As new is circulating that apostle Lubega of Phaneroo Ministries International, considers building a 55m USD church valued at round 200 billion Uganda Shillings. New developments have been revealed showing the church is registered as private company with shareholders.

The documents has been revealed by a journalist Blanshe Musinguzi that shows Phaneroo Ministries was 16th September 2014.

The (URSB) documents shows that the company has three directors/shareholders: Grace Lubega, his wife Lubega Nicollette Pauline Nakintu, and Okwomi Modesta, who originated from Kenya.

Herman Tuheire a Lawyer explains why Phaneroo Ministries could have chosen this form of registration.

“Well, yes, because the NGO board requires that the entity first register as a company limited by guarantee, Guess the other option is to register a trust. However, the NGO Board seems to prefer companies by guarantee. It's also less tedious. Their nature is that the shareholders do not "front load" capital. They simply pledge to pay a certain amount in case the company goes bankrupt”.

August 2024 the board agreed to borrow Shs. 10 billion from equity bank. Two months later, In October 2024 same people approved another loan of Shs. 8.5 billion in the same bank.

“More documents about the 8.5bn shilling loan request. I don't know the language but maybe, maybe the loan was approved. /4”

https://x.com/johnblanshe_m/status/1922354815159435750?s=46

Phaneroo Used four plots in Naguru and one on katale Kampala as a mortgage. Allegedly some land in Naguru is connected.