For a man who declared he’d build a $55 million mega-church without a single loan, Apostle Grace Lubega now faces a crisis of credibility.
The influential preacher behind Phaneroo Ministries International has long railed against debt from the pulpit, declaring that divine provision—not bank financing—would raise his grand vision.
But recent filings with the Uganda Registration Services Bureau (URSB) reveal a startling contradiction: his ministry quietly secured an Shs 8 billion loan from Equity Bank, using church land in Naguru as collateral.
The documents, submitted as part of Phaneroo Ministries Ltd’s company resolutions, confirm that the ministry—legally registered as a private company—authorized the loan and pledged its high-value Naguru property as security.
This move directly contradicts Apostle Lubega’s recent declarations to his congregation, where he insisted, “I’m not borrowing. I’m Abraham’s son.”
A Faith-Fueled Image Meets Financial Reality
The revelations have sparked backlash, especially among former congregants and observers who feel misled.
“This isn’t just about faith—it’s about transparency,” said a former Phaneroo member who spoke on condition of anonymity. “If you preach against loans on Sunday but sign loan papers on Monday, what are you really selling?”
Lubega, a former banker himself, has always projected calm confidence when speaking about money. His sermons often frame borrowing as a sign of spiritual immaturity—a lack of divine trust.
And yet, according to URSB records, Phaneroo Ministries appears to be walking a very different financial path behind the scenes.
Critics say the loan, paired with Lubega’s public narrative, exposes a “spiritual double standard.”
The charismatic preacher recently told his congregation that the mega-church would be funded “without donations or loans”—suggesting that the project would be powered solely by faith and, curiously, a “million-dollar contribution from a jobless but willing follower.”
But the Shs 8 billion secured from Equity Bank paints a more grounded picture: one rooted in traditional financing rather than miracles.
A Land Tied in Bank Debt
The Naguru property, considered one of Phaneroo’s most valuable assets, is now under a financial encumbrance—meaning it could be at risk if the loan is not serviced.
This isn’t just a moral concern—it’s a legal and operational one. For a ministry with thousands of followers and growing regional influence, the land title is no longer fully in its hands.
Supporters argue that the loan may simply be a smart financial step—a bridge to bigger dreams.
But the lack of disclosure is what has struck a nerve. Uganda’s faith community has seen a growing trend of religious institutions engaging in high-stakes property deals, often without informing their congregants.
Credibility Under Scrutiny
With these revelations now public, Apostle Lubega’s message may face more scrutiny than ever. His signature faith-first philosophy is being weighed against the cold facts of modern finance.
And as the mega-church project progresses, followers may demand more than inspiration—they may demand answers.
After all, faith may move mountains, but it seems Shs 8 billion moves land.
