Left in limbo: The UTL Revival and Rebrand Being Tested by a Capital Promise that has Refused to Arrive Uganda Telecom’s long-awaited revival remains uncertain nearly a year after government announced a major private equity investment. Despite a high-profile rebrand and promises of fresh capital to rebuild the network, the state-owned operator is still waiting for funds critical to restoring competitiveness in Uganda’s fast-growing telecom market.

CEO East Africa MagazineFebruary 4, 2026February 4, 2026

Investment Minister Evlyne Anite had until recently been the biggest push factor behind UTL’s revamp, while ICT Permanent Secretary Aminah Zaweede, is at the forefront of a ministry that holds majority of government’s equity in UTCL. The appointment of Paul Patrick Ikopit as UTCL chief executive officer in April had carried hope, but it seems to be fading. Nearly a year after government announced a major private equity-backed revival, Uganda Telecom’s rebrand remains stalled, with promised capital yet to materialise as competition in the telecom market intensifies.

For nearly a decade now, state-owned telecom has been locked in a cycle of crisis and hopeful relaunches. The story of the Uganda Telecom Limited (UTL) revamp is one of serial decline, a brush with liquidation, a government-led rescue, rebranding to UTeL, and, most recently, a promised equity investment that appears to have fallen through, leaving the telecom strained and its future uncertain. People familiar with the matter indicate that the investor behind the promised capital injection, Rowad Capital Commercial, may have quietly retreated from the deal for reasons that remain unclear. At its height, Uganda Telecom Limited (UTL) was…

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