news 11 November 2026 Daily Monitor (Uganda)
Lyoidah Kiconco Takes Over as Acting CEO of Uganda National Mining Company
Lyoidah Kiconco has been appointed as the acting managing director of the Uganda National Mining Company following the interdiction of top executives over corruption and maladministration allegations. Source: https://www.monitor.co.ug/uganda/news/national/kiconco-named-uganda-mining-company-acting-md-5667696
The Uganda National Mining Company (UNMC) has welcomed Lyoidah Kiconco as its new acting chief executive officer. Kiconco, who previously served as the head of exploration and new ventures at the Uganda National Oil Company (UNOC), steps into the role following the recent interdiction of former CEO Dr. Gerald Banaga-Baingi and Corporate and Legal Affairs officer Lelia Bwambale.
The Inspectorate of Government ordered the suspension of the former executives on October 22 to facilitate ongoing investigations into allegations concerning financial mismanagement, abuse of office, and maladministration. Energy Minister Dr. Monica Musenero defended the appointment of an interim executive, noting the necessity of bringing in qualified leadership to steer the organization amidst the governance crisis.
Kiconco brings extensive experience to the position. A trained geologist, she began her career in the Ministry of Energy’s petroleum exploration department in 2002 before moving to Schlumberger in 2012. She later joined UNOC in 2018 to help manage commercial interests in the oil and gas sector. Insiders report that she recently convened a staff town hall meeting at Crested Towers to restore calm and confidence.
Established under the Mining and Minerals (Amendment) Act, 2022, UNMC is tasked with managing the government’s commercial stakes and participating interests in the mining sector. Similar to UNOC’s role in petroleum, the company is mandated to hold a 15 percent free-carried equity interest in all medium and large-scale mining licenses across Uganda’s vast mineral portfolio.
The young institution has faced severe corporate governance hurdles over the past few months, including friction between the board and executive committee, questionable employment practices, and alleged tender influence peddling. These issues prompted the Treasury to request a comprehensive governance audit.
For more details on this leadership transition, read the original report on Daily Monitor.