For decades, Uganda’s gold trade was seen as a closed world reserved for wealthy foreign dealers and shadowy middlemen. Today, that perception is changing, and at the centre of this transformation is Benard Feni.
For many years, the gold business in Uganda carried a reputation of secrecy, foreign dominance and risk. But over the last seven years, Benard Feni has steadily rewritten that narrative, proving that Ugandans can lead, regulate and profit transparently from the country’s mineral wealth.
Benard Feni, a businessman from Arua City and founder of Euro Gold Refinery, has emerged as one of the most consistent and credible figures in Uganda’s gold sector. His journey is marked by seven years of continuous operation without a single criminal record, an achievement that has earned him trust from regulators, miners and international partners alike.
Through Euro Gold Refinery, Benard Feni became the first Ugandan to own three licensed gold mining concessions, located in Yumbe, Abim and Busia districts. These concessions represent a bold shift from informal trading to structured, accountable mining operations.
Beyond ownership, Benard Feni has signed multiple Memoranda of Understanding (MoUs) with artisanal and small-scale mining associations across the country. These agreements have helped formalise mining activities, reduce exploitation of local miners and ensure gold is sold at fair market value.
“Transparency and compliance are not optional in today’s gold business — they are the foundation of sustainability,” Benard Feni has often said.
In July 2025, Euro Gold Refinery was officially commissioned as Uganda’s first 100 per cent locally owned gold refinery, with full backing from the Ministry of Energy and Mineral Development. The refinery produces gold refined to 99.9% purity, meeting international bullion standards.
The launch marked a critical turning point for Uganda’s mining sector, shifting the country from exporting raw gold to value-added refined bullion, in line with Uganda’s Vision 2040 development agenda.
Global Reach
Benard Feni’s ambitions extend beyond Uganda. Euro Gold has since established its main international offices in Dubai, the world’s leading gold trading hub. Dubai’s strict regulations and zero tolerance for fraud have further reinforced Euro Gold’s credibility on the global stage.
At home, Benard Feni has invested in internationally recognised gold testing and assaying equipment, ensuring transparency at every stage of refining. His refinery now serves thousands of artisanal miners, including partnerships with the Apoka Artisanal Miners and the Mubende Artisanal Miners Association, which represent over 3,000 miners.
These miners no longer sell gold as a raw product. Instead, their gold is refined to up to 24 karats, significantly increasing incomes and improving livelihoods.
Uganda’s gold exports have surged to record levels, reaching US$5.8 billion in the year ending November 2025, positioning gold as one of the country’s top foreign exchange earners.
As the sector grows, Benard Feni stands out as a trailblazer — not just for building a business, but for changing mindsets, empowering youth and proving that integrity and profitability can coexist in Uganda’s gold trade.