Uganda Development Bank Limited commonly known as UBDL was established in 1972 before the change in the political leaders of 1979 and it is today a government own financial Institution.
Flash media Uganda has today managed to maintain steady progress in writing about companies profile and biography; today we take ahead on the company profile of Uganda Development Bank.
Financers
After the shift in the political leadership, the Bank was then able to obtain a large credit from external financiers such as the European Economic Community, the international development Association, the Organization of Petroleum Exporting Countries, the Arab Bank for Economic Development in Africa and the African Development bank.
After these funds were projected to support Uganda Development Bank Limited, the Bank then was able to focus on a shift to financing more medium and long term projects in manufacturing, agriculture, and tourism.
Uganda Development Bank was restructured and organized between 1997 and 2001, it was also recapitalized as a limited liability company making it officially and wholly be owned by the government of Uganda.
Location
Uganda Development Bank, among all banks in Kampala, has its headquarters on the first floor, Rwenzori Towers 6 Nakasero Road, Nakasero Kampala, Uganda.
Main Objective
The main objective of the company is to finance and promote development in various sectors of the economy with a particular emphasis on encouraging industrialization, agriculture, housing, commerce, and tourism.
Products
UDBL is focused on offering the following products to its customers, loan, equity partnerships, financial advisory services, management services, and export/import finance services.
Revenue
As of 2019 December, the UDBL had generated revenue of about UGX: 10.14 billion with a total asset valued at UGX: 486.37 billion approximately 132.5 million the same years 2019 December.
This also prompted the government to negotiate for a 20 million approximately USshs76 billion loan in June 2018 from Africa Development Bank. This was meant to capitalize on Uganda development Bank.
However, the primary purpose of this loan was to lend to the agricultural sector for mechanization and value addition.
Number of employees
According to the last report, the Bank by 2018 was already employing over 59 staff in its company.
Plans
The Bank together with its developed medium, term recapitalization plan of 2013 and 2017 was aimed to increased shareholders equity that used to be at UGX 100 billion which is approximately US $40 million to a more substantial value of UGX: 500 billion approximately US$200 million.
This plan was developed right after the Bank had re-organized and repositioned itself in 2013 September, to pay a better and more visible role in the uplighting of the Ugandan development finance.
However, Company’s development and growth plan was to follow the development plans of the Uganda Development Plan (UDP) and also following Vision 2040 which was aimed at transforming Ugandans society, seen as a peasant population to a modern and successful country.
Partners to encourage the development plans include the African Export-import Bank, BADEA, Islamic Development Bank, and the Kuwait Fund.
The recent development plan, announced by the Uganda Ministry of Finance, Planning and Economic Development, was to have an intention of increasing its shares capital from UShs500 billion approximately US$136 million to share capital of UShs2 trillion approximately US$545 million
This was the five-year development plan of 2020-2024 that Uganda development Bank had planned.
Board of directors
The board of directors, as of August 2018 includes John Byaruhanga, Frank Tumuheirwe, Nimrod Waniala, Henry Balwanyi Magino, Patricia Ojangole (the Managing Director), Silva Angey Ufoyuru and Felix Okoboi who is the acting chairman.
Management
Uganda development bank limited had the following Management as of August 2017, Sophie Nakandi who is the Bank secretary and head legal, Stephen Hamya the chief Internal Author, Mahamoud Andama the Director Investment, Denis Owens Ochieng the Director of Finance and Business Operations, Joshua Allan Mwesiga the Director Strategy & Corporate Affairs and lastly Patricia Ojangole the Managing Director of Uganda Development Bank.
Controversy
In August 2017, Uganda Development bank was under investigation by Uganda’s auditors general who had revealed that there was financial impropriety by the board members and senior managers at the Bank who lead to the loss of finances at the bank.
It, therefore, put both board members and management team on serious tensions and under serious investigation that lasted as of June 2014.
