After three years with Stanbic Uganda Holdings Limited (SUHL), Joram Ongura, will be leaving his role as Chief Executive for SBG Securities Uganda Limited (SBG Securities) effective end of May 2023, to pursue other personal interests.
SUHL Chief Executive Andrew Mashanda who will be acting as interim caretaker until a successor is named, said in a statement that, having assumed the role in January 2021, Joram embarked on the task at hand of setting up SBG Securities and built it into a market leader in asset management and securities business with enthusiasm.
“As a pioneer leader for one of our four young subsidiaries, SBG Securities has registered several milestones under Joram’s guidance and on behalf of SUHL leadership, we are most grateful for his contribution with the support of the team he led,” said Mashanda.
SBG Securities Board Chairperson Aggie Konde commended Joram’s passion and commitment to building the business while stimulating market readiness in securities and investments.
“I would like to express my appreciation for Joram’s leadership and the impact he has had on the business. His contributions have been invaluable, and we are proud to have been associated with such a seasoned capital markets specialist. I believe that his leadership, coupled with the efforts of our incredible staff, have put SBG on a growth trajectory that will continue long after his departure.
Four months into the role, Joram is credited for having steered SBG Securities to securing its license for the securities business and for asset management, in November 2022. Today, SBG Securities enjoys more than 70% of business market share as March 2023.
“I am grateful for the opportunity to have been entrusted with the challenge of being SBG Securities pioneer Chief Executive. I am proud of the milestones we have achieved together with my team, during the last three years. I thank my Group Chief Executive Andrew Mashanda, SUHL Board led by Chairman Japheth Katto as well as my SBG Securities Board Chair Aggie Konde for their guidance and support,” said Ongura.
“We have started the year quite strongly with the Securities and Asset management units of the business reporting a Profit After Tax above our projections in the first quarter of this year. I am confident that the team will continue to build on this success to register more milestones,” he added.
Under Joram’s leadership, SBG Securities achieved several milestones including having grown the SBG Securities’ customer base from under 50, to over 19,000, within its first year of existence and over 38,000 clients, as of May 2023.
He also successfully led the team to deliver the MTN Uganda Initial Public Offer—IPO, the largest in sub-Sahara region and the first green IPO in East Africa.
Alongside other industry stakeholders, Joram participated in successful negotiations with the Uganda government that led to the dropping of the proposed tax on Unit Trusts, a development that will promote market growth.
Joram also grew Assets under SBG Securities management in five months, from zero to Ush. 28 billion as of April 2023, as well as helping establish SBG Securities’ market thought leadership after successfully organising the first East Africa Asset Management conference.
He also helped the business acquire a key account worth a membership of over 11 million people, 6000+ education institutions, 250+ hospitals and 200+ SACCOs. This key account acquisition presents further opportunities for growth cutting across other subsidiaries including Stanbic Bank, Flexi-pay, Fly-hub, Stanbic properties and Stanbic Incubator.
“Joram leaves at a critical time when SBG Securities seeks to consolidate its early achievements and position itself to take advantage of the emerging growth opportunities in our economy. All this is still possible because of the strong foundation he has helped to build. On behalf of everyone, I wish him success in all his future endeavors,” said Mashanda.