Uganda’s Capital Markets have had an exceptional year. For one, Collective Investments Schemes (CIS) assets under management leapt 97.2% to UGX984b for the year ended December 2021.
Accounts opened have moved from 8,000 to about 29,612 according to the most recent Capital Markets Authority (CMA) quarterly bulletin for the period ended December 2021.
Assets held under management by fund managers closed the fourth quarter at UGX3.9 trillion. On the equities arm of the industry, the Uganda Securities Exchange (USE) domestic market capitalization that represents the value of locally listed stocks rose by 99.3% to UGX8.5 trillion at the end of December 2021.
This growth was mainly due to the listing of MTN Uganda. In addition, the growth in domestic market capitalization can be attributed to the share price gain registered on UCL (52.9%).
At the same time, equity turnover at the USE grew by 121.9% in the fourth quarter of 2021 to UGX16b from UGX7.2b registered in the previous quarter.
This is only the start. As awareness of the benefits of investing through CIS vehicles among Ugandans grows, the capital markets promise to become much bigger.
Also emerging within the Ugandan capital markets is the growth of venture capital, and private equity; for which the regulator is creating a regulatory structure.
A report by the East Africa Private Equity and Venture Capital Association (EAVCA) tracked twenty-one (21) private capital deals executed in Uganda over 2021. These had a total disclosed value of USD33.6m (UGX120.4b) and a median deal size of USD1.6m (UGX 5.7b).
EAVCA points out that the level of deals in the venture capital and private equity space is set to grow due to the coming to market of Uganda-focused funds, marked by an interest in Ugandan companies running disruptive business models from global venture capital firms.
Other growth factors include the entry of the CMA-European Union – Financial Sector Deepening Uganda deal-flow facility and the start of the Uganda chapter of the EAVCA.
With all this activity, it’s important to highlight who the movers and shakers are in the industry;
CATEGORY: REGULATION AND SELF-REGULATING ENTITIES
Keith Kalyegira
Chief Executive Officer
Capital Markets Authority
Keith is the current Chief Executive Officer of the Capital Markets Authority of Uganda. He has a wealth of experience in investment management, financial oversight and regulatory affairs having headed the Parastatal Monitoring Unit of Uganda’s Public Enterprises Reforms and Divestiture Program.
He has led the reforms and establishment of retirement benefits schemes and advised on institutional reforms in the electricity and water sectors in Tanzania (Zanzibar), Uganda, South Sudan and Rwanda. He was a senior executive in Shell Uganda and Shell South Africa’s commercial and aviation fuels divisions.
Keith holds a Bachelor of Commerce (Accounting) degree from Makerere University, is a qualified Chartered Secretary, and graduated with an MBA from the University of Cape Town’s Graduate School of Business.
Miriam Ekirapa Musaali
Director of Legal and Board Affairs
Capital Markets Authority
Miriam E Musaali is an advocate of the High Court of Uganda, a fellow of the Cambridge Commonwealth Trust Society and Fitzwilliam College Cambridge and a member of the Uganda Law Society, East African Law Society and the Oxbridge Society (Uganda).
She is the director of legal and board affairs at the Capital Markets Authority and was Director of Market Supervision in the recent past. She has been managing director at the family law firm Ekirapa & Company Advocates. She has been Chief Operating Officer at Zamara Actuaries, Administrators and Consultants Uganda Limited (Formerly Alexander Forbes Financial Services Uganda Limited).
She is a Legal Consultant, Trainer, Facilitator and public speaker. Her areas of specialization are corporate law, corporate governance, pensions and Capital Markets. She completed her Master of Laws (LLM) degree in Commercial Law at the University of Cambridge with First Class Honours in July 2006. She was awarded the David Pearl Prize by Fitzwilliam College Cambridge and elected Senior Scholar of Fitzwilliam College Cambridge (2005/2006).
At Cambridge, she specialized in Corporate Finance, Corporate Governance, International Banking and Settlement of International Disputes. Her current area of academic specialization is pensions. She is also a graduate e fellow of the Macro Economic Financial Management Institute (MEFMI).
Joseph Lutwama Sanjula
Ag Executive Director
Financial Sector Deepening Uganda
Mr Lutwama is the acting Executive Director and Director of Programs at FSD Uganda. Mr Lutwama is a Financial Markets and Business Strategy Expert with a strong background in economics and research. Before joining FSD Uganda, he served as the Director of Research and Market Development at the Uganda Capital Markets Authority. He holds a Bachelor of Arts degree and a Master of Arts in Economics and Planning from Makerere University. He has over 10 years of experience managing and implementing research and consultancy assignments focused on economic, business and financial sector development.
Paul Bwiso
Chief Executive Officer
Uganda Securities Exchange (USE)
Mr Bwiso is the Chief Executive Officer of the Uganda Securities Exchange, Uganda’s largest stock exchange. Hitherto, he was the general manager of stockbroker Dyer and Blair Investment Bank of Uganda. Earlier on, he was finance manager at Leads Insurance Ltd.
Mr Bwiso joined the USE in March 2015. Domestic market capitalization was UGXsh3.73 trillion for the second quarter of 2015. Fast forward and the domestic market capitalization was at UGX8.5 trillion at the quarter ended December 2021 according to data from the CMA. This is 128% growth mainly due to the listing of MTN Uganda on the USE during the period under review. In addition, the growth in domestic market capitalization can be attributed to the share price gain registered on one locally listed counter UCL (52.9%).
Joseph Kitamirike
Chief Executive Officer
Altx East Africa
Before becoming CEO at Altx East Africa, the second licensed securities exchange in Uganda, Mr Kitamirike served as the CEO of the Ugandan Securities Exchange, where among other duties he was responsible for raising the public profile of the exchange, increasing trading revenues, and multiplying the number of securities holders actively participating in the market.
Previously, Mr Kitamirike served as CEO of the Uganda National Housing & Construction Co., LTD, where he reorganized the company, transformed its business strategy, grew the company’s balance sheet by more than USD35.5 million and built a new project pipeline estimated at USD300 million.
He also served as Commissioner of Industry and Technology in the Ugandan Ministry of Tourism, Trade and Industry, and as a Financial Analyst at the Uganda Development Bank. He has also held private sector positions in the United States, including at GE Capital’s EDGELAB.
Mr Kitamirike received an MBA in Finance from the University of Connecticut and a B.S. in Mechanical Engineering from Makerere University with honours. He is a Certified Venture Evaluator. He speaks Swahili and is conversant in French.
CATEGORY: FUND MANAGERS
Aeko Ongodia, CFA
Chief Executive Officer
Xeno Investment
Mr Ongodia is the CEO of Xeno Investment Management, one of the licensed Collective Investment Scheme (CIS) Managers. At the end of December 2021, Xeno had UGX32.7b in assets under management, this was a 5.6% growth from September.
He is a board member of Vision Group. By 36 years, Mr Ongodia had worked with Stanbic Bank, Bank of Uganda (BOU) and the National Social Security Fund (NSSF).
After his first degree in 2004, he joined Stanbic bank at the beginning of 2005 as an account analyst. In 2007, he enrolled and completed two levels for the Chattered Financial Analyst programme; a course that most professional investment managers have done.
The following year, Ongodia was given a one-year leave to complete a master’s degree in Mathematical Trading and Finance at Cass Business School, which is part of the City University of London.
After attaining his master’s degree, he was appointed Head of Risk Modelling and Stress Testing in the financial stability department at the Central Bank from September 2009 to February 2011. It was from the Bank of Uganda that he was “head-hunted” to join the NSSF.
Ongodia and three colleagues formed QuantEast Advisory; an investment advisory firm focused on large institutional investors such as retirement benefits schemes.
The firm boasts of an impressive client list that includes mostly retirement benefits schemes of various organisations including the Parliament of Uganda, Uganda Revenue Authority, Makerere University, the National Agricultural Research Organization (NARO) and Centenary bank, among others.
Simon Mwebaze, CFA
Chief Executive Officer
UAP Old Mutual Financial Services
CFA Mwebaze is an investment professional with over 14 years of investment experience managing different multi-asset investment portfolios across multiple jurisdictions. He is the General Manager of UAP Old Mutual Financial Services Limited.
Simon has held numerous roles in the organization starting initially as an Investment Analyst, then as a Portfolio Manager, and thereafter moving to the role of Head of Business Development before moving to the current role. He is a board member at the Uganda Securities Exchange representing brokerage firms.
Simon holds a Bachelor of Business Computing from Makerere University Business School and is a CFA Charter holder. He is also a member of the CFA Society of East Africa and the Chartered Institute of Securities and Investments.
UAP Old Mutual Financial services held UGX615.4b in Assets under management for CIS at the end of December 2021 which was a leap of 11.9% from September 2021.
Mubbale Mugalya, CFA
Country Manager
Sanlam Investment
Mr Mugalya is the country head of Sanlam Investment, one of the largest fund managers in Uganda with assets under management that are over UGX1.2 trillion. Hitherto, he was country manager at ICEA LION Asset management. He is a CFA charter holder and has attended Stellenbosch University for a course in Executive Development, Leadership and management. He has also attended the SOAS University of London attaining a Master of Science (MSc) in Financial Management.
He is also the Chairman of the Investment Managers Association of Uganda. Sanlam held UGX1.6 trillion in assets under management for its fund management business and UGX10b in assets under management for CIS at the end of December 2021.
Ronald Kasolo, CFA
General Manager
Britam Asset Managers Company Ltd
Britam Asset Managers is one of the largest fund managers and Collective Investment Scheme (CIS). At the end of December 2021, Britam held UGX792b in assets under management for the fund management business and UGX183.1b for the CIS business.
Mr Kasolo is a CFA charter holder and has previously served as board chair of the CFA Society for East Africa. His responsibilities included advancing the initiatives of the society in terms of credentialing, member value and advocacy for the investment profession.
CFA Kasolo has over 12 years of experience in capital markets specializing in asset management and capital markets regulation. Before joining the company, he worked at GenAfrica Asset Managers, Uganda as the country manager where he was responsible for investment management and research and business development at the Uganda Branch.
He was a compliance officer at the Capital Markets Authority for two years and a half where he was responsible for market supervision, licensing, and handling corporate approvals for issuers of debt and equity securities.
Hitherto, he worked as a compliance audit officer at the NSSF where he was a team member of the department that reviewed employer documents for pensions compliance.
CATEGORY: VENTURE CAPITAL AND PRIVATE EQUITY
Birungi Kaburara
Chief Legal Counsel/Company Secretary
Ortus Africa Capital
Ms Kaburara has over nine years of specialisation in banking and finance law, project development and finance, energy and natural resources, mergers & acquisitions, real estate infrastructure and construction.
Letters to My Younger Self: Winnie Nakimuli—"You Are Worthy Simply Because You Exist"She has extensive experience in financing including acquisition, project and asset finance and has previously advised corporations, financial sponsors and financial institutions across a wide spectrum of domestic and cross border secured and unsecured lending deals covering a range of industries, including infrastructure, construction and energy.
Her experience extends to advising both local and international entities on the financing of major infrastructural and developmental projects including those relating to energy, infrastructure and real estate. She also possesses proven experience in financial services regulation including bank regulatory, transactional, bank insolvency, compliance and supervisory matters.
The graduate of the Makerere University law school has been involved in various deals including as Transaction Counsel to the Central Bank of Uganda advising on the enactment of the regulations relating to the introduction of Islamic Banking in Uganda.
She advised a leading European development finance institution on the project financing of six mini-hydropower plants with a combined capacity of over 40MW worth over USD50 million. She advised a consortium of UAE based Lenders on a syndicated facility of USD80 million to a leading bank in Uganda.
She advised a leading European development financing institution in financing the development of a 10MW Solar Photovoltaic Power Project in Eastern Uganda and separately, she advised on the PPP (Public-Private Partnership) Guidelines for the Government of Uganda
She also advised on the development and construction of the 1445km East African Crude Oil Pipeline Project by the Government of Uganda and the Uganda National Oil Company among other significant matters.
Kenneth Legesi, CFA
Chief Executive/Chief Investment Officer
Ortus Africa Capital
Mr Legesi is the Managing Partner and Chief Investment Officer at Ortus Africa Capital. He is responsible for providing leadership and strategic oversight towards achieving the firm’s vision and mission to harness investment into and finding capital for entrepreneurs and businesses to drive Africa’s growth. Towards this, he oversees the development of Ortus Africa Capital’s investment platform. He oversees The 97Fund and Raw Financial which are venture and debt investment vehicles respectively managed by Ortus Africa Capital.
Before co-founding Ortus Africa Capital, he was a financial advisor and management consultant at Deloitte, initially in the UK and then in East Africa, based in Uganda. He advised on a number of assignments including the formation and fundraising for an agribusiness private equity fund domiciled in Uganda which achieved a USD20m close; a pioneer USD1bn public-private partnership (PPP) transaction in the transport sector in Uganda; a USD200m public-private partnership (PPP) transaction in the transport sector in Kenya; a USD20m education sector grant programme targeting Karamoja Region in Uganda.
Previously, Mr Legesi trained and began his career as a civil and environmental engineer worked with engineering firms in Uganda and the UK including Atkins Plc (now SNC Lavalin), Black & Veatch, Royal Haskoning and Proman Consult rising to Senior Engineer and later Consultant / Transaction Advisor for Infrastructure & Real Asset projects.
He has advised on pioneer infrastructure deals across the globe including in Uganda, Kenya, Rwanda, Ethiopia, Tanzania, Nigeria, the Middle East, Asia, UK & Europe. He provided technical and financial advice across the project lifecycle to reach financial close and supported post-financial close project implementation and secondary market M&A transactions.
Mr Legesi is a Chartered Financial Analyst.
Ivan Mandela
Director
Shona Investments
Shona is a fund manager that invests between USD10k-USD100k to firms that make at least UGX30 million in sales in a year. Its approach is hinged on our promise and ability to provide local SMEs with flexible long term financing and technical assistance to grow revenues and customer base.
Since 2013, Shona has raised USD15m of capital for 45 businesses in Uganda, Kenya and Tanzania.
Mr Mandela is a financial analyst and SME capital advisor with over 8 years of experience in financial management, corporate finance, and venture capital. He is the Director of Investment at SHONA, an organization that provides business development and investment support to SMEs in East Africa. He also sits on the Investment Committee of FINCA Ventures, a US-based VC Fund, and a subsidiary of FINCA International. Ivan holds the Chartered Financial Analyst (CFA) designation and recently won the Young CFO Award by Deloitte and ACCA, Uganda.
Edward Isingoma Matsiko
Managing Partner
Pearl Capital Partners
Mr Matsiko is the managing partner of Pearl Capital Partners which manages the €20m million (about UGX80b) Yield Uganda Investment Fund 2017-2027z. The agribusiness impact fund was set up in January 2017 by the European Union (EU), through the International Fund for Agricultural Development (IFAD) and the National Social Security Fund (NSSF).
Mr Matsiko has been in the accounting, finance and administration field since 2002. He worked as the Financial Controller of both African Agricultural Capital – AAC (PCP’s former incarnation) and Kilimo Trust, before being involved in the establishment and formation of Pearl Capital Partners in 2010, and recently took over the organizational leadership role.
Prior to that Edward had worked and grown through the ranks to being Chief Accountant of Nakasero Soap Works Ltd.
He is is a part-time lecturer at the Management and Accountancy Training Company Ltd (MAT) in Kampala, since 2003. Edward is a qualified Chartered Accountant and a Fellow of the Association of Chartered Certified Accountants (ACCA). He is also a member of the Institute of Certified Public Accountants of Uganda (ICPAU).
Edward holds a PhD in Business Administration (DBA) with a speciality in Finance and Accounting from London Graduate School of the Commonwealth University, London, a Bachelor of Science degree in Applied Accounting from Oxford Brookes University and a UK MBA from the Edinburgh Business School.
CATEGORY: BROKERAGE SERVICES
Joram Ongura
Executive Director
SBG Securities
Mr Ongura is the Executive Director of SBG Securities which was the Transaction Advisor and Lead Sponsoring Broker for the MTN Uganda IPO – Uganda’s largest initial public offer to date. SBG also holds a brokerage license and a Collective Investment Scheme (CIS) Manager license. Hitherto, Mr Ongura was associate Vice President of Trading East Africa at EFG Hermes.
CATEGORY: INSTITUTIONAL INVESTORS
Gerald Paul Kasaato, CFA
Chief Investment Officer
National Social Security Fund (NSSF)
Mr Kasaato joined the Fund in July 2011 as Portfolio Manager Equities and rose through the ranks to become Chief Investment Officer. He has been Chief Investment Officer since April 2014. He previously worked as Finance and Investment Manager (National Housing and Construction Company) and served as Manager Investment and Treasury (NIC) as well as fulfilling similar roles in various entities in the UK.
Gerald is a CFA Charter holder, a Chartered Accountant of the UK, a Fellow of the Chartered Management Institute of the UK, and a Certified Public Accountant of Uganda. Gerald is an alumnus of the Harvard Business School (USA).
He holds an MBA in Finance from Exeter University in the UK, a Master of Science Degree in International Finance and Investments from the London Southbank University in the UK and a Bachelor of Science Degree in Accounting from Oxford Brookes University in the UK.
He is also an Aresty scholar of Wharton Executive Programme, University of Pennsylvania (USA) and has trained at the London Business School in the UK.
Richard Byarugaba
Managing Director
National Social Security Fund (NSSF)
Mr Byarugaba is the Managing Director/ CEO of the National Social Security Fund (NSSF),
East Africa’s largest retirement benefits firm and one of the largest institutional investors in Uganda’s capital markets. He was appointed to the position in 2010 and re-appointed in October 2014. He has a wealth of experience spanning over a period of 31 years in managing large financial organisations of international repute including commercial banks.
Previously served as Managing Director, Afrimax Uganda and had previously held a similar position at Global Trust Bank and Nile Bank. In 2007 he also served as the Chief Operations Officer at Barclays Bank Uganda Ltd.
Richard started his career in 1983 with Standard Chartered Bank and rose through the ranks to the position of Executive Director for Finance in 1992. In 1994, he was transferred to London as Regional Manager for Finance in charge of the Africa region. In London, he made his mark through the implementation of multi-million accounting software for the bank’s Africa operations.
Richard is a qualified accountant with the Association of Chartered Certified Accountants. He also holds an MBA from Edinburgh Business School, Heriot-Watt University UK, a management diploma from the Henley Management College of UK and a Bachelor of Science, Statistics & Economics from Makerere University, Kampala.
He is the Chairman of the Board of Directors of Vodafone Uganda Ltd and Kulika Uganda,
a charitable trust. He also serves on the Board of Uganda Clays and the Uganda Stock Exchange Governing Council. He is the former President of the East and Central Social Security Association and Chairman of Nakasero Hospital Limited and Hospice Africa Uganda.
A former President of the Uganda Institute of Bankers, Richard has also served on several board positions at Standard Chartered Bank, Nile Bank, Palliative Care Association of Uganda and the Uganda Institute of Banking and Financial Services
CATEGORY: CUSTODIAL SERVICES.
Michael K Mugabi
Managing Director
Housing Finance Bank Uganda Limited
Housing Finance Bank Uganda is a licensed custodian by the CMA. Mr Mugabi is the Managing Director at Housing Finance Bank and has served on the Board for over 4 years. He possesses over 20 years of experience as a Legal practitioner and has served in various capacities at the Bank which include, including Executive Director, Company Secretary, Head of Legal Services and Head of Human Resources. He is a Fellow of the Chartered Institute of Chartered Secretaries and Administrators, United Kingdom and also serves as a Council Member at the Institute of Corporate Governance of Uganda. He has a Master of Laws Degree in Commercial and Corporate Law from the University of London, United Kingdom, and a Bachelor of Laws Honours Degree from Makerere University Kampala, among other professional qualifications. He is also a qualified Advocate of the High Court of Uganda and other Courts of Judicature.
Anne Juuko
Chief Executive
Stanbic Bank Uganda
Stanbic Bank, Uganda’s largest bank is a licensed custodian by the CMA. Ms Anne Juuko is Stanbic Bank Uganda’s Chief Executive, a role she has taken on, effective March 2020. Her banking career spans over a period of 20 years having worked in various senior roles in Citibank, Uganda and Citibank, Kenya before joining the Standard Bank Group over 8 years ago.
Ms Juuko holds a Bachelor of Commerce degree from Makerere University in Kampala, Uganda and a Master’s degree in Strategic Planning from the Herriot Watt Business School in Edinburgh, Scotland. Throughout her career, Anne has exhibited exemplary performance, demonstrating exceptional leadership and stellar performance and is set to achieve Stanbic Bank Uganda’s strategy and vision.
Edgar Byamah
Chief Executive Officer
KCB Bank Uganda
KCB Uganda is a licensed Custodial bank by the CMA Uganda. Edgar Byamah is currently Managing Director and Director at KCB Bank Uganda. Before he was appointed Managing Director for KCB Uganda, he was head of Treasury at Eco Bank Uganda. And before that, he was an asset and liability manager at Stanbic bank. He previously worked at Citi Bank and Ernst and Young. He received leadership training at Harvard University and is an alumnus of Makerere University where he graduated with a bachelor’s degree in statistics. He is a fellow of the Chartered Certified Accountants (FCCA).
Gertrude Karugaba
Head of Corporate and Commercial practice
DLA Piper Africa (S&L Advocates)
Getrude is the DLA Piper Africa, Uganda Head of Corporate and Commercial practice. The firm is one of Uganda’s leading law firms- among the top 10. She was the lead legal advisor for 2021 MTN Uganda IPO that raised a record UGX535 billion.
She is your go-to lawyer on finance, banking, equity and debt capital markets, corporate law, commercial agreements and regulatory support.
Gertrude is also recognized as a “Highly Regarded” banking and capital markets lawyer by the IFLR1000. In fact, she is one of only 7 women in the top 35 “Highly Regarded” lawyers in Uganda by the IFLR1000! She is also one of only 7 women in the list of 42 lawyers recognized by the Chambers and Partners in Uganda.
She has acted for various local and international financial institutions as well as large corporates, some of which are listed on regional stock exchanges, on a variety of legal, regulatory, compliance and transactional mandates. She wields immense knowledge and experience in mergers & acquisitions, corporate restructuring, risk management, project finance, banking and finance, capital markets and corporate governance.
Other than the recently concluded MTN IPO, she has handled other notable mandates such as the corporate reorganization for Stanbic Bank Uganda (Uganda’s largest bank) and Centenary Bank (Uganda’s largest indigenous bank and second biggest in size). She has also worked for other lead players in the Uganda financial services industry such as dfcu Bank and NCBA Bank Uganda.
