NSSF winning money battle, Pensions Bill to be kicked out of Parliament

NSSF winning money battle, Pensions Bill to be kicked out of Parliament

The Retirement Benefits Sector Liberalization Bill, 2011 that has been trying to dissolve the National Social Security Fund (NSSF) monopoly and government’s public pension scheme will be withdrawn from Parliament following pressure from President Museveni and enraged stakeholders on Monday. The bill that has been talk of every national Labour Day celebrations has been tabled […]

Mutebile, Muhakanizi on the spot over missing Shs340 billion meant for poor Ugandans’ drugs

Mutebile, Muhakanizi on the spot over missing Shs340 billion meant for poor Ugandans’ drugs

Two of the most prominent Banyakigezi – Bank of Uganda Governor Tumusiime Mutebile, secretary to the Treasury Keith Muhakanizi and other top officials in the Finance hierarchy are set to answer questions over how Shs340 billion of Shs720b ($200m) loan meant for medicines and rural electrification was used. They are going to be quizzed by […]

World Bank forgives Uganda after corruption reduces, to hold Open Day

World Bank forgives Uganda after corruption reduces, to hold Open Day

The World Bank has lifted the suspension of new lending to Uganda after about 10 months. In August 2016, the Bank suspended lending to Uganda due to numerous reasons including failure to kick start projects in time, poor absorptive capacity, corruption, mismanagement of projects, inability to do feasibility, social and environmental studies as well as […]

Telecom giant could lose billions over switching off Africell calls

Telecom giant could lose billions over switching off Africell calls

MTN Uganda, MTN Group’s subsidiary here has reportedly been warned over unfair practices against other players, with a massive fine likely. An insider at the industry regulator, Uganda Communications Commission said the government body is pressing ahead with an unprecedented plan to fine MTN Uganda after last Tuesday’s unfortunate incident where MTN Uganda switched off Africell […]

UTL CEO Shoebridge fired by Uganda gov’t

UTL CEO Shoebridge fired by Uganda gov’t

Uganda Telecom Managing Director Mark Shoebridge and Corporation Secretary David Nambale have reportedly been fired over exorbitantly high salaries and refused to take pay cuts. Mr Shoebridge was receiving Shs.150m per month as gross pay while Nambale was earning about Shs 90 million as gross monthly pay, amounts that Uganda’s Finance ministry is not ready […]

Sudhir to refund Shs200 billion after Crane Bank woes

Sudhir to refund Shs200 billion after Crane Bank woes

Former Crane Bank owner and city businessman Sudhir Ruparelia should not be arrested and arraigned before court over the money that was lost before Bank of Uganda wrestled the bank from him. According to media reports on Tuesday, that is one of the recommendations of the central bank’s forensic audit report into Crane Bank. Crane […]

DFCU to takeover Patrick Bitature’s businesses over defaulting Shs150 billion loan from Sudhir

DFCU to takeover Patrick Bitature’s businesses over defaulting Shs150 billion loan from Sudhir

While embattled Sudhir Ruparelia has become the face of huge financial misappropriations, scores of other  rich men – his longtime friends like Patrick Bitature, also owe millions of dollars to the new owners of Sudhir’s former cash cow, Crane Bank Ltd. It is understood that Bitature, the controversial tycoon behind Simba Group and Protea Hotels […]

Legume seed project announces fight against price volatility

Legume seed project announces fight against price volatility

Renowned AgResults Uganda has announced a Legume Seeds Pilot in Kampala to improve access and availability of high quality legume seeds to improve health and nutritional outcomes of people. By making conditioned seed storage facilities available, the pilot will partially insulate seed companies against losing quality seed or/and selling it as grain, uncertain demand, and against […]

Hundreds lose jobs as Dfcu closes off several Sudhir banks

Hundreds lose jobs as Dfcu closes off several Sudhir banks

Dfcu has vigorously rebranded all strategic branches, days after officially taking over tycoon Sudhir Ruparelia’s Crane Bank. Although Dfcu may become the biggest bank in the country after receiving regulatory approval to take over the bank, which at one point was the third largest in the market, it will be a matter of time since […]