The Executive director for Uganda bankers association (UBA) Wilbrod Owor (Centre) said the newly introduced Mobile Money Tax risks reversing the inroads made in promoting financial inclusion

UBA holds second annual banker’s conference

Uganda Bankers Association (UBA) held its second Annual Bankers Conference (ABC) 2018 on July 17, under the theme: Financial Sector Stability: Managing Risk in a Growing and Fast Changing Environment”. The conference was held at Kampala Serena Conference Center.

The conference aimed to deliver constructive discussions and recommendations on a range of subject matters affecting the performance and stability of the banking industry at the global, regional as well as domestic level benchmarking on recent bank resolution experiences. It focused on the changing nature of risk and management therein, bank resolution experiences, banking sector reforms, regulation, legal frameworks and safety nets in place.

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Other discussion areas included the challenges faced by banks including credit risk, Government fiscal and monetary policy frameworks required for facilitating financial sector stability and investor confidence as well expectations from the wider spectrum of stakeholders on how the banks should drive growth across the economy anchored on stability benchmarks. The conference was expected opened by the Prime Minister, Dr Ruhakana Rugunda. Speakers included the Governor Bank of Uganda, MasterCard’s Division President for Africa, Standard Bank’s Regional Economist for East Africa, Zimbabwe’s Deposit Protection Corporation CEO.

Mutebile sacks Justine Bagyenda as he mad staff changes

BoU Governor Emmanuel Tumisiime-Mutebile

As he made changes in his staff, the Bank of Uganda Governor Prof. Emmanuel Tumusiime-Mutebile in February sacked the then executive director in charge of bank Supervision, Justine Bagyenda, Dr Tumubweine Twinemanzi who was formally working with the Uganda Communications Commission. Ms Bagyenda would later run the IGG protesting her dismissal which came a few months before her official retirement. It would later cause a public spat between Tumusiime-Mutebile and IGG Irene Mulyagonja and was only cooled by president Museveni.

The other staff appointed: Mary Katarikawe as Executive Director Operations. Joyce Okello was made the new Executive Director and Personal Assistant to the Governor. Richard Mayebo was appointed Executive Director Risk and Strategic Management. The then director in charge of Communications Christine Alupo was shifted to head the Board Affairs Department and was replaced by Charity Mugumya. Hannington Waswa posted to head Commercial Banking Department and Ben Sekabira as head of Financial Markets Development Coordination while Edward Mugerwa will serve as director IT Operations Department.

Hot seats, Kasekende consults Mutebile in the COSASE committee.

Parliament starts probing BoU on Controversial Closure Of seven banks

The Parliamentary Committee of Commissions, Statutory Authorities and State Enterprises (Cosase) in late October started the process to investigate queries raised by the Auditor General John Muwanga’s special audit report of Bank of Uganda on seven defunct banks namely; Teefe Trust Bank, Greenland Bank, International Credit Bank, Cooperative Bank, National Bank of Commerce, Global Trust Bank Uganda and Crane Bank Limited.

The committee headed by MP Abdu Katuntu as Chairman probed BoU Board and senior staff. The probe whose process is still on-going has unearthed the rot in the central bank where officials were found to be disorganized to the extent that they have failed to avail some of the required documents relating to the sale of banks. Cases of fraud have not been ruled out. Worse still the officials have failed to account for some of the money used. For instance they have failed to account for Shs478 billion ploughed into Crane Bank Limited during the takeover period. The probe also established that Tumusiime-Mutebile was not in full control of his senior staff and takes the biggest blame.

PROMPT SUCCESS: Dr-Josephine-Wapakabulo-the-CEO-of-The-Uganda-National-Oil-Company

UNOC holds 2nd annual general meeting of shareholders.

The Uganda National Oil Company Limited (UNOC) on December 11, held the second Annual General Meeting (AGM) of shareholders at its Head Offices in Nakasero, Kampala. The shareholders of the company fully owned by the government, approved and adopted the Annual Financial Statements for the years ended 30th June 2017 and 30th June 2018, including the reports of directors and external directors. The shareholders also resolved: UNOC invests and holds 15 percent equity in the East African Crude Oil Export Pipeline (EACOP); UNOC invests and holds up to 40 percent equity in the Refinery Project to be developed in Kabaale, Hoima district; UNOC invests and holds at least 51 percent equity in the Kampala Storage Terminal (KST) to be located at Namwabula village in Mpigi district as well as manage and operate it; UNOC operates and manages the Kabaale Industrial Park (KIP) to be located in Kabaale, Hoima district; and UNOC commences and engages in petroleum exploration activities within the boundaries of the Republic of Uganda to ensure sustainability of the oil and gas development.

Nuclear power plant in Sudan

Uganda hosts Africa nuclear experts meeting
In August experts from several African countries were in Uganda to review the status of radioactive waste management, update national inventories and develop the work plans and implementation strategies for strengthening radioactive waste management among member countries.

The meeting at Hotel Africana in Kampala was also attended by experts from International Atomic Energy Agency (IAEA), which supports safe and peaceful use of atomic technology.

Honey Malinga, representing the Minister of Energy and Mineral Development, while opening the meeting on Monday, said proper radioactive waste management is essential for a healthy environment. He said that the energy ministry was developing specific objectives for radioactive waste management adding that “We should create awareness on proper radioactive waste management to ensure that both people and the environment are healthy and safe.” The mention of nuclear energy raises fear about nuclear and Atomic weapons and threats to the environment but some participants at the meeting insisted that the nuclear, and atomic technology, once safely applied, can be used to address a range of problems especially energy.

First Deputy Prime Minister Gen Moses Ali, at the Energy Review Week

Uganda hosts Energy week
In September, Kampala was once again host to the annual Energy week bringing together various stakeholders in the renewable and energy sub sector.

The convergence being held at the KCCA groups is being anchored under the theme Transforming Uganda’s Energy sector through increased innovation investment and integration for future sustainability.