Zim woman scores big in Uganda

MOSES MATENGA

A Zimbabwean businesswoman, Locadia Karimatsenga Tembo has scored big in Uganda, after a company she is involved with secured a lucrative deal for a Nigerian company to acquire shares in Uganda Telecom Limited (UTL).

Taleology Holdings GIB Ltd, a Nigerian company, acquired 67% shares in the company for $71 million. The Ugandan government controls the remaining 33 percent.

Karimatsenga, with close links to Uganda President Yoweri Museveni, became a game changer in the deal as she is said to have presented a strong, convincing case.

The South African based Nation of Glory Church Ministries leader told Business Times yesterday that despite some hiccups and competition from six other competitors, it was pleasing that their company managed to win the bid, promising to work tirelessly.

“This was a bid and we had to bid just like any other company,” she said.

UTL reportedly plunged into bankruptcy due to mismanagement, high debt portfolio, and dwindling subscriber base and since April, the government has been looking for a buyer.

She said their bid was higher than other competitors so they had to convince the government of their capacity and justifying their figures.

It emerged that there were lots of debate and interests on the matter within Museveni’s Cabinet, forcing the long-time leader to set up a committee chaired by Prime Minister Ruhakana Rugunda.

Karimatsenga is said to have appeared before that committee and impressed the panel.

“We got the impression that she was a highly connected lady,” a Uganda Cabinet source told the media after the meeting.

Media reports from Uganda indicate that the decision followed a September 24, 2018 presentation to Cabinet of a financial capability report by an ad hoc committee chaired by Gen Moses Ali, the First Deputy Prime Minister.

The First deputy Prime Minister reportedly told ministers during the October 1 meeting that his subcommittee endorsed the Nigerian firm because it was the highest bidder and going against this procurement rule would put Uganda at a risk of costly litigation.

Karimatsenga said her company had a combined 350 years’ experience with notable faces within its ranks including its chairman, Adrian Woods who is founder of MTN Nigeria and several telecoms industry veterans.

The company also recently acquired 9mobile, Nigeria’s fourth largest telecoms provider with more than 21 million subscribers.

Karimatsenga said she was working with the Ugandan government on an HIV project, working with scientists from Israel on a research meant to find a cure for the disease.

This project is said to have made her close to Museveni who was interested in having Uganda participate in “such a major breakthrough.”

On possible investment in Zimbabwe, Karimatsenga said she was hoping to come to the country with the HIV project.

Karimatsenga is a former wife to the late ex-Prime Minister Morgan Tsvangirai.

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