The business, insiders say, is “synonymous with schemes, inner personal intrigue, and setting
rivalry scores with calculated allegations to security and legal apparatus.” From religious leaders
to lawyers, money lenders to mineral investors, journalists to witchdoctors, gold dealing in
Uganda has become the ultimate jackpot—a financial muscle flex that promises instant wealth if
the cards are played right.
But what has eluded this lucrative sector is a pool of genuine dealers. And yet, they exist.
The Freeze That Wasn’t
On August 28, 2026, Uganda’s Minister of Energy and Mineral Development announced a one
month temporary freeze on issuing new mineral rights and licenses—a move ostensibly designed
to “avert and reorganize the business.”
But allegations abound that the freeze has mainly affected local players while cushioning foreign
investors who continue to make their business acumen felt in the sector “against all odds.”One of these investors is Mr. Cohen Carlos, an Israeli national who owns Feldstein Co. Ltd, a gold
refinery in Kampala. He entered the market around 2022-2023.
Who Is Carlos Cohen?
The question echoes through Kampala’s mineral circles, often followed by whispers and raised
eyebrows.
According to sources, Mr. Cohen left Israel and eventually set up base for his business with a
local model who doubled as his business partner in Abu Dhabi, United Arab Emirates. The couple
reportedly wound up a business worth a whopping $28 million in Abu Dhabi before settling in
Nairobi, Kenya.
Mr. Cohen then settled in Uganda under the overseership of Mr. Joram Itungo, his local contact
and business partner. Their association sealed Feldstein’s entry into the Ugandan mineral
market, specializing in gold.
The Photograph That Sealed Dominance
In a post shared on his official X account, President Yoweri Museveni proudly displayed a
photograph of himself holding a gleaming gold bar, flanked by Mr. Cohen Carlos.
“I am with Mr. Cohen Carlos, who owns Feldstein Co. Ltd., a gold refinery in Kampala. It refines
Uganda’s gold to a purity level of 99.9%,” Museveni wrote.
The President noted that global gold prices have recently fluctuated significantly, stating that
gold which had been trading at around USD 173,000 per kilogram had dropped to approximately
USD 129,000 per kilogram following geopolitical instability linked to conflict in the Gulf of Persia
region.
“This particular one and a half kilograms of gold that I am holding is from Ibanda,” Museveni
added. “Mr. Cohen is building another refinery in Morulem, Abim.”
The post continued: “Uganda is waking up. We have 10 licensed gold refineries in Uganda. Mr.
Cohen’s refineries are printing the Bank of Uganda logo on the gold bars.”This photograph and an alleged letter penned from State House, have been used by this investor
to kick his competitors out of his way who include; Ugandans, Kenyans and now a Sudanese.
Questions That Demand Answers
The photograph, while projecting an image of progress and investment, raises uncomfortable
questions:
• How did an Israeli national with a background in Abu Dhabi business ventures come to
dominate Uganda’s gold refining sector in just two years?
• What role did Mr. Joram Itungo play in facilitating this meteoric rise?
• Why are foreign investors seemingly immune to the licensing freeze that has crippled
local dealers?
• What are the implications of a private refinery printing the Bank of Uganda logo on gold
bars?
• Who truly benefits from Uganda’s gold wealth—and at what cost?
The Bigger Picture
Uganda’s gold trade has long been dogged by allegations of smuggling, money laundering, and
opaque deals. The country’s gold exports have surged in recent years but so have questions
about the origins of the precious metal and the beneficiaries of its wealth.
The presence of 10 licensed refineries, including Feldstein’s, suggests a booming industry. But
the concentration of power in the hands of a few—particularly foreign investors with powerful
connections—paints a different picture.
As one insider put it: “Gold dealing is not only financial muscle but assurance of one hitting the
jackpot instantly if they played their cards right. But for every winner, there are countless
losers—local miners, small-scale dealers, and communities who see little of the wealth extracted
from their soil.”What Next?
As the temporary licensing freeze enters its final days, all eyes are on the Ministry of Energy and
Mineral Development. Will the sector be “reorganized” in a way that benefits genuine dealers—
both local and foreign? Or will the status quo persist, with a select few continuing to reap the
rewards while the rest watch from the sidelines?
For now, the image of President Museveni holding a gold bar from Ibanda, standing beside Mr.
Cohen Carlos, remains seared into the public consciousness—a symbol of both Uganda’s golden
promise and its murky reality.
The Investigator will continue to follow this story. If you have information about Uganda’s gold
trade, contact our investigative desk.
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