While addressing Wazalendo’s annual general meeting at the Jinja city’s based Gaddafi barracks on Friday, Muhanga argued that several strong armies in the world are investing heavily in the service sectors, which empowers them to sustainably improve the livelihoods of their officers and militants.
The commandant of UPDF’s land forces, Lt. Gen. Kayanja Muhanga, has challenged the leaders of Wazalendo Sacco, to invest more in the hospitality industry and real estate businesses, which will increase their profit returns.
Wazalendo prides in a total membership of 91,000 people, comprising of serving officers, veterans, ministry of defense workers, alongside their families.
While addressing Wazalendo’s annual general meeting at the Jinja city’s based Gaddafi barracks on Friday, Muhanga argued that several strong armies in the world are investing heavily in the service sectors, which empowers them to sustainably improve the livelihoods of their officers and militants.
He argues that, rather than over reliance on loan interests as the major source of revenue for the Sacco, they can equally generate more income through construction of hotels and agro processing plants, which will viably multiply their net profits.
Muhanga, who prides in using Wazalendo loans to invest in his private businesses says that real estate and service sector investments are highly demanded within the public domain, which attracts ready market for the projects of choice. He adds that, such projects can be remotely managed, yet high profit earning, hence attracting more dividends for the members and general capital base of Wazalendo to invest more in related ventures.
//cue in: “when, I remember…
Cue out…to own factories."//
Meanwhile, the Wazalendo chairman, Maj. Gen. Samuel Kavuma said that the Sacco has operationalized its’ investment arm, which has since kick started with a real estate project.
He says that, the project is a 3.75 Billion Shillings worth investment in residential land measuring 73 acres, located in Matugga, in Wakiso district. Kavuma notes that, the land has been since sub divided in 733 plots, with an expected interest return of 2.2 Billion Shillings, in a projected period of three months.
Kavuma says that, they have allocated 6.5 Billion Shillings towards direct investments this financial year and their team of experts has already explored the grain sector, which members agree to be viable for the investment of their shares.
He adds that, they are closely liaising with officials from the Uganda investment authority -UIA, in a bid to secure land where they can install a commercial grain processing plant, for both packaging and storage.
Kavuma however, expressed fear that related projects are being slowed down due to limited capital and lack of a business software to appropriately ease land transactions in the real estate business.
