Apostle Grace Lubega, the self-proclaimed faith titan behind Phaneroo Ministries International, has been preaching a gospel of divine provision — claiming he’ll build a $55 million mega-church without taking a single loan or donation. But documents obtained by CampusBee.ug tell a very different story.
Contrary to his bold pulpit pronouncements, Lubega has already dipped deep into the financial system. According to official filings at the Uganda Registration Services Bureau (URSB), Phaneroo Ministries Ltd secured a staggering Shs 8 billion loan from Equity Bank — and staked its prime Naguru land as security.
The paperwork, filed in the form of company resolutions, lays bare the financial maneuvering that directly contradicts Lubega’s recent public vow: “I’m not borrowing. I’m Abraham’s son.” Turns out, even Abraham’s son might need a bank loan.
Sources familiar with the documents confirmed that the Naguru property, a known asset of Phaneroo Ministries Ltd (registered as a limited liability company), was used to secure the multi-billion shilling loan. Yet, in front of cameras and a cheering congregation, Lubega insisted that the church would rise purely on faith — and maybe a million dollars from a jobless but “willing” follower.
Critics are now accusing the charismatic preacher of spiritual double-speak, painting a glossy faith-based image in public while quietly engaging in high-stakes financial dealings behind closed doors.
“This isn’t about faith anymore — it’s about credibility,” said one former congregant. “You can’t preach against borrowing while your ministry is neck-deep in bank debt.”
Lubega’s past as a banker has often been cited as the reason behind his calculated confidence, but with these latest revelations, even his most loyal followers are starting to ask hard questions.
The URSB filings are public — and damning. If Phaneroo Ministries is indeed building on faith, it’s standing on land now tied to a bank loan.
Faith may move mountains, but this church project seems to be moving money first.
