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Namboole Stadium in Shs 875 Million Debt

As of June last year, Namboole National Stadium, home of national soccer team Uganda Cranes, owed up to Shs 875 million in domestic arrears.

This was revealed to the Parliamentary Public Accounts Committee (PAC) by ministry of finance officials.

According to Moses Mwase the executive director privatization unit at the ministry, the debt arises from under capitalization.

Mwase says the  facility has never declared dividends in its life.

Hon. Nandala Nathan Mafabi, the committee chairman tasked the officials to explain where collections from this facility have been going all long.

“You have the hotel, the stadium and parking. So tell us what the challenge of capitalization is?” he said.

Hon. Joseph Gonzaga Ssewungu the Kalungu West MP hinted that a conspiracy was in the offing to sell this facility to a private developer.

Responding, Moses Mwase tagged this problem to its founding days.

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“The story of Namboole goes back to its founding. The story is it was a donation. It was a donation planted where it is without all the instruments that make it a company”, Mwase said.

In the end, the committee chairperson Nandala Mafabi asked officials to furnish members with key documents to deal with the stadium’s board.

ChimpReports understands that veteran sports journalist Aldrine Nsubuga was recently elected as board chairman of the stadium while Jamil Sewanyana remains the director.

Ministry of education and sports is the majority shareholder in the stadium with 99 % shares while ministry of finance owns 1%.

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