Maria Kiwanuka, a former finance minister, has been appointed acting chairperson of the Uganda National Mining Company (UNMC). Her appointment follows the resignation of board chairperson James Mukasa Ssebugenyi and the termination of vice chairperson James Byagaba’s appointment.
The appointment was communicated by the Ministry of Energy and Mineral Development on September 24, 2026. In a statement signed by Energy and Mineral Development Minister Monica Musenero Masanza, the ministry described the changes as “part of measures to address governance and management challenges affecting UNMC.”
Her nomination comes as Uganda seeks to expand state participation in mining and secure greater economic returns from its mineral resources. The government also expects the mining sector to make a leading contribution to the Ten-Fold Growth Strategy.
Kiwanuka, a member of the company’s board, takes over with immediate effect. She is expected to lead the board, improve corporate governance and oversee a recovery programme focused on board effectiveness and performance management.
Kiwanuka’s appointment brings to the national mining company a professional background spanning public finance, banking, business and institutional leadership. She served as Minister of Finance, Planning and Economic Development from 2011 to 2015 and subsequently as a senior presidential adviser on financial matters.
Her career also includes experience as an economist and financial analyst at the World Bank, where she worked on projects in East Asia and Southern Africa. Her governance experience includes serving on the boards of financial institutions and public bodies.
She was a director of Stanbic Bank Uganda from 2008 to 2011 and has held leadership responsibilities at the Uganda Registration Services Bureau, including serving as its chairperson. She has also served on the boards of Uganda Development Bank, Uganda Communications Commission, and educational institutions, including Makerere University Business School and Nkumba University.
Kiwanuka holds a Bachelor of Commerce degree and a Master of Business Administration. Her education and professional experience have positioned her across both public-sector financial management and private-sector corporate governance.
Her appointment therefore places an experienced finance and governance figure at the head of a company whose responsibilities combine commercial investment with stewardship of public mineral assets. The leadership shake-up comes less than two years after the government inaugurated a nine-member board on November 4, 2024, to oversee UNMC’s equity interests in the mining sector.
The board includes Kevin Aanyu, Alaba Agnes, Francis Twinamatsiko, Nabasirye Kiwana, Kwatampora Alex Binego Zentaro, Wilfred Kokas Aupal and John Fisher Kanyemibwa. Recent reports indicated that the Ministry of Finance had ordered a governance audit amid tensions within the company. The reports also alleged that some executive committee members had avoided appearing before the audit panel.
An internal memorandum dated July 1, 2026, reportedly raised concerns about the division of responsibilities between executive management, the board and its committees. Established under the Mining and Minerals Act, 2022, and formally registered in April 2024, UNMC is wholly owned by the Ugandan government.
Its shareholders are the Ministry of Energy and Mineral Development, which holds 51 per cent, and the Ministry of Finance, Planning and Economic Development, which owns the remaining 49 per cent. The company was created to manage the state’s commercial interests in mining agreements, including equity investments and joint ventures, while pursuing opportunities in the sector.
Under the Mining and Minerals Act, the government may acquire a free equity interest of up to 15 per cent in qualifying large- and medium-scale mining enterprises, with provision for additional paid participation.UNMC is expected to manage such interests on behalf of the state and help ensure that mineral development generates economic benefits for Ugandans-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
