Apostle Grace Lubega’s Phaneroo Chokes on Billions of Debt – Records

Apostle Grace Lubega’s Phaneroo Ministries has an outstanding debt of Shs18.5bn, records from companies’ regulator in Uganda indicate. 

The registrar of companies confirmed that annual returns of a company not having share capital were filed by Apostle Grace Lubega Matovu of Phaneroo Ministries International on of May 27, 2025.

According to that filing, the total amount of indebtedness of Phaneroo Ministries International in respect of all mortgages and charges of the kind amount to Shs18.5bn.

These are loans secured from Equity Bank in two batches: Shs10bn and Shs8.5bn.

You can read what Apostle Grace Lubega’s Phaneroo Ministries International previously said about the records showing loans, Here.

In recent months, there have been attacks against Apostle Grace Lubega’ and Phaneroo Ministries International after the Kampala-based pastor announced that Phaneroo Ministries International will put up a $55m (about Shs200bn) building, and as the apostle said he would not borrow to finance the project.

Former assistant Bishop Dr Zac Niringiye told Apostle Grace Lubega that the multi-billion building project to be financed by followers was simply ‘robbery in Jesus’ name. (See Details Here).

But Apostle Grace Lubega’s followers fired back at critics of the project and of man of God such as Bishop Niringiye, telling them to leave Balokole alone and instead demand accountability in their own churches where they give money. (See Details Here and There).

As The Pearl Times has previously reported, the number of Balokole in Uganda increased in the past 10 years while that of Catholics and Anglicans reduced, according to 2024 census figures. (See Details Here).

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