Uganda’s Former Attorney General William Byaruhanga Acquires Shs35b Stake in Kenyan Bank

One of Uganda’s richest lawyers, William Byaruhanga, has moved into Kenya’s banking sector after buying a large stake in Sidian Bank. The former Attorney General paid more than KSh1 billion (about Shs35.2 billion), about Shs35 billion, to secure his shares, making him one of the top four owners of the lender.

The deal marks a new chapter in Byaruhanga’s career, shifting from law and property into regional finance. He already owns some of Kampala’s most notable buildings, including Village Mall in Bugolobi, Rwenzori Towers, Rwenzori Courts, Rwenzori House, Amamu House, and Mountain of the Moon Hotel in Fort Portal.

Sidian Bank, first opened in 1984 under the name K-Rep Bank, has been attracting new investors as Centum Investments reduces its role. Centum, a major Kenyan investment group, has been selling off its shares to a mix of companies, among them Wizpro Enterprises, Afram Limited, Pioneer General Insurance, Pioneer Life Investments, and Telesec Africa. This has lowered Centum’s ownership to just over a quarter of the bank.

Despite worries from regulators about weak capital levels, Sidian Bank has been showing strong growth. In the first half of 2025, it made profits of KSh1 billion, more than four times what it earned in the same period the year before. Customer deposits rose to nearly KSh60 billion, while lending hit close to KSh27 billion, with much of the money directed into government securities.

Byaruhanga’s investment underlines a bigger trend: Ugandan business leaders are looking beyond their borders, putting money into Kenya’s fast-growing financial sector. For many, it is a sign of how East Africa’s wealthy elite are starting to play a bigger role across the region, not just in their home countries.