Overview:
Banking and telecommunications sectors dominate the list of Uganda’s wealthiest shareholders as the local bourse hits a UGX 37.3 trillion market cap, led by titans Charles Mbire and Sudhir Ruparelia.
KAMPALA — The dominance of the banking and telecommunications sectors has been solidified in the latest rankings of the wealthiest individual shareholders on the Uganda Securities Exchange, with industry leaders Charles Mbire and Sudhir Ruparelia taking the top spots.
As the USE All Share Index surged 34 percent over the last year, total market capitalization reached UGX 37.3 trillion. This growth was largely propelled by a few liquid counters, specifically MTN Uganda, Stanbic, and Bank of Baroda, which continue to serve as the primary engines for wealth creation on the local bourse.
Charles Mbire, the chairman of MTN Uganda, remains the exchange’s most valuable individual investor. His 4 percent stake in the telecommunications giant is valued at $91.1 million, reflecting the company’s strong performance in mobile data and digital services.
In the banking sector, Sudhir Ruparelia leads with a portfolio worth $11.4 million. His investments are split between a 2.5 percent stake in Bank of Baroda Uganda and a 0.65 percent stake in Stanbic Uganda Holdings.
The influence of the banking sector extends throughout the rankings. I.K. Kabanda holds a $4 million stake in Stanbic, while Ceasor Mulenga maintains a $3.8 million position in Bank of Baroda. Other notable banking shareholders in the top 10 include Michael Mbire, Joseph Byamugisha, and Andrew Muhimbise, all of whom hold significant blocks in Bank of Baroda.
Beyond telecom and finance, the pharmaceutical sector remains a key contributor to local wealth. The co-founders of Quality Chemical Industries—Frederick Kitaka, Emmanuel Katongole, and George Baguma—each hold stakes valued at $3.4 million in the drug manufacturing firm.
The Billionaires.Africa report based these valuations on share counts from public ownership tables and exchange rates as of late January 2026. While the exchange is often characterized by low liquidity in some areas, these high-profile holdings underscore how the nation’s largest corporate entities remain the preferred vehicles for Uganda’s most prominent dealmakers.
The Top 10 Richest Investors on the USE
| Rank | Investor | Portfolio Value | Primary Holding |
| 1 | Charles Mbire | $91.1 million | MTN Uganda |
| 2 | Sudhir Ruparelia | $11.4 million | Stanbic / Bank of Baroda |
| 3 | I. K. Kabanda | $4.0 million | Stanbic |
| 4 | Ceasor Mulenga | $3.8 million | Bank of Baroda |
| 5 | Frederick Kitaka | $3.4 million | Quality Chemical Industries |
| 6 | Emmanuel Katongole | $3.4 million | Quality Chemical Industries |
| 7 | George Baguma | $3.4 million | Quality Chemical Industries |
| 8 | Mbire Michael | $1.9 million | Bank of Baroda |
| 9 | Joseph Byamugisha | $1.3 million | Bank of Baroda |
| 10 | Muhimbise Andrew | $1.2 million | Bank of Baroda |