The Minister of Finance Matia Kasaija has dissolved the board of directors of Uganda Investment Authority (UIA), Chimp Corps report.
The Minister earlier this week wrote to the UIA, informing the board that he had terminated its term of office.
A new board is now being set up to run the investment authority, according to informed officials.
Both Matia and his junior in charge of Investment, Evelyne Anite, were not available for comment on Tuesday evening. Aides said they were attending a meeting.
The UIA board chairman, Morris Rwakakamba today announced on X platform that his tenure had come to an end.
“Today marks the end of my tenure as Chairman of Uganda Investment Authority. I am so thankful to President Museveni for the opportunity to serve and Ministers of Finance, Board and staff of UIA for the support,” said Rwakakamba.
Rwakamba joined the UIA Board six years ago, first as a member and Chairman of the Board’s Investment Promotion and Public Relations Committee (IPPRC).
In June 2021 when the then Chairman, Dr. Emely Kugonza, left to join parliament, President Yoweri replaced him (Kugonza) with Rwakakamba, a role he played till today (three years and three months).
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UIA said in a statement that despite Rwakakamba taking the reins at UIA amidst the COVID-19 pandemic which disrupted business, investments, and people’s way of life, he, in concert with the management and staff, not only ensure business continuity but also superintended various initiatives to “bring business, investments and the economy back”.
“In the financial year 2021/22, his first year as Chairman, licensed investments stood at 395, up from 256 in the previous year (2019/2020). Planned investments rose to $1,864,931,126 billion, up from $830,604,485 million in the previous year, while planned direct jobs upped to 43,442, from 25,762 the previous year,” said UIA today.
ChimpReports understands that two board members – Angelo Izama and Beatrice Mpairwe – whose contracts were recently renewed, also had their new terms of office terminated by Kasaija.
“The two (Angelo and Mpairwe) had just been reappointed to serve another term but a letter came from Kasaija saying they had to go,” said a source, adding, “The last few months have been turbulent for the authority – in their (Finance Ministry) wisdom, this is what they have decided.”
UIA board members (Source: UIA Website/October 1, 2024)
Clashes
UIA’s Investment Code grants the Minister of Finance powers to dissolve the board.
However, in his letter, Kasaija did not provide reasons for his decision.
Nevertheless, the dissolution of the board comes amid a clash between Anite and UIA Executive Director Robert Mukiza.
The duo clashed over counter accusations of corruption.
On her part, Anite accused Mukiza of authorising and benefiting from Shs 545m honoraria granted to UIA officials who supervised construction works at Namanve Industrial Park.
Anite said the honoraria was drawn from a loan secured by the government for the park’s development.
In his defence, Mukiza said the UIA staff were enumerated for their ‘additional responsibilities’ during the supervision of the infrastructure works following the termination of the Owner’s Engineer (OE) on August 29, 2022.
Mukiza said the honoraria was approved by the UIA board.
The UIA ED also told President Museveni that Anite had a ‘personal interest’ in the acquisition of land for the establishment of a solid waste water treatment plant, SME park and campsite in Namanve.
Anite denied the accusations, saying meetings held with the UIA Management and the Board of Directors agreed on actions to be taken on acquisition of the land and nominated a team to negotiate its purchase.
Observers have warned that these dramatic scenes covered widely by the media threaten to tarnish Uganda’s investment climate.
In May 2024, UIA’s Deputy Director General, Paul Kyalimpa, resigned to “undertake professional training for more than one year, that requires intense concentration and dedication.”
