Members of Parliament on the Public Accounts Committee – Committee on Commissions, Statutory Authorities and State Enterprises (PAC-COSASE) are conducting an oversight visit to Uganda Property Holdings Limited (UPHL) in Mombasa to scrutinise the Auditor General’s observations for the 2024/25 financial year.
The Committee, led by the COSASE Chairperson, Hon. Nkunyingi Muwada, inspected the 24 properties owned by UPHL in Mombasa and held engagements with the company’s management, led by the Managing Director, Mr. Wilbert Mugume.
During the tour, the Managing Director assured the legislators that all properties under UPHL’s ownership and custody are titled and free from encumbrances.
However, he noted that several properties located in prime areas of Mombasa remain underdeveloped and require redevelopment if the company and the country is to realise higher returns from them. He added that although UPHL is self-sustaining, it has never been capitalised since its inception, and capitalisation is necessary to enable the redevelopment of these underutilised assets.
The MPs observed that UPHL has continued to perform credibly despite the challenges posed by underfunding. They commended the management for safeguarding the properties and pledged to advance the issue of capitalising the company to Parliament to facilitate the redevelopment of the underdeveloped properties and enhance revenue generation.
