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 […]

The real owners of DFCU/Crane Bank unmasked

The real owners of DFCU/Crane Bank unmasked

In Uganda, it is widely known that lenders do not disclose their top shareholders to the general public but after DFCU Bank Limited’s taking over Crane Bank, more than four months after the Central Bank took control of what used to be Uganda’s third largest banking institution, the new owner’s identities have been dug up. […]

East African Breweries profits suffer 27.7% drop

East African Breweries profits suffer 27.7% drop

East African Breweries limited (EABL) has posted a 27.7% drop in net profit to Ush189billion for the half year ended December 2016 compared to Ush 265 billion posted in the same period in 2015. The brewer’s net sales dropped by 6.2% to Ush 121.1billion as the company said this was as a result of increased […]

Kale Kayihura’s brother-in-law ‘stole’ Shs530 million from Finance Trust Bank

Kale Kayihura’s brother-in-law ‘stole’ Shs530 million from Finance Trust Bank

Uganda Police Inspector General Kale Kayihura’s brother-in-law Emma Ngonga is among the gang that was arrested after being suspected of orchestrating the theft of Shs530 million from Finance Trust Bank. In what has been dubbed the biggest ever crackdown of financial hackers in Uganda, the thieves carried out the cybercrime arrangement on the Christmas day […]

Shs9 billion to be sunk in Amuria’s Elegu market

Shs9 billion to be sunk in Amuria’s Elegu market

After traders at Elegu near the Uganda-South Sudan border in Amuru district counting losses when fire gutted their business premises, a new Shs9 billion market is set there to built where Ugandan traders and their South Sudanese counterparts will be operating from. Construction of the multibillion market is set to kickoff this year with funding […]

NSSF’s new marriage with whistleblowers

NSSF’s new marriage with whistleblowers

Year after year, there are continued allegations of fraud at the National Social Security Fund (NSSF) and members who contribute to the Fund get worried and frustrated. That the current NSSF leadership has stayed clear of major corruption allegations should not mean it is time to relax. Rather, the leadership has become more transparent, unveiling […]

KCB Uganda begging URA to be lenient after ban

KCB Uganda begging URA to be lenient after ban

Negotiations have been initiated by wholly-owned Kenyan bank KCB Uganda days after Uganda Revenue Authority (URA) blacklisted them and advised their clients to seek services from other banks available on its portal. According to reports by The EastAfrican, the Kenyan bank says that the bank had been caught up in a dispute between URA and […]