EVIDENCE! Apostle Lubega Has Another Shs 10 Billion Loan – Documents Signed by Him and His Wife

The financial narrative surrounding Apostle Grace Lubega continues to unravel, as fresh documents reveal another massive loan — this time worth Shs 10 billion — taken by Phaneroo Ministries International Ltd, with both Apostle Lubega and his wife, Nicolette, signing off on the deal.

According to an official Board Resolution filed at URSB, the loan was approved by Phaneroo’s directors and granted by Equity Bank Uganda, specifically the Ntinda Branch, under facility letter reference EBUL/IHO/Ntinda Branch/08/24/CT dated August 14, 2024.

The loan is secured by prime properties located in Naguru and Katalé Road in Kampala — including:

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• Land at Naguru Road (KCCA555 Folio 15, Plot 76–80)
• LRV 3835 Folio 2, Plot 10, Naguru Road
• LRV 4332 Folio 10, Plot 4, Katale Road

The resolution clearly authorizes the company to borrow the full UGX 10,000,000,000 and gives Lubega and other directors power to sign personal guarantees and execute all necessary documents to secure the facility.

ALSO READ: Apostle Grace Lubega Secured Shs 8 Billion Loan from Equity Bank Using Church Land as Collateral

The timing and size of this financial arrangement directly contradict the preacher’s recent high-profile public claim:

“I’m not borrowing. I’m Abraham’s son.”

But this loan, confirmed by formal board minutes and stamped by the Registrar, tells a starkly different story — one of strategic borrowing backed by significant real estate assets, and with Apostle Lubega personally involved in the approval and execution of the deal.

Observers now question the integrity of the public faith-based messaging coming from the Phaneroo pulpit.
“How can someone speak of divine provision while privately signing off on billion-shilling loans with banks?” one critic asked. “It’s misleading — especially to the thousands of students and youth who believe every word.”

This revelation piles onto a growing list of inconsistencies between the public image Lubega promotes and the actual financial machinery powering his ministry. The fact that both he and his wife Nicolette Lubega signed off on this transaction underscores just how central they are to the ministry’s financial decisions.

With now at least Shs 18 billion in loans tied to Phaneroo Ministries, the faithful — and the public — are left wondering what else lies beneath the surface of this so-called debt-free vision.