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As news spreads that Apostle Grace Lubega, founder of Phaneroo Ministries International, plans to build a $55 million (about Shs200 billion) complex, fresh records from the Uganda Registration Services Bureau (URSB) show his ministry operates as a limited company with shareholders.
Documents uncovered by journalist Blanshe Musinguzi reveal Phaneroo Ministries International Limited was registered on September 16, 2014.
A limited company means owners are only responsible for debts up to the value of their investment.
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Herman Tuhairwe, a commercial lawyer, explains why Phaneroo may have chosen this form of registration: "The NGO Board requires an entity to first register as a company limited by guarantee. Another option is a trust, but companies by guarantee are easier and preferred. Shareholders do not pay capital upfront, only pledge support if the company fails."
Phaneroo started with Apostle Grace Lubega as sole owner. In 2023, he added his wife, Lubega Nicollette Pauline Nakintu, and Okwomi Modesta, a Kenyan, as shareholders. Grace and Pauline married in 2019.
In August 2024, the board agreed to borrow Shs10 billion from Equity Bank. Two months later, in October 2024, they approved another loan of Shs8.5 billion from the same bank.
The documents do not say why they borrowed.
Phaneroo used four plots in Naguru and one on the Katale-Kampala road as security for the loans. Some of the land in Naguru is in contention