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Sudhir Ruparelia collected a dividend cheque of 2.25 billion shillings, about $603,000, from Bank of Baroda Uganda on Monday, his payout for a financial year in which the lender lifted its distribution by half.
The bank declared 6 shillings a share for the year to Dec. 31, up from 4 shillings for 2024. Ruparelia holds 375,163,500 shares, giving him a gross dividend of 2.251 billion shillings before tax. Conversion uses 3,730 shillings to the dollar.
That holding represents 2.5% of Bank of Baroda Uganda and was worth roughly 23.64 billion shillings, or $6.34 million, at Monday's close of 63 shillings. On those figures the payout amounts to a yield of about 9.5% on the market value of the stake, a Billionaires.Africa calculation.
He is the bank's largest individual shareholder. The National Social Security Fund sat behind him at 314,736,618 shares, or 2.09%, at the end of December. Augustus Ceasor Mulenga held 273,382,236 shares, or 1.82%, and Thummar Patel Jay Maganlal 175 million shares, or 1.16%. Charles Mbire held 141,176,400 shares, Joseph Byambara Byamugisha 93.75 million, Andrew Muhimbise 90,190,783, Joseph Tukuratiire 85,175,812 and Jobanputra Mandakini Kishor 60 million.
Ruparelia holds a second position on the Uganda Securities Exchange. Ownership records identify him with approximately 330,723,247 shares in Stanbic Uganda Holdings, about 0.65% of the company, worth roughly 33.40 billion shillings or $8.96 million at Monday's close of 101 shillings.
Taken together, his publicly identified stakes in the two lenders were worth about 57.04 billion shillings, or $15.29 million.
The banks behind those positions are performing differently. Stanbic Bank Uganda, the main subsidiary of Stanbic Uganda Holdings, held its position as the country's largest lender in 2025, ranking first by assets, deposits, lending, total income and net profit, with 11.34 trillion shillings in assets and 586.2 billion shillings in after-tax profit. Bank of Baroda Uganda reported 3.50 trillion shillings in assets and 156.8 billion shillings in profit after tax, placing fourth by lending and net profit, sixth by assets and deposits, and seventh by total income.
What the numbers also show is how small a part of Ruparelia's fortune sits on a public exchange. Published estimates put him above $1 billion, which would make his listed bank holdings a little over 1% of the total. The bulk of the Ruparelia Group is private and spans real estate through Meera Investments, hospitality through the Speke chain, education, agriculture and financial services, none of which report daily prices or file shareholder registers.
The dividend is a small figure against that. What it demonstrates is the cash-generating capacity of positions that can be valued precisely, in a portfolio where most of the assets cannot.
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