The deceased former secretary to the Treasury, Keith Muhakanizi, owns a 0.20% stake in DFCU Limited, making him the third largest individual shareholder in one of Uganda’s leading financial institutions.
Only Sudhir Ruparelia (0.29%) and businessman Rakesh Gadani (0.26%) owned more individual shares in the institution than Muhakanizi, according to the bank’s annual report for 2024. The report was officially released yesterday during the bank’s annual general meeting held at Hotel Africana.
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Muhakanizi died in April 2023 after a long battle with cancer. He was serving as Permanent Secretary in the Office of the Prime Minister. From the report, Muhakanizi’s 0.20% stake in DFCU is equivalent to 1,488,972 shares.
For decades, Muhakanizi served at the heart of Uganda’s financial and economic public sector that gave him an eagle’s view of the entire sector. Therefore he was in prime position to see the opportunities ahead of many people and his investment in DFCU could represent that.
Yet even if some people knew that Muhakanizi was well off by Ugandan standards, many will be shocked at the scale of his wealth. The bank announced yesterday that it will be paying Shs 20.1 per share as dividends to its shareholders this year meaning that for his stake, Muhakanizi will get at least Shs 30 million.
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The group has total assets worth Shs 3.4 trillion as of December 31, 2024, meaning that Muhakanizi’s stake is worth Shs 6.8 billion at the moment.
Other shareholders
Arise B.v, a leading African investment company owned by Norfund, NorFinance, FMO and Rabo Partnerships is the biggest shareholder in DFCU with a stake of 58.7%. It is followed by the Standard Chartered Bank-Mauritius Investment Fund for developing countries which owns a 9.97% stake.
The National Social Security Fund (NSSF) owns 7.75% coming third.
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