Museveni directs Nabbanja to bail out debt-stricken Mogas
President Museveni has directed Prime Minister, Robinnah Nabbanja to move fast and bail out the debt-stricken Mogas Uganda Limited.
Stanbic Bank recently took over assets of the oil marketing company over outstanding loans.
In a letter dated September 3, 2022, Museveni directs Nabbanja to help the company that is owned by a Ugandan family, the Rugazoora’s whom he says are active in business and own petrol stations in Uganda, Tanzania, Burundi, and Congo among others.
According to the president, the company has failed to settle its debts due to the Covid-19 pandemic. The letter further explains that the company owns land (about 15 acres) in Mukono which can be bought by the government.
He has thus tasked Nabbanja to let an appropriate government agency or ministries of Finance or Works buy the land at the prevailing market price with guidance from the attorney general.
