High Quality Content by WIKIPEDIA articles! On 1 May 1970, Obote issued the pronouncement, proclaiming that, with immediate effect, the government was to take control of 60% (up from at most 51%) of over 80 corporations in Uganda; they would now be run by state corporations, trade unions, municipal councils and cooperative unions. The list included all banks, insurance companies, manufacturing and mining industries, plantations, oil companies and transport undertakings in Uganda. The pronouncement added that a government monopoly would be enforced in Uganda's import-export markets with the exception of oil. Foreign investors were to be compensated out of the post-tax profits of the firms themselves over the next 15 years.

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