National
Museveni opens sh100b Mapeera House
Publish Date: Jun 11, 2012
Museveni opens sh100b Mapeera House
Mapeera House . Photo by Enock Kakande
  • mail
  • img
newvision

By Samuel Sanya

President Yoweri Museveni on Sunday officially opened the Centenary Bank's ultra-modern Mapeera House complex in the city's central business district.

With 19 floors, the $40m (sh100b) the imposing complex, the latest addition to the city's skyline, is the tallest and most modern bank headquarters in Uganda. There are 24 teller points and 16 Automated Teller Machines (ATMs) in the new Centenary Bank headquarters.

The complex contains 17,000 square meters of office space and 16,000 square meters of parking space. The building was constructed using the locally generated resources of the Bank which has 1.2 million loyal customers. The Bank's capital has in the last 25 years grown close to Shs.140 billion with assets nearing Shs1,000 billion.

It's named after the first Catholic missionary in Uganda Father Lourdel Simeon who arrived in 1879 and was fondly called Mapeera, an imitation of the French term Mon Pere (my father).  

The opening of the Mapeera house complex was part of celebrations to mark over 25 years of Centenary Bank existence, the largest Ugandan founded bank by assets, customer base and capitalization.   

"The church has done a lot of work in the education and medical sectors and in evangelism. It is time for you to spearhead wealth creation in the various parishes around the country," the President said at the colourful ceremony that attracted hundreds of dignitaries.

Kampala Road was blocked for several hours for the ceremony during which the President had a handshake, among others, with City Lord Mayor Erias Lukwago.  

Museveni urged the clergy should ensure that locals move from subsistence agriculture to producing both for consumption and for the markets in order to drive 68% of Uganda's population into the money economy. 

Museveni said banks should know the economic status of their client base in order to provide the suitable banking products and to develop the economic welfare of the country's citizens.

Bishop John Baptist Odama, the archbishop of Gulu diocese and the chairman of the Uganda Episcopal conference revealed that the Mapeera house complex was entirely funded from the banks reserves and that no loan had been taken out.

Nineteen Catholic dioceses own 38.5% of the bank as individual shareholders, while the Catholic secretariat owns 31.3% shareholding, French firm SIDI 11.6%, and the Netherland based Stiching Hivos Triopods Fonds 18.3%. Another 0.3% is owned by other Ugandans.

"There is enough money circulating in the country to accomplish such large projects. I urge Ugandans to source project funds internally and only acquire external funds as a supplement," Odama explained.  

Maria Kiwanuka, the finance minister, reiterated government's commitment to improving vital infrastructure and in so doing to promote the private sector which provides up 80% of Uganda's Gross Domestic Product (GDP).

"Government is working closely with commercial banks to ensure that the youth are empowered through the $25b youth fund. It's encouraging to note that over 3,000 youth have received business startup loans so far," she said.

Prof. John Ddumba Ssentamu, the bank board chairman said the bank will focus its efforts on establishing it's self as the top micro finance provider in coming years.

Henry Banyenzaki, the Minister for economic monitoring, Jachan Omach the state minister for general duties, Cardinal Emanuel Wamala and Erias Lukwago, the Kampala mayor graced the event.

 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
House vets new Prime Minister
Parliament convenes Tuesday afternoon to vet the newly appointed Prime Minister Dr. Ruhakana Rugunda....
Kasese girl slips off makeshift bridge and drowns
A pupil at Musasa Primary School in Kyondo sub-county, Kasese district slipped from a makeshift bridge on River Nyaghasana and drowned....
Multimillion police garments factory opens
President Yoweri Museveni is to commission a multimillion factory at Lugogo today, which will produce police uniforms to cut costs of importing uniforms for the forces....
MP Tinkasiimire speaks out on estranged wife
The embattled Buyaga MP, Banarbas Tinkasiimire denies allegations of being involved in the disappearance of his estranged wife Lynn Mbabazi....
EA court faults election of Tanzania EALA MPs
The East African Court of Justice faults the election of Tanzania’s representatives to the East African Legislative Assembly, citing violations....
Cardinal Wamala warns against abortion
His eminence Emmanuel Cardinal Wamala has warned Ugandans to stop carrying out abortions or forget about the kingdom of God and eternal life....
Will police's move to increase the number of investigators help deal with fraud?
Yes
No
Can't Say
follow us
subscribe to our news letter