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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