Former Finance minister Maria Kiwanuka has been appointed acting chairperson of the Uganda National Mining Company (UNMC), following a leadership shake-up at the state-owned mining company.
Kiwanuka, who is already a member of the UNMC board, takes over after the resignation of board chairperson James Mukasa Ssebugenyi and the termination of vice chairperson James Byagaba’s appointment.
The changes were communicated by the ministry of Energy and Mineral Development on September 24, 2026, in a statement signed by Energy minister Monica Musenero Masanza.
The ministry said the changes were part of measures to address “governance and management challenges affecting UNMC.”
Kiwanuka is expected to lead the board in strengthening corporate governance and overseeing a recovery programme focused on board effectiveness and performance management.
Her appointment comes as government seeks to increase state participation in the mining sector and secure greater economic returns from Uganda’s mineral resources.
UNMC, which is wholly owned by government, manages the state’s commercial interests and participating interests in the mining and minerals sector. Its shareholders are the ministry of Energy and Mineral Development, with a 51 per cent stake, and the ministry of Finance, Planning and Economic Development, with 49 per cent.
Kiwanuka’s experience
Kiwanuka served as minister of Finance, Planning and Economic Development from 2011 to 2015 before becoming a senior presidential adviser on financial matters.
Her professional career includes experience as an economist and financial analyst at the World Bank, where she worked on projects in East Asia and Southern Africa.
She has also held several corporate and public-sector board positions. Kiwanuka served as a director of Stanbic Bank Uganda from 2008 to 2011 and has held leadership responsibilities at the Uganda Registration Services Bureau, including serving as chairperson.
She has also served on the boards of the Uganda Development Bank, Uganda Communications Commission, Makerere University Business School and Nkumba University.
She holds a Bachelor of Commerce degree and a Master of Business Administration.
Governance concerns
The leadership changes come less than two years after government inaugurated the nine-member UNMC board to oversee the company’s interests in the mining sector.
The board members include Kevin Aanyu, Agenes Alaba, 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 members of the executive committee had failed to appear before the audit panel.
An internal memorandum dated July 1, 2026, reportedly raised concerns about the division of responsibilities among executive management, the board and its committees.
The changes therefore place Kiwanuka at the helm of the board as UNMC seeks to strengthen its governance and improve its performance.
State’s mining interests
UNMC was established under the Mining and Minerals Act, 2022, and incorporated in April 2024 as a limited liability company wholly owned by the Ugandan government. Its mandate is to manage the state’s commercial holdings and participating interests in the mining and minerals industry.
The company is also expected to participate in joint ventures, undertake new mining ventures and manage state equity participation in the sector.
Under the mining framework, government can acquire a free equity interest of up to 15 per cent in qualifying large- and medium-scale mining operations, with provision for additional paid participation.
UNMC is expected to manage such interests on behalf of the state and help maximise the economic value of Uganda’s mineral resources.