Documents show Grace Lubega's Phaneroo borrowed Shs18bn, company ownership
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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.
Since many of you have been talking about Phaneroo, I downloaded its files from the URSB. Below are some salient features from the documents: it has three directors/shareholders: Grace Lubega, his wife Lubega Nicollette Pauline Nakintu, and Okwomi Modesta, who is Kenyan. /1 pic.twitter.com/6JFlk30QxO
— Blanshe Musinguzi (@Johnblanshe_m) May 13, 2025
A limited company means owners are only responsible for debts up to the value of their investment.
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."
Well, yes, because the NGO board requires that the entity first register as a company limited by guarantee.
— Tuhairwe Herman (@htuhairwe) May 13, 2025
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.
There is also an 10/24 resolution to borrow 8.5bn shillings from Equity Bank. Its signed by Apostle Lubega, the wife and Okwomi Modesta. /3 pic.twitter.com/0iwoTx4g9z
— Blanshe Musinguzi (@Johnblanshe_m) May 13, 2025
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
Besides the glaring corporate governance issues, I am genuinely curious to know why a church would get credit facilities of UGX 18 Billion in a period of two months. https://t.co/lIZ8OKzt2D
— Andrew Wandera (@AndrewWandera9) May 13, 2025
Nigga is looking for money to pay his debts off , but blind sheep think they are going to construct a Hexagon 😂😂😂😂 religion 🙌🙌🙌 Kyoka they’re happy defending him pic.twitter.com/to6q9VkXWS
— Akankunda Sharon . (@AkakundaSharon) May 13, 2025
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