The Uganda Securities Exchange (USE) has seen a remarkable 34% rally over the past year, pushing market capitalization to UGX 37.3 trillion. Despite its relatively small size, trading on the USE is dominated by a few liquid stocks and a tight circle of investors, particularly in banks and well-known regional listings like MTN Uganda, Stanbic Bank, Bank of Baroda, and Quality Chemical Industries (QCIL).
Here are the 10 richest investors on the USE in 2026, based on publicly disclosed holdings and stock prices converted at 1 USD = UGX 3,561.77:
1. Charles Mbire – $91.1 million
Holdings: 4% stake in MTN Uganda
Profile: Chairman of MTN Uganda, with investments in telecoms, energy, and finance. MTN is Uganda’s largest listed telecom, also expanding into mobile money and digital services.
2. Sudhir Ruparelia – $11.4 million
Holdings: 0.65% in Stanbic Uganda Holdings, 2.5% in Bank of Baroda Uganda
Profile: Founder of the Ruparelia Group, known for banking, hospitality, and property investments.
3. I.K. Kabanda – $4.0 million
Holdings: 0.42% in Stanbic Uganda Holdings
Profile: Long-time shareholder in Stanbic Uganda, a key dividend counter.
4. Ceasor Mulenga – $3.8 million
Holdings: 1.82% in Bank of Baroda Uganda
Profile: Entrepreneur and philanthropist, investing in finance and social initiatives.
5. Frederick Kitaka – $3.4 million
Holdings: 2.79% in Quality Chemical Industries
Profile: Co-founder of QCIL, a leading pharmaceutical manufacturer in Uganda.
6. Emmanuel Katongole – $3.4 million
Holdings: 2.79% in QCIL
Profile: Co-founder and chairperson at QCIL, instrumental in growing local pharmaceutical production.
7. George Baguma – $3.4 million
Holdings: 2.79% in QCIL
Profile: Co-founder, involved in scaling QCIL into a listed pharmaceutical company.
8. Mbire Michael – $1.9 million
Holdings: 0.94% in Bank of Baroda Uganda
Profile: Notable shareholder in the commercial bank.
9. Joseph Byamugisha – $1.3 million
Holdings: 0.63% in Bank of Baroda Uganda
Profile: Shareholder with a meaningful stake in local banking.
10. Muhimbise Andrew – $1.2 million
Holdings: 0.60% in Bank of Baroda Uganda
Profile: Significant investor representing patient local capital on the USE.
