Government takes over shareholding of National Housing

By Alice Lubwama

Members of Parliament on the committee of infrastructure want Government to take over the entire shareholding of National Housing and Construction Company from the Libyan Government if parliament is to approve more money for this entity.

Libyan Africa Investment Company of the Libyan government has a 49 percent shares living Uganda government with 51 percent shares

The MPs say that they cannot allocate money for an entity with double sharing when the other shareholder is not contributing yet the law
requires sharing of the profits. The contributions from the Libyan company stopped when the former president Muammar Gaddafi was forcefully removed from Government.

However, the state minister for housing Persis Namuganza says President instructed the minister of finance and the attorney general to discuss the matter with the representatives from the Libyan Government to see how their shares can be paid off so that Uganda can retain 100 percent shares.

Namuganza notes that the negotiations have not been concluded because there is still confusion on who owns shares between the two
Governments in Libya. The legislators have insisted that Government must find a way to resolve the matter.