Mathew Rukikaire successfully challenges Control of Late Garuga Musinguzi’s companies

What the report says

The Independent Uganda, citing URN, reported that the Uganda Registration Services Bureau (URSB) has set aside Agaba Maguru’s appointment as a director in three companies linked to the late businessman James Garuga Musinguzi. The decision followed an application by Mathew Rukikaire, a former privatisation minister, who contested the process used to install Maguru after Musinguzi’s death last year.

According to the report, Rukikaire said he owns 0.45% of Garuga Properties Limited. That company, in turn, is described as the majority shareholder in Kinkizi Development Company Limited and Incafex Limited. Rukikaire argued that extraordinary general meetings and related filings that led to Maguru’s appointment were not properly authorised. Maguru and another director, Nganwa Henry Hapa, disputed the challenge, including by arguing that Rukikaire’s stake was too small and that he lacked standing in companies where he was not a direct shareholder.

URSB Assistant Registrar of Companies Daniel Nasasira ruled that Rukikaire had a valid legal interest, both as a shareholder in Garuga Properties and because of that company’s controlling position in the other two firms. The bureau found that the meeting of Garuga Properties had been held without proper notice to Rukikaire, and that Maguru’s appointment and related company filings should be removed from the register.

The decision matters because it affects control and governance of companies associated with one of Uganda’s late business figures. URSB directed the parties to hold fresh meetings in line with the Companies Act and the companies’ articles, so that directors can be lawfully appointed and operations regularised.