Businessman Sudhir Ruparelia has received a Shs2.25 billion dividend from Bank of Baroda Uganda, highlighting the substantial returns generated by his investments in the country's listed financial institutions.
Ruparelia received the dividend cheque on Monday, August 24, 2026, representing his payout for the financial year ended December 31, 2025.
Bank of Baroda Uganda declared a dividend of Shs6 per share for the year, up from Shs4 per share in 2024.
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With Ruparelia holding 375,163,500 shares in the listed lender, his gross dividend amounted to Shs2.251 billion before any applicable taxes.
The dividend payout is separate from the value of Ruparelia's shareholding. At Monday's closing price of Shs63 per share, his 2.5% stake in Bank of Baroda Uganda was worth approximately Shs23.64 billion.
Ruparelia is the bank's largest individual shareholder, ahead of the National Social Security Fund (NSSF), which held 314,736,618 shares, equivalent to 2.09%, as of December 31, 2025.
Other major shareholders included Augustus Ceasor Mulenga, with 273,382,236 shares or 1.82%, and Thummar Patel Jay Maganlal, with 175 million shares or 1.16%.
Charles Mbire held 141,176,400 shares, representing 0.90%, while Joseph Byambara Byamugisha held 93.75 million shares, or 0.62%.
Andrew Muhimbise followed with 90,190,783 shares or 0.60%, Joseph Tukuratiire with 85,175,812 shares or 0.57%, and Jobanputra Mandakini Kishor with 60 million shares, equivalent to 0.40%.
Ruparelia's investment in Bank of Baroda Uganda forms part of a broader presence on the Uganda Securities Exchange.
Publicly available ownership records also identify him as a substantial shareholder in Stanbic Uganda Holdings Limited, where he owns approximately 330,723,247 shares, representing about 0.65% of the company.
At Stanbic Uganda Holdings' August 24 closing price of Shs101 per share, that holding was worth approximately Shs33.40 billion.
Combined with his Shs23.64 billion Bank of Baroda Uganda stake, Ruparelia's publicly identified holdings in the two listed financial groups were valued at approximately Shs57.04 billion at Monday's closing prices.
The two investments give Ruparelia exposure to two of Uganda's established financial institutions while generating income through dividends and potential capital appreciation.
The size of the holdings is underpinned by the performance of the banks in which Ruparelia has invested.
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Stanbic Bank Uganda, the principal subsidiary of Stanbic Uganda Holdings Limited, retained its industry leadership in 2025, ranking first by assets, deposits, lending, total income and net profit.
The bank reported Shs11.34 trillion in assets and Shs586.2 billion in profit after tax.
Bank of Baroda Uganda, meanwhile, reported Shs3.50 trillion in assets and Shs156.8 billion in profit after tax.
The bank ranked fourth by lending and net profit, sixth by assets and deposits, and seventh by total income.
For Ruparelia, the investments provide exposure to two profitable banking franchises while complementing a diversified business portfolio spanning real estate, hospitality, education, agriculture and financial services.
The Shs2.25 billion dividend is therefore more than a one-off payout. It demonstrates the cash-generating potential of Ruparelia's listed investments and the significant returns that major shareholders can earn from Uganda's capital markets.
