Sizing up the wealth of Buganda kingdom

Easily the most wealthy kingdom in Uganda, Buganda has a number of agencies that set out to make the most of its 25,096 square miles of land, and up to 1,000 heritage sites.

A cache of documents filed with the Uganda Registration Services Bureau (URSB) give a sense of Buganda Kingdom’s financial muscle.

As per URSB, Katikkiro or Premier Charles Peter Mayiga has attached a number of companies to the kingdom’s name.

These, among others, include the Buganda Broadcasting Services (BBS), Central Broadcasting Services (CBS), K2 Telecom, Majestic Brands, Buganda Land Board (BLB), Namulondo Investments, Muteesa I Royal University, as well as Buganda Investments and Cultural Undertakings Limited (BICUL).

The latest annual returns filed with the URSB show that K2 is owned by three companies and 17 individuals registered as shareholders.

BICUL is registered with 134 shares; CBS with a dozen shares; and Cente Financial Services Ltd with four shares.

Cente Financial Services Ltd was incorporated on March 15, 2010. According to documents that date back to 10 years, its owners registered in the Memorandum and Articles of Association include Micheal Kawooya Mwebe; Robert Kasozi; Mr Mathias Mpuuga, the current Leader of the Opposition in Parliament (LoP), who served as youth minister in Buganda Kingdom from 2008 to 2010; Male Kyewalabye, the kingdom’s culture minister; Douglas Mukiibi, the kabaka’s secretary; John Kitenda; Joseph Kizito; Edward Nkangi; and David Ntege.

All own an equal share of the entire 2,500, with each valued at Shs10,000.

Founded on June 19, 1995, the BICUL is involved in production of goods and services, as well as preservation of culture for the benefit of the kingdom.

It is owned by Kabaka Ronald Muwenda Mutebi II, who is the majority shareholder with a 50 percent stake.

When it was registered in 1995, then Katikkiro Joseph Mulwanyamuli—in his official capacity—held 20 percent of the total shares. 

Kabazzi Miti, the then head of Buganda clans; Mr JB Walusimbi, then the kingdom treasurer; and Mr Bbale Mugera, the then treasurer of enkuluze or the kabaka’s treasury, each had 10 shares. This was purely in their official capacity. 

K2 ownership 
In K2, the Kabaka has 10 shares; while his son Prince Kiweewa Jjunju and his siblings have five. Other individuals in the K2 equation are those who are the owners of Cente Financial Services, which is listed as one of the directors.

The individuals include Micheal Kawooya Mwebe (four), Joseph Nsubuga Kizito (one), Douglas Dunstan Mukiibi (one), Samantha Nanziri (four), Joseph Balikuddembe Muliika (four), John Kitenda (three), David Ntege (four), David Male Kyewalabye (five), Robert Kasozi (two).

Others are Mukasa Kiggundu (one), John Kizito Ssebaana (one), Sean Gerry Kizito (one), Jesca Nanyonga (one) and Saul Katumba (two).

K2 is managed by a team of five directors, including David Kyewalabye Male, Micheal Kawooya Mwebe, John Kitenda, Prince Kiweewa Jjunju, and Mr Mpuuga. K2’s current company secretary is Katende Ssempebwa & Co. Advocates. 

At its registration on December 16, 2011, K2 listed a share capital of Shs100m. 

Each of the 100 shares worked to Shs1m. At the time, Afro-Centric Investments Limited was registered as the mass share owner with 65 shares, while Mr Kawooya Mwebe—the CBS FM boss—had one share. It wasn’t indicated then who took the remainder of the 34 shares. 

Afro-Centric Investments
As per URSB documents, Afro-Centric Investments Limited’s initial directors at the time of its registration were David Mubiru, Geoffrey Kimuli, Eliajah Kyoge, Daniel J. Ssebanenga, Brian Ssewalu, John Ddamba and Patrick Ssembatya. Afro-Centric, however, changed ownership by 2014.  

Those who took over were in addition registered as owners of Cent Financial Services. Micheal Kawooya Mwebe, Robert Kasozi, Mathias Mpuuga, Kyewalabye Male, Douglas Mukiibi, John Kitenda, Joseph Kizito, David Ntege and Edward Nkangi are the legal owners of this company, all having equal shares of 142 each. 

A September 15, 2014 notice to the URSB signed by Micheal Kawooya Mwebe, Kyewalabye Male, Joseph Kizito and Robert Kasozi as directors, says: “K-2 in which our company (Afro-Centric) is the majority shareholder with 65 percent shares, applies for a credit facility of Shs400m.”

It adds: “We certify that the above is a true extract from minutes of the board of directors set forth were duly passed in accordance with and comply with the MoU.’’

The latest annual returns of Afro-Centric, filed by Mavin Owoyesiga on January 7, 2022, indicate David Kyewalabye Male, John Kitenda, Douglas Mukiibi, Mathias Mpuuga, Robert Kasozi, Joseph Kizito Nsubuga, David Ntege and Saulo Katumba Segawa as the owners, with each holding 11 shares.
 
Airtel-K2 combo
K2’s core objective is to operate telecommunications business in broadcast and transmission data in both audio and data.

In a January 12, 2021 interview with this newspaper, Katikkiro Mayiga said: “I launched our latest partnership with Airtel, who will now power our telecom company K2 Telecom, which is now known as K2 Ejjudde.

With Airtel’s advanced infrastructure and professional expertise, K2 will be able to provide a service that people expect of a Buganda Kingdom company.”

Started in August of 2018, the Airtel-K2 partnership has seen the integration of K2 customers into the Airtel fold under the number ranges of 708 and 709.

They have full access to Airtel’s wide range of voice, data and mobile money services. It changed from its initial code of 073. 

Last May, when the Airtel-K2 partnership was renewed, Katikkiro Mayiga said: “Airtel has demonstrated commitment to working with Buganda Kingdom in the pursuit of economic empowerment of our people.

Access to information, opportunities, markets and solutions that help our people to be enlightened and prosper.”
 
BBS
Buganda Broadcasting Service (BBS) was registered as a business name on October 13, 2015 under identity number BN 216527. It had initially been named Royal Television, but this name was changed in a resolution passed in December 2015.

Its four directors—as of March 17, 2018—include businessman Fred Kiyimba Freeman, Micheal Kawooya Mwebe, Ssekyanzi and Mike Kironde. Its company secretary is Martin Muhumuza. 

On February 23, 2018, the television was registered again as a single member company. This followed a February 13, 2018 notice to URSB that BBS had ceased business. The notice was signed by Mr Kiyimba.

The company was then taken over by another corporate body—Ngule Media Holdings Limited—as the single member. Mr Twaha Kawaase and Mr Steven Mwanje were registered as alternate nominee directors. 

The articles and Memorandum of Association filed on February 19, 2018, list BBS’s core business as carrying out broadcasting, including web broadcasts. 

Ngule Media Holdings was formed on June 15, 2015, with BICUL holding 5100 shares. Its other partner company—Royal Media Limited—held 4900 shares. The authorised share capital was Shs100m, which was divided into Shs10,000 per share.

On June 4, 2018, BBS’ board chairman—who is also the executive director of Centenary Bank, Mr Fabian Kasi, and Ms Proscovia Njuki—issued another resolution to open another account with Equity Bank. It was emphasised that Mr Jonathan Muyingo was mandated to sign on all cheques, together with either Mr Kiyimba or Mr Elvis Ssekyanzi. Mr Muyingo was, however, replaced with Mr Robert Ssemakula on November 7, 2019.

Mr Ssemakula was also replaced by Mr Ssembajjwe in October 2020. 

In 2019, Mr Patrick Ssembajjwe— the chief operation officer—was authorised to negotiate and execute, sign and enter into all company proposals and contracts on behalf of BBS.

According to annual returns filed on December 31, 2019, businessman John Fred Kiyimba Freeman—who is also Katikkiro Mayiga’s confidant—owns almost the entire stake in Royal Media with 99 percent shares. Mr Mark Kawalya Mulindwa has one share. 
 
Other companies
According to the 2018 annual returns, CBS is owned by various companies and individuals such as BICUL (233 shares), First Insurance (100), MG Enterprises (50), the deceased Jolly Lutaaya (50), Cape Van International Limited (50) and Mr Kaddu Kiberu (13). By 2019, CBS had 32 other individual directors who own between one and five shares.

According to 2019 returns, Muteesa I Royal University is owned by the kabaka with 99 percent of the shares, while the katikkiro owns one share. The nominal capital of the university is Shs20m—each divided into Shs20,000. The university was registered as a company in June 2005 and is headquartered at Kilumba Masaka. It also has a satellite campus at Kakeeka-Mengo in Kampala.

Elsewhere, Namulondo Investments Limited—registered under Namulongo Investments Limited with a share capital of Shs500m—has a shareholding split between BICUL (99 shares) and Katikkiro Mayiga (one share). The listed directors at the back-end of 2021 included Joy Yawe, Ian Ssenfuka, Mark Kayongo, Fred Kitaka Mutebi, John Kitenda, Gaster Lule Ntake, Pascal Kibondwe and Mutaasa Kafeero. Its company secretary is Lilian Ssentamu Kaddu.

Majestic brands is another company that solicits partnerships to facilitate kingdom agenda in delivery of socio-economic areas such as sports. Its track record includes working with corporate entities such as Airtel and Nile Breweries.

Weerinde Insurance Services Limited had planned for a revenue of Shs400m, but Shs350m was received. The company is entirely owned by BICUL.

It was incorporated on October 5, 2020. Its secretary is Mukasa Twasa, while it has seven directors, including Evelyne Kahigi Kigozi, Elijah Zizinga, Badru Ssekikubo Ntege, Simon Ssekankya Nsubuga, Ronald Mutebi, Alice Ddamulira and Sam Ntulume. The company has Peter Zaake as a nominee director, while Joseph Mugagga is the alternate director.

Land matters
The Buganda Land Board (BLB) is the company that is entrusted to manage Buganda Kingdom’s land that was returned under the Restitution of Assets and Properties Act 1993, Cap 247.

This includes the 350 square miles and more than 300 square miles returned in the agreement signed between President Museveni and Kabaka Mutebi in August of 2013. The BLB has branches and service centres in all the 18 counties of Buganda.

It manages huge chunks of kingdom land, but has often been accused of infringing and taking over private land, especially that owned by the late Daudi Chwa.

Buganda wealth
The material wealth of Buganda Kingdom has always been a subject of debate and interest—almost in equal measure.

The industriousness of its leaders and subjects alike dates back more than 600 years.

When kingdoms were outlawed in Uganda between 1966 and 1993, the Buganda economy petered out. Since the revival of kingdoms, Buganda’s—which sits on 25,096 square miles of land—has created a chaotic mix of peril and promise.