Stanbic Bank
Stanbic Bank
27.3 C
Kampala
Stanbic Bank
Stanbic Bank
Home Blog Page 1350

Uganda faces sanction over gold from Venezuela as AG and police clash

By
Isaiah Mwebaze
-
Bars of gold.

Uganda could face possible sanction by the United States over the import of gold from Venezuela.
This is because a gold refinery established by a foreign national at Entebbe-Uganda was cited as having imported 7.4 tons of questionable gold from Venezuela.

According to sources, the gold from Venezuela found its way to Entebbe before it would be transported back to the European market.

African Gold Refinery is alleged to have exported 3.8 tons of gold that is suspected that have originated from Venezuela before Uganda police raided the AGR offices to seize the balance of 3.8 that has clashed Ugandan Attorney General with the police charged with manning minerals.

The AG wrote on March 26, to the commandant of the police mineral protection unit detailing that African Gold Refinery Limited operates as a bonded warehouse with a license Number WO408 under the East African Customs Management Act, 2004 (EACMA) under section 48 of the EACMA, bonded warehouses may be exempted from paying of duty on first importation into the bonded warehouse.

“Pursuant to the directive of H.E. the President, dated April 26, 2017, reference PO/1, communicated to Ministry of Energy and Mineral Development and the letter from Uganda Revenue Authority (URA) to AGR dated June 5, 2018, reference CUST/T/3/16, government granted AGR bonded facility exemption from import duty in accordance with section 164 part XIII of the East African Community Customs Management Act, 2004.” Mr William Byaruhanga wrote.

Adding “Accordingly, URA granted clearance of the two consignments on March 1, 2019 and March 4, 2019 respectively in line with exemption already granted by government and also issued release orders for the consignments”.

However, police maintains that gold seized from AGR must pay duty and up date, the police still keeps presence at AGR prompting AG to order them leave the offices.
“In light of the above, you are directed to withdraw your officers deployed at AGR premises and release any gold that may have been seized or impounded during this investigation”

On January 31, 2019, the US department of the Treasury’s office of foreign assets control added Venezuela’s state owned oil and gas company to its list of specially designated nationals and blocked person. The executive order 13827, issued on March 19, 2018, prohibits dealings in debt owed to the government of Venezuela.

However, in his letter, Mr. Byaruhanga warns AGR to desist from importation of more gold from Venezuela as the US sanctions could target Uganda.

“Concerning the current sanctions imposed by United States government on Venezuela, in view of the principle of comity, by copy of this letter, AGR is instructed henceforth, save the gold comprising of the consignments that have been the subject of investigation, cease and desist from any further importation of gold from Venezuela, until further notice”.

Stories Continues after ad

Minister Nantaba ordered for shooting to death of Ronald Sebulime

By
Our Reporter
-
AT WAR: ICT State Minister Aida Nantaba Erios

In an act of extra judicial killing, Police have confirmed that the State Minister for Information and Communication Technology (ICT) who doubles as Kayunga district woman MP, Aida Erios Nantaba, ordered for the shooting of Ronald a common citizen Ronald Sebulime on allegations that he was trailing her.

In the latest statement, Police Spokesman Fred Enanga has Sebulime was illegally killed after days of denying that the accusations. Enanga said Wednesday police patrol in the area told lies.

Investigations have turned out that though Nantaba suspected Sebulime who was riding a motorcycle to be an assassin after he made a sudden u turn at Ssinda village, he was an innocent man going to visit his children at school in Kabimbiri. He is said to have asked the women who always sell food to Nantaba for direction before turning back on Kampala road. Nantaba buys items from the same women.

The source at Naggalama police station said Sebulime did not trail the MP instead she started following him after suspecting him to be an assassin.

According to the narrative, the suspicious MP however, reported the matter to Naggalama police station as she chased him using her official car. Police joined them in the chase until he branched off the highway to a marram road going to Nagojje to save his life. The minister reportedly stopped along the way and left police to execute its duties.

According to the source, Sebulime was arrested, put on handcuff and bundled on police pickup. After driving for a few meters, the suspect was bundled off the pickup and asked where the gun is before being shot.

The source said, a police officer (names withheld) called the minister to tell her that the suspect had been arrested and she ordered that she be shot, asserting that she would argue with anyone in case questions are raised.

It is said the police officer upon receiving Nantaba’s orders, moved two meters back and shot Sebulime in the chest.

Analysts say there is no assassin that can carry his driving permit and nation ID on such missions. He said the deceased was found with black gaggles and helmet.

Nantaba yesterday denied the allegations of ordering for the shooting to death Sebulime, instead she said police should explain why the officer shot Sebulime.

Stories Continues after ad

Uganda U-17 football team to camp in South Africa

By
Our Reporter
-
Uganda clubs

The Uganda U-17 National football team, known as ‘The Cubs’ will camp in South Africa as part of preparations for the upcoming U-17 Africa Cup of Nations to take place in Tanzania next month.

In South Africa, the Uganda Cubs are expected to play build up matches with some junior sides in the country during their ten-day external camp.

Currently the team is at Fufa Technical Centre in Njeru, Jinja for a residential training camp before they will fly out.

Early this month, the Cubs participated in the UEFA U-17 Assist tournament in Turkey where they only won one of the three games they played.

The team will thereafter fly to the host city of the tournament, Dar-Es-Salaam on the 11th of April to undertake the mandatory Magnetic resonance imaging (MRI) test to confirm their age.

The final tournament will kick off on 14th and end on 28th April 2019 in Tanzania. Uganda is in group A with the hosts, Nigeria and Angola

The top two teams in each of the two groups in the tournament will qualify automatically for the 2019 U-17 FIFA World Cup that will be held in Peru.

Uganda’s group stage fixtures;

14th April 2019: Angola vs Uganda

17th April 2019: Uganda vs Tanzania

20th April 2019: Nigeria vs Uganda

Stories Continues after ad

Govt backtracks, says owns 100% shares in Uganda National Arline

By
Our Reporter
-
Monica Ntege Azuba

Following insistence by the members of parliament that government explains the ownership of the revamped Uganda National Airline before they can approve needed money to complete purchase of aircraft, the latter on Wednesday turned around to say it owns all the shares via the Ministries of Works and Transport as well as Ministry of Finance, each owning one million ordinary shares.

The new development was revealed by Works minister Monica Azuba who presented the certificates of shareholding and incorporation, even though MPs still remained skeptical of the documents she laid on table.

Deputy Speaker who was chairing the House on noting MPs’ concerns ordered that the Budget Committee scrutinizes the new documents brought by minister Azuba who is one of the architects of revamping the airline.

Yesterday it was revealed that government has less than one percent of the shares in the company while unnamed individuals own over 99 percent of the shares. This forced MPs not approve Shs280 billion in supplementary budget for 2018/19 to operationalise the aircraft. US $41.55 million is required for delivery of the first aircraft and the second in March 2019,

Meanwhile, according to the National Planning Authority (NPA) 99 per cent of the stock in Uganda Airlines remains unsubscribed because it is being held in trust until the carrier is ready for listing on the Uganda Securities Exchange.

Responding to suggestions that a ‘mystery individual’ holds the majority interest in the publicly funded project, Mr. Moses Dhizaala, the Head of Monitoring and Evaluation at the National Planning Authority NPA said the decision to have the ministries of finance and works as the primary shareholders was arrived at following advice from the Attorney General’s chambers.

“When the question of ownership came up at the inception of the national carrier project, the legal advice we got indicated that as long as there was a minimum of two subscribers to the share capital, Uganda National Airlines Corporation could be registered a public company. That is why the Ministry of Finance and the Ministry of Works were each given a single share so that the company could have legal effect,” Dhizaala said.

That left 99.9 per cent of the stock open to subscription as and when the revived national carriers financials qualify it for listing on the USE.

That arrangement has caused confusion with a section of legislators suggesting that the government was a minority shareholder in the project while a phantom figure owned the rest. The sensational claims are contained in a minority report by opposition MP’s on the House Budget Committee after the House passed Shs280 billion in supplementary spending by the works ministry to support payments for the initial two aircraft from Canadian systems integrator Bombardier.

The Ministry of Works and Transport as well as Ministry of Finance are so far said to be the only nominees to the company, each holding a single share equivalent to 0.0001 percent of the stock. The two ministries which comprise the company’s board are represented by their respective permanent secretaries.

Stories Continues after ad

Land probe seeks for extra Shs3b as its term comes to an end

By
Isaiah Mwebaze
-
Justice Catherine Bamugemereire.

The Commission of Inquiry into Land Matters has run short of money and is requesting for an extra supplementary funding to the tune of Shs3 billion, according to the State Minister for Finance David Bahati who informed members of parliament on Wednesday.

However, the request of the Shs3 billion did not go well with the MPs who wanted the latest report of the Commission before they can approve the money. The Commission is led by Justice Catherine Bamugemereire as Chairperson.

But Bahati urged the MPs to approve the money, saying the Commission has so far saved government about Shs3 trillion in dubious land deals that were ochestrated by some government officials.

The Commission last received Shs10 billion as supplementary, having exhausted its budget for the financial year 2018/2019.

The Commission is holding the inquiry into effectiveness of law, policies and processes of land acquisition, land administration, land management and land registration in Uganda.

President Yoweri Museveni launched the Commission in February 2017, giving them a six-month mandate to do the work and thereafter submit final findings and recommendations.

Museveni has extended the term of the Commission of Inquiry into land matters by at least 18 months following the expiry of its term on May 9, 2018. That was the third time Museveni was extending the term of the Commission. The initial six-month tenure started in May 2017 and expired on November 9, 2017. The president then granted them another extension for six months.

The Commission last year faced challenges of accountability of Shs13 billion.

Commission’s Terms of Reference:-

·Investigate and inquire into the law, processes and procedures by which land is administered and registered in Uganda.

·Investigate and inquire into the role and effectiveness of the Uganda Land Commission (ULC in administering public land and the Land Fund.

·Investigate, inquire into and review the effectiveness of the relevant bodies in the preservation of wetlands, forests and game reserves and examine ways in which the challenge of human habitation in those areas can be resolved.

.To investigate, inquire and solicit views on the role of traditional, cultural and religious institutions who own large tracts of land with occupants in a bid to enhance better landlord/tenant relationships.

·To assess the legal and policy framework on Government land acquisition.

.To identify, investigate and inquire into the effectiveness of the dispute resolution mechanisms available to persons involved in land disputes.

·To inquire into any other matter connected with or incidental to the matters aforesaid and make recommendations.

·The Commission shall make recommendations:-

·For improving the efficiency and effectiveness of the law, policies and processes of land acquisition, land administration, land management and land registration in Uganda and proposing necessary reforms.

·Pertaining to civil, administrative and criminal sanctions against persons found culpable for wrong doing.

Stories Continues after ad

Invest in assets that generate income- Gen. Muhoozi

By
Geoffery Serugo
-
Wazalendo

The Chief of Defence Forces (CDF) Gen. David Muhoozi has encouraged members Wazalendo Savings and Credit Cooperative Society Limited (WSACCO) to invest in assets that generate income as opposed to buying luxurious items that provide short time benefits.

Speaking at Uganda Military Engineering College (UMEC) in Lugazi, Gen. Muhoozi said there was a need to come up with smart innovations to build strong consensus with members, understand the critical importance of the SACCO and design simple and clear messages to all members for WSACCO to do better.

He called for investing in businesses that will in turn generate profits than in luxurious life. “WSACCO is like a teenager that has performed exceptionally well before becoming an adult,” he said.

“We have done well and we should maintain and improve the welfare of our members,” Gen. Muhoozi told members, adding that it is the duty of the leadership to maintain the sound relationship with WSACCO to provide reliable solutions that can fight poverty.

He said there must be trust between the leadership and members to have a SACCO that can transform the lives of its members and not just accumulation of figures.

Gen Muhoozi advised WSACCO Board, Supervisory Committee (SUPCO) and Management to work together so as to realize the objectives of the WSACCO.

WSACCO Board Chairman and Deputy Commander Land Forces, Maj. Gen. Sam Kavuma, the SACCO provides an opportunity for the UPDF fraternity to come together and accumulate a fund that will better their welfare and prepare them for life after retirement.

Maj. Gen. Kavuma said, the society’s asset base stood at Shs271.1 billion against Shs219.1 billion in the last financial year and mainly attributed this growth to the rolled-out re-financing that enabled members to access more loans on top of their existing loans.

He encouraged members to continue saving tirelessly by revisiting their enterprise selection and investing in real assets that generate income to fill the liquidity shortfall.

Invest in assets that generate income- CDF Gen David Muhoozi

The Chief Executive Officer of WSACCO Brig Simon Ocan said WSACCO registered numerous achievements despite the existing challenges like failure on delivery of new ATM cards, poor service delivery on the OTC platform by Post Bank Uganda and the halt on WazaMobile services by M/S Neptune and MTN in mid-December 2018.

He, however called upon the UPDF leadership, Board, Management team and elected delegates to emphasize mobilization and sensitization of SACCO members especially in areas of accumulating savings, financial literacy and investment.

Members adopted and approved the proposal to issue bonuses to shareholders by appreciating the share value from Shs10,000 to Shs15,000, extending the maximum loan period from 4 to five years, increasing the loan size from Shs40 million to Shs80 million, among others.

Stories Continues after ad

Katikkiro Mayiga to sound the first drum as second edition kicks off

By
Our Reporter
-
FUFA-Drum provinces

The Katikkiro of the Buganda Kingdom Owek. Charles Peter Mayiga, will be the Chief Guest as the second edition of The 2019 FUFA Drum gets underway with Buganda hosting Lango at Bishop Brown SS, Mukono on Saturday.

FUFA Executive Member in charge of marketing and communications Rogers Byamukama, who is also the chairman organizing committee FUFA DRUM confirmed the development in the press conference at Mengo.

Byamukama also emphasized that the new playing format will see the top two teams in each of the four groups assemble at one venue from where the champion will be determined.

“There is a slight change this season. Unlike the previous edition where we played on home and away basis up to the final, this time round, we shall a different set up after the group stage. The top two teams in each group will converge in one venue and play to determine the champion.”

Transfer of players from one province to another will not be allowed and Byamukama warned provinces to be aware of this while summoning squads.

“A player who featured for one province last season is not allowed to transfer to another. We therefore warn coaches to avoid this.” added Byamukama.

The chairman organizing committee also indicated that the man of the match cash prize (Ushs 100,000/=) and the plaque will be maintained this season.

FUFA will as well maintain the transport, accommodation and feeding financial assistance rendered towards the provinces.

Official Opening Match: Saturday, 30th March 2019

Buganda Vs Lango – Mukono Bishops S.S Playground (4 pm)

Sunday, 31st March 2019

Busoga Vs Tooro – Kyabazinga Stadium, Bugembe – Jinja

Kampala Vs Rwenzori – Luzira Prisons Stadium

West Nile Vs Bunyoro – Bar Okoro, Zombo

Acholi Vs Karamoja – Pece Stadium, Gulu

Ankole Vs Sebei – Kyamate Stadium, Ntungamo

Bugisu Vs Kigezi – Mbale

Bukedi Vs Teso – Butaleja

Breakdown of the prize money for last season

Winners (Buganda) – Shs32 million

Runners up (West Nile) – Shs15 million

Losing Semifinalists -Shs5 million

Losing Quarterfinalists – Shs3 million

Third teams at group stage- Shs1.5 million

Last teams at group stages – Shs1 million

Best XI – Shs11 million

Best Coach- Shs1 million

Most Valuable Player-Shs1 million

Top Scorer – Shs1 million

Best Goalkeeper – Shs1 million

Fair Play Team -Shs1 million

Best Fan – Shs1 million

Stories Continues after ad

Federation of Africa University Sports elects two Ugandans on its executive committee

By
Our Reporter
-
Executive committee

A new Federation of Africa University Sports (FASU) Executive Committee for the term 2019-2022 was elected during the FISU-FASU Strategic Dialogue and FASU General Assembly in Entebbe, Uganda which held from March 23 to 24.

Two Ugandans, Mercy Lakisa and Peninnah Kabenge were elected on the committee as the FASU Students’ Representative and FASU General Secretary respectively.

Peninnah is the Head of Sports and Recreation Department and Principal Sports Tutor at Makerere University while Mercy served as the 83rd Vice Guild President at the same university.

The Federation of Africa University Sports (FASU) also elected its first ever female president, Nomsa Mahlangu from South Africa, and her tenure will last until 2022. This historic moment, which was also witnessed by FISU President President, Prof. Oleg Matytsin.

Mahlangu told participants of the Dialogue and General Assembly that they all have a role to play in “ensuring that FASU is successful”, while highlighting that a lot of work needs to be done.

“I heard a lot of people since the dialogue. There were talks that we need to take FASU to another level. Now this is the time for us as a collective to define what that other level is. In the next programs of FASU it is our responsibility to ensure that we give opportunities to our students. University sports is all about students it is not only about us as administrators, lecturers and the likes,” she explained.

Mahlangu is a former goalkeeper who has been a National Executive Committee Member of the South African Football Association (SAFA) since 2009.

The elected Executive Committee;

Ms. Nomsa Mahlangu – FASU President

Mr. Sidibe Daouda – FASU 1st Vice President

Mr. Life Chemhere – FASU 2nd Vice President

Ms. Peninnah Kabenge – FASU General Secretary

Mr. Abby Kidane Belayhun – FASU Treasurer

Ms. Mercy Lakisa – FASU Student Representative

Stories Continues after ad

Ethiopian Airlines: A look into China’s secretive lending to Africa

By
Guest Writer
-
Mr. Poenisch

By Herbert Poenisch

Questions are swirling around China’s financing of Ethiopian Airlines (ET), and whether it was part of the country’s secretive lending to Africa.

China’s footprints are visible in Ethiopia, as in other parts of Africa. This includes a recently expanded ET terminal at Addis Ababa Bole international airport and a new five-star hotel. An increasing number of Chinese travellers are transiting through Addis Ababa to various destinations in Africa, all made possible by the rapid growth and expansion of ET’s network. Passengers from Beijing, Chengdu, Guangzhou, Hong Kong and Shanghai can now reach 61 destinations in Africa thanks to the carrier.

While it is difficult to obtain hard facts about Beijing’s involvement, there are indications that Chinese banks, in particular the China Export Import Bank and Industrial and Commercial Bank of China Financial Leasing, have lent large amounts to Ethiopian Airlines.

According to the carrier’s 2016-17 annual report, its total outstanding loans amounted to $ 1.5 billion, or 65 per cent of its total liabilities, net of capital. This is a healthy situation, but the breakdown into individual creditors is unclear.

Known lenders include the US Export Import Bank, JPMorgan, the African Development Bank, the Eastern and Southern African Trade and Development Bank, ING and Société Générale. ET’s new Boeing 737 Max aircrafts were funded partly by the US branch of financial services firm Investec. However, the creditors whose names are listed publicly account for fewer than half of the company’s long-term loans. Substantial funding therefore came from unallocated lenders, some of which are likely to be Chinese. In their annual reports, the China Exim Bank and ICBC Financial Leasing are vague on their strategies in Africa.

The China Exim Bank’s priority is promoting the Belt and Road initiative. While China has never published a list of Belt and Road countries, African states such as South Africa, Zimbabwe and Ethiopia are first on the list of responsibilities of the China Exim Bank Africa office.

The China Exim Bank has deep pockets. By 2017 it had spent $37 billion on overseas investment loans, $113 billion on international co-operation loans and $135 illiobn on loans supporting greater openness in addition to their trade finance.

The tragic crash of ET Flight 302 on March 10 shone a light on China’s involvement in Africa. Once its causes become clearer, it may lead to a reassessment of the risks of lending to a fast-expanding airline. It is possible western creditors will react faster than their Chinese counterparts. Regardless of the extent of ET’s fault in the crash, lenders will probably continue to support the airline. This is particularly true of Chinese investors as part of Beijing’s ‘going global’ strategy; Ethiopia plays an important role as a transport hub in Africa. Any retrenchment would have a knock-on effect on China’s strategy elsewhere on the continent. Chinese airlines are in no position to fill the gap if the country downscaled its commitment to ET. In addition, the airline’s success has made it a profitable Chinese investment.

The writer is a Member of the International Committee of the International Monetary Institute at Renmin University of China, and former Senior Economist at the Bank for International Settlements.

Stories Continues after ad

Uganda donates Shs740m to victims of Cylone Idai in Mozambique and Zimbabwe

By
Geoffery Serugo
-
Cylone Idai

Uganda has joined the international community and the rest of the world to avail relief assistance to the people of Mozambique following the effects of the devastating cyclone Idai.

The financial assistance amount to US $200,000 about (Shs740 million) was announced by the Minister of State for Foreign Affairs Okello Oryem following a directive by President Museveni in fulfillment of his pledge to rally support to assist victims affected by this disaster that occurred from 4th March – March 12, 2019.

The Cyclone in its wake followed by torrential rains and massive floods caused significant destruction of property and infrastructure claiming more than 400 lives with the Republic of Mozambique registering most of the causalities according to Official statistics.

In a directive issued by President Museveni and a decision of Cabinet of the government of Uganda, the Ministry of Defence and Veteran Affairs under the coordination of Gen. Ivan Koreta and Amb. Richard Kabonero, Uganda’s High Commissioner accredited to the Republic of Mozambique, will be in charge of overseeing and ensuring that this contribution is duly received to aid in provision of relief assistance to the victims affected by this disaster.

This intense Tropical Cyclone Idai is regarded as one of the worst tropical cyclones on record to have affected particularly the Southern Hemisphere. The long-lived storm caused catastrophic damage of Infrastructure in the SADC countries of Mozambique, Zimbabwe, Malawi, Madagascar leaving hundreds dead and several more missing.

Mr. Oryem said this gesture is a sign of good will and commitment expressed by the Government and People of the Republic of Uganda with an assurance of more assistance to be provided in solidarity with countries affected by this disaster.

Stories Continues after ad
1...1,3491,3501,351...2,420Page 1,350 of 2,420

© Eagle Online. All rights reserved.

About Us

Popular Category

Editor Picks