BY EABW REPORTER
KAMPALA, UGANDA- Business people in Uganda are set to benefit from the inaugural Mkutano investment conference as discussion will focus on how to sustain economic development using the capital markets.
David Ofungi, Founder and CEO of DERO, the curators of Economic Mkutano Conference due to take place on Tuesday 15, May at Kampala Serena Hotel Conference Centre said Mkutano serves to facilitate open debate in which conclusions enable them to script their own economic story in a manner that fosters inclusive growth.
Ofungi while speaking about the Conference said, “the capital market wheel is turned on by the four spokes of an enabling environment from a policy perspective, the availability of flexible investment capital, entrepreneurship, and the use of technology to bring about efficiencies and innovative products.”
And as such he says the Economic Mkutano is appropriate at a time when headwinds are challenging business convention in the Uganda private sector. “In the public realm, we need to reassess the means via which we fund infrastructure and other enablers of enterprise,” he says.
Keith Kalyegira, the Chief Executive Officer, Capital Markets Authority, said reference to Capital market financing is essentially market based or non-bank financing in all its forms that is equity (private and public), and debt typically without recourse to the assets of the debt issuer.
“Unlike bank financing which is provided by short term deposits or savings with banks, market based financing is provided by long term individual and institutional domestic and foreign savers like pension funds, university endowment funds, and other forms of contractual savings,” he said.
Kalyegira explains that just like governments, businesses need long term patient capital in order to implement medium to long term growth strategies, which are the source of jobs, exports and taxes.
“That is why we continually encourage and lead discussions that facilitate the accumulation and use of savings in production by the private sector – the Mkutano is one such discussion,” Kalyegira says.
Organised under the theme ‘Priming the Economy for inclusive growth via the Capital Markets’ the inaugural Economic Mkutano 2018 will bring together the whole spectrum of market participants from investment clubs and regulated financial institutions to tech evangelists explaining the economic opportunity that blockchain holds.
Prof Emmanuel Tumusiime- Mutebile, the governor Bank of Uganda will be the chief guest at the gathering which will feature renown business man and former CEO of Old Mutual South African, Sello Moloko.
Moloko is the Executive Chairman of THESELE INVESTMENTS and the Chairman of Sibanye-Stillwater, the largest individual producer of gold in South Africa. He was CEO of Old Mutual South Africa and until September 2017, served as Chairman of Alexander Forbes.
He is also a former director of the Industrial Development Corporation (IDC) and listed companies Gold Fields, Makalani Holdings, Acucap Properties and Sycom Property Fund. He is a trustee of the Nelson Mandela Foundation and chairs its Investment Committee. In 2003, the Association of Black Securities and Investment Professionals (ABSIP), of which he was the national president from 2005 to 2007, presented him with the Financial Services Pioneer Award.
Moloko combines capital market experience as a fund manager, executive and as a successful investor.
Featuring alongside him is Dr. Layi Fatona is CEO of Niger Delta Petroleum, Africa’s most diversified oil and gas company. He is the Chairman of Geotrex Systems Limited and Skye Financial Services Limited.
He served as the Chairman of the Board at Grand Treasurers Ltd until June 23, 2014. He serves as a Non-Executive Director at Niger Delta Exploration & Production Plc. He served as a Director of Consolidated Hallmark Insurance Plc until June 23, 2014 and Non-Executive Director until March 31, 2016. He is the 2010 recipient of the prestigious Aret Adams Award, of the Nigerian Association of Petroleum Explorationalists (NAPE) and is also a leading authority on the geology of the Niger Delta Oil and Gas Province.
Dr. Layi’s story is one of entrepreneurial resilience having built a start-up into arguably one of the most respected indigenous oil and gas companies in Africa.
There will be several key note speakers and panels discussing different sub themes moderated by Joel Kibazo, former managing director FTI Consulting and former journalist with Financial Times and BBC.