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Uganda’s Securities Exchange may be small by global standards, but it consistently tells a familiar story: a few liquid counters drive most trading, and a tight circle of investors holds meaningful blocks of stock. The USE All Share Index climbed about 34% in the 12 months to Feb. 4, 2026, lifting market capitalization to roughly UGX 37.3 trillion - a notable run for a market that can still go quiet for days at a time. With banks and a handful of regional listings dominating, inflows typically concentrate in the best-known names: MTN Uganda, Stanbic, Bank of Baroda, and QCIL.
Billionaires.Africa ranks the 10 richest investors on the Uganda Securities Exchange in 2026. Values below are calculated using recent listed closes and converted at an XE mid-market USD/UGX rate of 1 USD = UGX 3,561.77 on Jan. 30, 2026. Ownership percentages and share counts are drawn from publicly posted ownership tables.
(1) Charles Mbire
Portfolio value: $91.1 million
Holdings: About 4.00% stake in MTN Uganda
Charles Mbire is the chairman of MTN Uganda and one of Uganda’s best-known dealmakers, with business interests that span telecoms, energy and finance. MTN Uganda is the country’s largest listed telecoms operator, selling mobile voice and data services and expanding into mobile money and other digital products.
(2) Sudhir Ruparelia
Portfolio value: $11.4 million
Holdings: 0.65% stake in Stanbic Uganda Holdings; 2.5% stake in Bank of Baroda Uganda
Sudhir Ruparelia is the founder of the Ruparelia Group and one of Uganda’s most prominent businessmen, best known for banking, property and hospitality. Stanbic Uganda Holdings is the listed holding company for Stanbic Bank Uganda, one of the country’s biggest lenders, while Bank of Baroda Uganda is the listed arm of the India-linked bank operating locally.
(3) I. K. Kabanda
Portfolio value: $4.0 million
Holdings: 0.42% stake in Stanbic Uganda Holdings
I. K. Kabanda is a long-standing shareholder on Stanbic Uganda’s register, a name that appears among the bank’s notable local holders. Stanbic Uganda Holdings is anchored by Stanbic Bank Uganda, a top-tier commercial bank and a key dividend counter on the exchange.
(4) Ceasor Mulenga
Portfolio value: $3.8 million
Holdings: 1.82% stake in Bank of Baroda Uganda
Ceasor Mulenga, often styled King Ceasor Augustus Mulenga in corporate references, is a Ugandan entrepreneur whose investments span business and philanthropy. Bank of Baroda Uganda is a listed commercial bank providing corporate and retail banking services in Uganda.
(5) Frederick Kitaka
Portfolio value: $3.4 million
Holdings: 2.79% stake in Quality Chemical Industries
Frederick Kitaka is a co-founder of Quality Chemical Industries and one of the executives associated with building the company’s financial and operational backbone. Quality Chemical Industries is a Ugandan pharmaceutical manufacturer, known for producing medicines locally through partnerships that helped put domestic drug manufacturing on the public market.
(6) Emmanuel Katongole
Portfolio value: $3.4 million
Holdings: 2.79% stake in Quality Chemical Industries
Emmanuel Katongole is a co-founder and chair figure at Quality Chemical Industries, widely linked to the company’s growth into Uganda’s most recognisable listed pharma manufacturer. The business focuses on producing essential medicines and supplying both public and private markets.
(7) George Baguma
Portfolio value: $3.4 million
Holdings: 2.79% stake in Quality Chemical Industries
George Baguma is a co-founder of Quality Chemical Industries and has been associated with the commercial side of the business as it scaled. Quality Chemical Industries manufactures pharmaceuticals in Uganda, a rare example in the region of a listed company built around local drug production.
(8) Mbire Michael
Portfolio value: $1.9 million
Holdings: 0.94% stake in Bank of Baroda Uganda
Mbire Michael is a notable shareholder in Bank of Baroda Uganda, with a stake large enough to place him among the bank’s bigger disclosed holders. Bank of Baroda Uganda is a listed lender offering retail and corporate banking services.
(9) Joseph Byamugisha
Portfolio value: $1.3 million
Holdings: 0.63% stake in Bank of Baroda Uganda
Joseph Byamugisha is a Bank of Baroda Uganda shareholder whose name appears among the bank’s disclosed blockholders. Bank of Baroda Uganda is a commercial bank listed on the USE, with earnings tied to traditional lending, fees and treasury activity.
(10) Muhimbise Andrew
Portfolio value: $1.2 million
Holdings: 0.60% stake in Bank of Baroda Uganda
Muhimbise Andrew is a significant shareholder in Bank of Baroda Uganda, representing the kind of patient local capital that still shows up clearly on USE registers. Bank of Baroda Uganda is a listed banking counter focused on deposits, lending and corporate banking relationships.
