in Peace!” and simple RIP messages from Ugandan users.
Source: TUKO.co.ke
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