A seasoned economist, Mr. Martin Owako who had worked with several Multinational Companies such as Suzuki, Uganda Breweries and Smile Telecom at senior levels retired from regular employment at an early age of 48 years old to take on Mofi Uganda Limited (a family business).
At that tender age, Mr. Martin could not withdraw his NSSF benefits and therefore he had to wait for two more years to withdraw it. In September 2016, Martin clocked 50 years old making him a qualified candidate to withdraw his NSSF benefits.
Owako’s NSSF benefits were worth UGX 200M, he decided to improve the already existing Mofi Uganda Limited by investing UGX 60M by erecting a residential home in Palisa, UGX 15M in Mofi guest house, UGX 60M to purchase a Tourist Van (Mofi Tours) ,UGX 30M to Mofi Supermarket, UGX 15M into poultry specializing in Turkey and UGX 25M in Mofi consultancy byenrolling for a P.H.D at UNICAF.
“As an economist, I understand that all my eggs should not beput in one basket, I have seen many people lose a lot of money because of investing all their monies in one business. At Mofi Uganda Limited, we prioritize diversity in investment,” Mr.Martin said.
The marketing background has enabled Martin to sell Mofi Uganda Limited at a lower cost to its target audience.
Mr. Martin who is a P.H.D candidate makes UGX17-18M on a monthly basis from all his investment. He has been able to employ close to 20 employees in all his projects.
However, Mofi Uganda Limited like many other businesses, it also has challenges like Bad debtors and over–taxation, Mr.Martin said that the taxes are not only high but they are alsovery many citing accommodation tax paid by everyone who sleeps in a guest house pays Shs.1000 and Signpost at Shs.300,000.
Like any other hospitality industry, Mofi too depends on customer care and according to Martin, customers expect the best customers care and the client’s expectations are so magical.
Martin is set to receive a Doctorate degree and he will forever be addressed as Dr. Martin, other investments like Turkey will be improved by opening up a Turkey butchery in Namugongo, in the tour projects, a new van will be procured every after two years and guest house is set to be renovated and more room will be added.
Martin’s decision to participate in the NSSF friends with benefits competition was informed by the nature of his investment. He says many people need to understand that they should never invest in only one project because that project can collapse with all the money and the investor will lose everything unlike the diversified investments.
“If I win the prize money, I will definitely thank God and continue to develop Mofi Uganda Limited as strategically envisioned,” Mr. Martin said.
This strategic plan was laid by Martin but he also acknowledges great support from his family especially his children who have been very instrumental in running some of his projects even in his absence during studies. This makes him extremely proud of them but also confident that even in his absence, Mofi Uganda Limited will be transferred to the next level.
Mr. Martin applauded the fund for its transparency and effectiveefficiency in handling people’s money, Martin says he does not want his account to be closed and therefore next month, he is set to start saving with the fund even after retirement under it’s saving scheme known as voluntary saving.
To vote for Mr. Martin Owako in the NSSF Friends with Benefits competition, dial *254# or go to www.nssfug.org.