Army officers ''free to invest in business''

By Henry Nsubuga
 
The Commander of Defence Forces (CDF), General Edward Katumba Wamala has advised army officers to invest in long term businesses like agro-forestry.

Katumba said that such businesses do not require close supervision saying that they will give them time to serve the force and spare time for their supervision.

Katumba made the remarks while opening a three day’s 8th annual general meeting for members of the Wazalendo SACCO, an army savings and credit cooperative. They sat at Uganda Military Engineering College in Lugazi on Wednesday.

Gen. Katumba clarified that like any other Ugandan, army officers are free to invest in businesses as long as the money they are using is acquired from genuine sources.

“It’s a long notion for people to think that people from the security families like the army, police and the prisons are not allowed to invest in income generating projects. But you must be sure that the project does not compromise your work,” Katumba said.

Katumba also warned army officers from using borrowed money to startup businesses saying they should instead first save money and later borrow to boost their businesses.

“The best money to invest is money saved but not money borrowed. You can borrow to enlarge your business but not to startup a new business,” he said.

Katumba also supported Uganda Police for putting measures to escort fuel tanks following a recent terror alert that terrorists were targeting them.

The Chief Political Commissar, Col. Felix Kulayigye said that the Wazalendo SACCO has boosted their income and taught them the value in saving.

The SACCO general manager, Pius Twimukye, said that members are now close to 75,000 with over sh70bn in savings.