Wazalendo Investments (SMC) Limited (WIL), a subsidiary of Wazalendo SACCO, has unveiled its third estate in Namayiba, Mukono District, covering 54 acres. The company also commissioned a road construction equipment unit as part of its expansion efforts.
Speaking at the launch, Brig Gen Joseph Freddy Onata, Chief Executive Officer of Wazalendo SACCO, commended the Uganda Peoples’ Defence Forces (UPDF) leadership for establishing and supporting the SACCO’s growth. Representing the Chief of Joint Staff, Maj Gen Jack Bakasumba, he credited Wazalendo SACCO’s success to a favorable government environment and continued UPDF backing.
“I ask you to maintain our good working relationship with the people because our strength as UPDF is the people,” Brig Gen Onata said.
Col Allan Kitanda, Vice Chairman of the Board of Directors, encouraged local residents to collaborate with Wazalendo SACCO. “We have come to work together and develop our communities, not to fight,” he assured.
WIL’s expansion aligns with a mandate from the SACCO’s Annual General Meeting (AGM), according to Company Secretary Col Dan Tizihwayo. “We thought of how to invest the money to generate more revenue for the SACCO since the cooperative law restricts us to saving and credit,” he explained.
Col Justus Rukundo, Chairman of the Supervisory Board, praised WIL for its rapid progress and meeting AGM targets. “From your report, it is evident that you have made strides both in financials and strategy to achieve more this financial year,” he noted.
Since its registration in 2021, WIL has grown significantly, accumulating UGX 27 billion in total assets, UGX 1.6 billion in pre-tax profit, and UGX 4.2 billion in sales revenue by the end of 2024. Managing Director Col Yusuf Magero Buha attributed this success to strategic planning, operational excellence, and support from Wazalendo SACCO.
WIL has sold 439 plots from its Matuga and Mityana road estates, with 38% purchased by SACCO members and 62% by the public. Col Buha outlined plans for 2025, including acquiring more land, launching a forex bureau, and securing construction contracts. He also revealed ongoing feasibility studies on agro-processing and low-cost housing projects.
“Our goal is to provide members with tangible assets while creating broader economic opportunities for both the SACCO and the community,” Col Buha stated.
Lt Col Julius Katanaka, Head of Finance at Wazalendo SACCO, commended WIL’s commitment to transparency in land acquisition. He noted that despite challenges in securing genuine land, the company had successfully provided reliable plots to its members.
The event was attended by members of the Board of Directors, the Supervisory Board, top management, and local community representatives.
