Uganda to Review All 11 Licensed Gold Refineries Following Alleged Fraud Scandal
KAMPALA — All 11 licensed gold refineries in Uganda are set to undergo a comprehensive review starting next week, following an alleged scam involving one of the country’s most trusted refineries.
The review, expected to begin next week, is being described as a significant step toward enhancing transparency and restoring investor confidence in Uganda’s gold sector. The development follows a widening investigation into a Shs13 billion gold fraud case involving Dubai-based investors, in which Euro Gold Refinery boss Benard Feni is a key suspect.
Ugandan entrepreneur and investment lead Kutegyeka Ivan, who highlighted the planned review, said: “All 11 licensed gold refineries in Uganda are set to undergo a review starting next week, following an unbelievable alleged scam involving one of the country’s trusted refineries. This is a good step for transparency and investor confidence; let us see what the review uncovers.”
The review comes amid growing scrutiny of the sector. In 2024, the Auditor General’s report disclosed that gold worth $3.014 billion was exported illegally without the requisite permits from the Ministry of Energy and Mineral Development, violating Section 149 of the Mining and Minerals Act.
The alleged fraud centered on a transaction involving Dubai-based investors who lost approximately USD 3.5 million. The complaint eventually reached President Yoweri Museveni, who directed security agencies to investigate. Investigators are now focusing on the money trail, gold consignments, and transactions connected to the suspects.
Since its launch in July 2025 by Energy Minister Ruth Nankabirwa, Euro Gold Refinery has been positioned as a strategic investment and Uganda’s first fully Ugandan-owned gold refinery. It holds multiple licenses, including a mineral refining license and a mineral dealer’s license, and was granted a concession to mine gold in Yumbe District. The company also signed contracts with the Bank of Uganda as part of the Domestic Gold Purchase Programme.
However, the investigation into Feni has expanded beyond the original complaint, with detectives seeking evidence linking him to multiple alleged gold scams. Security officers returned to Feni’s properties in Buziga last week and conducted searches, and he was taken back into custody at the Special Investigations Unit in Kireka.
The review of all licensed refineries is expected to scrutinize operational standards, compliance with export regulations, and traceability of gold sources. In 2024, the Auditor General found that billions in gold were exported illegally, with many artisanal miners operating outside the formal system. The government has also been under pressure from civil society organizations, including Oxfam and SEATINI, to reassess gold royalty waivers.
Editor’s Note: The suspects are presumed innocent until proven guilty by a competent court.
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