Investors protection unit to bridge information gap, attract more investors- Prof Nuwagaba
Prof Augustus Nuwagaba (Left) and head of the State House Investors Protection Unit (SHIPU) Col Edith Nakalema share a light moment at the SHIPU offices located at Lumumba Avenue in Kampala on February 19, 2024. PHOTO/LYDIA FELLY AKULLU
What you need to know:
- The State House Investors Protection (SHIPU) was established in May 2023 under the directive of President Museveni. At the time of its formation, Mr Museveni indicated SHIPU would chiefly ensure that all concerns of investors are comprehensively addressed.
Makerere University’s renowned economist, Prof Augustus Nuwagaba lauded President Yoweri Museveni for creating the State House Investors Protection Unit (SH-IPU) reasoning that it will lock out pitfalls that previously discouraged investors in the country.
In his message on February 19 shortly after paying a courtesy visit on the Head of SH-IPU Col Edith Nakalema, Prof Nuwagaba said the creation of the Electronic Investors Protection Portal (EIPP) will be pivotal in easing processes of addressing concerns of investors in Uganda.
“The [EIPP] portal is extremely useful particularly for informing prospective investors. The reason we do not have as much investments as we would have required is because there is lack of information and [many investors] are misguided,” Prof Nuwagaba said.
He added: “They are getting misinformed, they are losing money because they go to the wrong hands. So it is extremely impressive and we need, therefore, to make sure that it gets known by as many people as possible.”
He is therefore confident that the authentic information collaborated from key Ministries, Departments and Agencies (MDAs) and availed to all investors in a seamless manner will also reduce on bureaucratic processes previously suffered by investors.
“Our investors have suffered [a lot]. It is not possible that investors should continue suffering,” Prof Nuwagaba said.
The State House Investors Protection (SHIPU) was established in May 2023 under the directive of President Museveni. At the time of its formation, Mr Museveni indicated SHIPU would chiefly ensure that all concerns of investors are comprehensively addressed.
SHIPU, that is now steered by Col Nakalema, receives investors’ concerns and ensures that all queries are addressed in the shortest time possible.
In a meeting convened at the SHIPU offices located along Lumumba Avenue in Kampala on January 31, Col Nakalema disclosed that her office had received over 190 cases from investors. Majority of these cases reported by both local and foreign investors were related to extortions.
SH-IPU was set up with a vision to be a one-stop-center for all investors to get guidance and get authentic information to support investment decisions.
