Wazalendo Investments (SMC) Limited (WIL), a subsidiary of Wazalendo SACCO, yesterday unveiled its third estate in Namayiba, Mukono District, spanning 54 acres. The event also saw the commissioning of a road construction equipment unit.
Brig Gen Joseph Freddy Onata, the Chief Executive Officer of Wazalendo SACCO, on behalf of the Chief of Joint Staff, Maj Gen Jack Bakasumba, praised the UPDF leadership for founding the SACCO and nurturing it into a successful institution.
He attributed Wazalendo SACCO’s success to the supportive environment created by the Ugandan government and the continued backing from the UPDF leadership.
“I ask you to maintain our good working relationship with the people because our strength as UPDF is the people,” Onata said.
Col Allan Kitanda, the Vice Chairman of the Board of Directors, urged local community members to engage with Wazalendo SACCO, assuring them that they had come “to work together and develop our communities,” not to fight.
Col Dan Tizihwayo, Wazalendo’s Company Secretary, stated that the project originated from a mandate by the SACCO’s Annual General Meeting, explaining, “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.”
The Chairman of the Supervisory Board, Colonel Justus Rukundo, commended WIL for the impressive progress made in a short time and for meeting the targets set by the AGM. “From your report, it is evident that you have made strides both in financials and strategy to achieve more this financial year,” said Colonel Rukundo.
The WIL Managing Director Col Yusuf Magero Buha stated that the company, which was registered in 2021, began operations two years ago. By the end of 2024, WIL had accumulated total assets worth UGX 27 billion, recorded a profit of UGX 1.6 billion before tax, and achieved sales revenue of UGX 4.2 billion. He attributed this strong performance to the company’s commitment to excellence, strategic vision, and support from its parent institution, Wazalendo SACCO.
Col Buha reported that WIL had sold 439 plots from its Matuga and Mityana road estates, with 38% purchased by SACCO members and 62% by the general public. Looking ahead to 2025, he outlined plans to expand the company’s operations by acquiring more land, launching a forex bureau, and securing construction contracts. He also mentioned that studies were underway on potential ventures into agro-processing and low-cost housing projects, emphasizing the company’s dedication to providing members with tangible assets while creating broader opportunities for both the SACCO and the community.
Lt Col Julius Katanaka, Head of Finance at Wazalendo SACCO, commended WIL for efficiently utilizing its resources, noting that despite the challenges businesses face in acquiring genuine land, the company’s commitment to transparency had enabled it to secure and sell genuine land to its members.
The event was attended by members of the Board of Directors, the Supervisory Board, top management, and local community members.
