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Paul Mbuga is a commercial and infrastructure lawyer, and his core practice areas include: corporate and commercial law (including mergers and acquisitions and private equity), capital markets (regulation and transactions), projects and infrastructure and regulatory compliance.

Paul advises corporate, financial and infrastructure entities on a wide range of legal, regulatory and transactional matters, working with in-house counsel, within the business operation and as local counsel. In corporate mandates, Paul advised the purchaser on one of the largest-ever equity acquisitions and block trade on the Uganda Securities Exchange (USE), and the issuers on the listing of a notes program and a rights issue on the securities exchange.   

Paul’s work has seen him advise two global renewable energy companies on the set-up of Uganda’s first-ever solar power plants in Uganda, and the lenders of the Bujagali II hydropower project on various regulatory, corporate and financing matters.

Experience has included advising:

  • Rabo Development B.V. (Rabobank), in its acquisition of a 27.5% equity stake in dfcu Limited, a company listed on the Uganda Securities Exchange (USE), and for Norfund in its further acquisition of an additional 17.4% equity stake in dfcu Limited; the resultant share transfer being one of the largest-ever equity block trades in the history of the exchange
  • Nakasero Hospital, a leading private hospital, and the disposing majority shareholder for a combined USD14 million equity purchase and share subscription by the International Finance Corporation-backed Investment Funds for Health in Africa (IFHA) II
  • Stanbic Bank Uganda, the country’s largest bank, on a corporate reorganization by which the bank altered its corporate structure by creating a holding company structure (including transferring the banking business undertaking to a banking subsidiary)
  • The lenders, led by the International Finance Corporation and African Development Bank as mandated lead arrangers, for the project refinancing of the 250 MW Bujagali II hydropower dam
  • Building Energy, on the set up of a 10 MW solar power plant in Uganda, including acting as borrower’s counsel for project financing by the Dutch development bank FMO
  • Vivo Energy Investments BV and Vitol SA, for the proposed acquisition of the business and assets of a leading downstream petroleum company in Uganda
  • Dfcu Limited, on its USD55 million rights issue and listing of additional shares on the USE 
  • Kakira Sugar Limited, a leading private sugar manufacturer, on the issue of a USD30 million notes program on the USE

Professional Qualifications

  • Advocate admitted to the High Court of Uganda (2012)


  • University of Birmingham, Master of Law (International Commercial Law) (2015)
  • Law Development Centre, Post-Graduate Diploma in Legal Practice (bar qualification) (2010)
  • Makerere University, Bachelor of Law (2009)


  • Member of the East Africa Law Society
  • Member of the Uganda Law Society

Africa Energy Futures: Uganda

Due to the need to diversify Uganda’s energy mix and fulfill the country’s climate change commitments, the government’s emphasis will be on renewable forms of energy such as wind, solar and biogas. Nevertheless, it is anticipated that large and mini-hydro will continue to be Uganda’s principal energy supply source in the medium to long-term.