Buganda Investments and Commercial Undertakings Limited (BICUL)

Buganda Investments and Commercial Undertakings Limited (BICUL) aims at generating revenue from engagement in viable appropriate investment and commercial undertakings for financing or co-financing of Buganda’s economic, social and cultural developmental programs.
BICUL takes up its core role of a holding company of the Kingdom that own stake in various companies involved in production of goods & services and preservation of culture for the benefit of the Kingdom.

Core Mandate

  • To source, assess and use financial engineering to invest in various industries by leveraging the Kingdom resources and brand.
  • To seek joint venture partners and equity investors for specific projects and activities through the establishment of special purpose vehicles.
  • To allocate both financial capital and human resources effectively to ensure that the Kingdom maximizes its value.
  • To concentrate in BICUL the power of management and the activity of adding high value.
  • To leverage the selection of the Boards and executive representatives of the subsidiary companies which are under its dependence and control.
  • To ensure that the investments provide adequate contribution to the Kingdom’s resource envelope.
  • To adjust the Kingdom’s equity exposure to such companies based on their assessment of whether they are able to meet centrally defined operational and financial targets.
  • To adopt ROE (Return on Equity) and employment of the kingdom people as the major yardsticks of corporate success. Our group business target is to raise ROE to close to 10% on a consolidated basis.


  • Wealth creation – The Kingdom will build assets through careful investments that will maximize returns for the Kingdom.
  • Accountable and transparent leadership – The Kingdom will act collectively with a strong sense of shared responsibility and mutual accountability.
  • Innovation – The Kingdom will turn challenges into opportunities and leverage on its rich endowment to maximize its income generating potential.
  • Partnership – The Kingdom believes in a common destiny for its subjects, and to succeed BICUL will work with everyone in the human family.
  • Hope and resilience – Our forefathers never failed Buganda, thus BICUL will provide hope and aim to make a better Buganda for the posterity.



Innovate, empower and create prosperity for Buganda Kingdom.



To create Value from the Kingdoms vast resources.



Buganda Kuntiiko.