Shocking: Uganda almost owns nothing in the revamped national Airlines, shares belong to ‘powerful’ individual

The revamped Uganda Airlines is expected to start operations in the next few months and government has already confirmed that the first two bombardier planes from Canada will be in the country by April 8, 2019.

That’s good news for the patriotic Ugandans who would love to see an economic boom of this nation, right?

Well the dismaying part of it all is that, Uganda as a country owns just 0.001 per cent shares in the Airlines.

The 99.9 per cent is privately owned by undisclosed individual (s), according to the Observer newspaper.

The shocking revelation was made on Tuesday by opposition MPs on the Budget committee who wrote a minority report following the approval of a Shs280 billion supplementary budget for the purchase of the first two Bombardier planes.

Soroti District Woman Member of Parliament Joy Atim Ongom told parliament that government owns a most negligible amount of shares in the revamped national airline.

“The share capital of Uganda National Airlines Company Limited is 200 million divided into 2 million shares. Of the 2 million shares, only 2 shares worth 200 belong to ministry of Works and Transport as well as ministry of Finance. This makes both ministries to be minority shareholders holding only 0.001% of the shares.”

The legislator further demanded that government tables before parliament, proof regarding ownership of Uganda Airlines as well as amending the MoU for government to be allocated majority shares that can be later floated to the public.

Prior, the Budget committee chairperson Amos Lugoloobi had told parliament  that considering the urgency associated with the procurement of the two bombardier planes, his committee took a decision to prepare and present a separate report for the items while still in the process of scrutinizing other items on the total Shs 770.2 billion supplementary budget presented by government earlier this month.

Among the approved items off the multi-billion supplementary budget, were the Shs 280 billion for the purchase of the planes and the Shs 12 billion for the payment of ground rent arrears to Kampala Archdiocese for the land leased to Uganda Police Force at Nsambya police barracks.