Stanbic Bank
Stanbic Bank
26.7 C
Kampala
Stanbic Bank
Stanbic Bank
Home Blog Page 1624

Wapa daughter to oversee procurement of CCTV cameras

By
Geoffery Serugo
-
Dr-Josephine-Wapakabulo-the-CEO-of-The-Uganda-National-Oil-Company

President Yoweri Museveni has reportedly appointed Information and Communication Technology (ICT) expert Josephine Wapakhabulo to oversee the procurement of CCTV cameras that will assist the police in curbing crime, sources have told EagleOnline.

Last year, at the vigil of the slain Assistant Inspector General of Police (AIGP) Andrew Felix Kaweesi who was gunned down along with his body guard and driver, President Museveni directed that the cameras be installed at every junction in the city.

Dr. Wapakhabulo is the substantive Executive Director on the National Oil Company (NOC) and the news of her other assignment in respect to the CCTVs comes at a time when the former Police Director of IT Amos Ngabirano, who was reportedly to oversee the procurement, was relieved of his duties.

Currently, government is grappling with the advent of sophisticated crime, following a series of murders, creating panic among the citizens.

About a three weeks ago middle-aged Susan Magara was kidnapped, tortured and killed by thugs who are still being hunted by security agencies.

And as if to prove that the criminals are sophisticated, police and telecom companies have still failed to establish the owners of the 14 sim cards that were used by Ms. Magara’s killers to demand for ransom from their five anonymous hideouts.

 

 

Stories Continues after ad

Uganda to host 2018 AMI awards

By
Badru Kasadah
-
Celebrated rapper Sarkodie

Uganda is to hos this year’s AMI Awards Afrika, with celebrated rapper Sarkodie one of the performers at the event slated for the Kampala Serena Hotel on March 24.

According to former Big Brother Housemate Stella Nantumbwe, the vice-president of the AMI Awards franchise for Uganda, the awards at which Sarkodie is to perform will honour African artistes, community leaders, political figures, dignitaries, celebrities and stars who are pioneers in the arts, music and fashion.

“We are dedicated to the well-being, prosperity and preservation of the youth’s communities and families everywhere around the world through our arts and cultures,” she told a press at Mestil Hotel and Residences, Nsambya – Kampala.

In addition to Sarkodie, the other continental superstars lined up to perform at the awards include; Barbara Kanam, Lhiza James, Fabregas, Safary, Bill Clinton Kalonji, Babes Wadumo and Shellsy Baronet.

The event, which will be organised on an annual basis, started last year in the US, where African artistes were recognised for their work.

It was started by Esaie Schnaps, a Congolese national, under the Schnaps Universe Inc. Its main purpose is to celebrate African music and recognise the best performers on the continent musically.

On top of this year’s edition being hosted in Uganda, Ugandan musicians too are among the nominees in the awards.

‘IN ACTION’: Sheebah Karungi

Among those nominated include; Sheebah Karungi and Juliana Kanyomozi for best female eastern artiste, and Bebe Cool, Kenzo and Radio (RIP) and Weasel for best male eastern artiste.

Ykee Benda

Ykee Benda has been nominated for best male newcomer.

Other African nominees include Sauti Sol from Kenya, Sarkodie from Ghana, AKA from South Africa, Casper Nyovest from South Africa, Fally Ipupa from  DR Congo and Diamond Platnumz from Tanzania.

The categories were structured by regions in Africa: central, eastern, southern, western and northern.

Both male and female categories were further created from these regions.

Other categories include best newcomer for both female and male artistes in French and gospel fields of music, best African group, best DJ Africa, best song of the year, best video of the year, legendary artiste, best dancehall artist, best rap and best male and female Kizomba of the year.

The next edition will be held in Senegal.

 

Stories Continues after ad

Mwiru declared winner of Jinja East bye-election

By
Our Reporter
-
Winner of Jinja East parliamentary bye-election Paul Mwiru.

Forum for Democratic Change candidate, Paul Mwiru has been declared the winner of Jinja Municipality East beating his close rival of Nathan Igeme Nabeta of National Resistance Movement party.
The Electoral Commission announced Mwiru winner with 6,654 votes against Nabeta who scored 5,043 votes. Jinja District Returning Officer, Rogers Sserunjoi announced the result this night at Jinja Municipal Hall.
“Accordingly, as a Returning Officer, for Jinja Electoral District and in accordance with section 58(1)of the Parliamentary Elections Act, 2005, (as amended), I declare Paul Mwiru who has obtained the largest number of votes, to be the elected candidate for Jinja Municipality East constituency, Jinja District. The other five contestants in the race couldn’t get 1000 votes.

Signed declaration form announcing Paul Mwiru as winner of Jinja East Municipality bye-election.

The Jinja East parliamentary seat fell vacant after a panel of three appellant court judges threw out Nathan Igeme Nabeta, who was wrongly declared Member of Parliament by then Jinja district returning officer Anthony Mwaita in 2016. Consequently, the judges ordered for fresh elections.

Stories Continues after ad

BoU never valued all Crane Bank assets – shareholders

By
Our Reporter
-
TRIPARTITE SAGA? Governor Tumusiime Mutebile, Deputy Governor Loius Kasekende and former Bank Supervision Executive Director Justine Bagyenda.

The Bank of Uganda (BoU) never carried out a valuation of the assets of the Crane Bank Limited (CBL) after the central bank took over management and subsequently sold it off to the dfcu Bank at Shs200 billion, shareholders have said.

According to the CBL shareholders, the non-valuation of the CBL assets was contrary to the regulations of the Financial Institutions Act (FIA), and that those responsible for the sale of CBL were wheeler-dealing for personal gain.

The shareholders, who are reacting to a sale agreement dubbed: ‘The major contentious issues with the Purchase of Assets and Assumption of Liabilities Agreement entered into between Bank of Uganda and DFCU Bank Limited dated 25th of January 2027’, say at the time of the CBL take over it was worth about Shs1.3 trillion.

The document was reportedly signed by among others the central bank Governor Professor Emmanuel Tumusiime Mutebile, on behalf of BoU and Juma Kisaame and William Sekabembe, Managing Director and Executive Director respectively, on behalf of DFCU Bank.

‘There was no market valuation of the assets of CBL prior to their transfer to DFCU as required by law under the FIA. This gives DFCU a bonanza at tax payer and shareholder expense. BoU officials deliberately undervalued assets so as to give DFCU a sweetheart deal. That is the reason that this agreement is deliberately vague on the value of assets taken over y the DFCU (yet this should be a material point to include in an agreement of the kind),’ the shareholders, among them tycoon Sudhir Ruparelia, state in their 4-page unsigned document.

The shareholders also take exception to the dramatic rise in the declared value of the branch networks from Shs10 billion to Shs47 billion, just days after the sale.

‘’…when one looks at the CBL balance sheet at the time of takeover by DFCU, the branch network was valued at UGX10 billion only. Within just days of taking over the assets, DFCU revalued the same at 47 billion!!! Showing a discrepancy of 37 billion shillings given to DFCU for nothing,’ the shareholders further say.

The shareholders add: ‘This undervaluation benefitted DFCU and Bank of Uganda officials (as well as their legal advisors) on this transaction.’

The law firms cited by the shareholders in the sale of CBL are MMAKS Advocates and AF Mpanga, who were representing the BoU. The shareholders also charge that in furtherance of their interests, the two law firms were also retained by DFCU after the sale of CBL.

‘Immediately after concluding this sale, both MMAKS Advocates and AF Mpanga (Bowmans) went to work for DFCU to collect loans and earn fees from the CBL loan portfolio and they continue to work for DFCU up to this day on this very portfolio they sold’, the shareholders add.

Last year commercial court judge David Wangututsi, in a judgment read by Commercial Court Registrar Lillian Bucyana, told lawyers Timothy Masembe Kanyerezi of MMAKS and David Mpanga of AF Mpanga that they erred at law, and in conflict of interest, to represent BoU in a Shs400 billion case against billionaire businessman Sudhir Ruparelia, their former client.

Justice Wangututsi further ruled that the two lawyers were acting to jeopardise the city tycoon’s business interests in respect to the now-defunct Crane Bank that is under receivership.

At the time Mr. Ruparelia, who was represented in the landmark case by Messrs. Kampala Associated (KAA) Advocates, sought court’s intervention against the two lawyers, arguing that they had previously represented him and a host of his companies for 12 years, and that they should instead have acted as his witnesses in Uganda’s biggest commercial case that pitted the BoU against the tycoon.

 

 

Stories Continues after ad

NSSF eases access to information through new phone app

By
Geoffery Serugo
-
Mr. Richard Byarugaba.

You don’t need to remember your NSSF number. Simply enter your registered phone number and the app will automatically log you into your account. That is how the new NSSF android App works.

On being logged in, the phone will flash your NSSF number, registered phone, email, and the date on which you started making contributions to the fund, then you can click that tile to go to your detailed profile.

According to NSSF, the app shows your balance on your NSSF account and the date below this amount shows the last time the information stored in your app was updated.

“Click on this tile to go to your detailed statement. You can slice and dice your statement in many different ways – sort information by employer, by amount, by date, by entry type (interest or normal contribution),” a statement from the savings fund reads in part.

Keeping true to the intention of saving for your old age, the app also shows you the projected balance you will have at the age of 66, which is the maximum eligible age for members saving with the Fund.

You just have to click on the relevant tile and it will take you to a simulator on which you can vary your future salary, number of years in employment, and future interest. As you change these parameters, the projections will automatically change as well.

The app also calculates the member’s average annual salary and determines an annual growth rate based on linear regression just by clicking on the relevant tile to get the trend of your average annual salary.

With the app, you do not have to mind about keeping records about your previous employers, it shows you the employers that NSSF have received your contributions from, and how much in total you saved while working with each employers.

‘You just have to click the relevant tile to see a full list of your employment history based on all the contributions we have received since you started saving with the Fund’ the statement says in part.

To get the app, you must have an android APP. Just go to Google Play and download it on your phone, the statement adds.

 

Stories Continues after ad

Cranes fail to advance in latest FIFA rankings

By
Our Reporter
-
Members of the Uganda-Cranes-Team-pose for a group photo last year. The Cranes have failed to advance in the FIFA rankings released today

Uganda National football team, The Cranes have managed to remain at position 78 in the latest World Fifa rankings released today, March 15, 2018.

Uganda remains the best placed East African country despite not playing any competitive matches in the last month, and neighbours Kenya have moved one place to 105th while Rwanda settles at 112, five places ahead of Sudan (117).

Tanzania, Uganda’s next opponents in the 2019 Afcon qualifiers also stagnated at position 146.

Tunisia has remained the best placed African country at 23rd while Senegal is the second best at 27th, DR Congo at third position 39, Morocco at 42 and Egypt completes the top five African countries despite also slumping down one place to 44th.

Azerbaijan was the worst mover, falling 8 slots to 127th while Andorra was the best mover, climbing 7 places to 130th.

The top five remain in their positions, with Germany still on top, Brazil, Portugal, Argentina and Belgium respectively. Poland (up one) are the only movers in the top 20, having climbed into joint-sixth position alongside Spain.

FIFA rankings are based on the average number of points that a team accumulates over a four-year period. The ranking points in each match are determined by its result, its value and the relative strength of the opponent and their confederation. The system also has a yearly basis depreciation for the value of the matches.

The next Coca-cola FIFA rankings will be released on April 12, 2018.

 

Stories Continues after ad

South Sudan government is broke – President Kiir

By
Agencies
-
DECLARED THREE DAYS OF NATIONAL MOURNING: President Salva Kiir

South Sudan President Salva Kiir has openly admitted his country has run out of cash and there was nothing that could be done to fix the economy unless war stops for peace and stability to return to the country in order for investors and other money-generating activities to resume.

The South Sudanese leader, who sacked former the finance minister Stephen Dhieu Dau on Monday, attributed the cause of being a cash-strapped nation to the war sparked by the power struggle which resulted into a more than four-year conflict with no resolution in sight despite global and regional efforts to salvage the situation.

According to Kiir, at the moment there is nothing that can be done to salvage the loss value of the local currency.

“I want you to work together with other colleagues and institutions to do whatever you can to minimize the current situation. I know we have lost the value of our currency, and there is nothing we can do soon to regain our currency’s value unless we produce, but we should not fold our hands and allow the situation to go out of hand like that. We must try whatever we can,” said President Kiir at the swearing-in ceremony of the new finance minister that was broadcast by the state-owned South Sudan Broadcasting Corporation on Tuesday.

“The forceful taking of power has brought us now to this stage where we have no money in our bank,” he confessed, confirming what several government officials at the bank and the ministry of finance have previously said.

Finance sources said that the central bank was no longer keeping the foreign currency acquired through the sale of the proceeds of the oil, claiming the office was now in charge. The bank, according to the sources, was only receiving and keeping local currency which is acquired from the direct sale of foreign currencies in the parallel market.

Kiir also admitted that the new nation has become a ’laughing stock’ worldwide because of the ongoing conflict.

Observers believe the conflict could be stopped and political differences with various armed and non-opposition groups resolved if the president and his confidants make compromises or demonstrate a willingness to accept and implement the 2015 peace agreement in good faith.

 

Stories Continues after ad

Uganda to participate in Kigali energy forum

By
George Mangula
-
Rwanda President Paul Kagame.Photo credit/reuters

Uganda’s representatives will be among several others to attend the Sustainable Energy Forum for East Africa 2018 in Kigali, Rwanda, from March 19-21.

The forum is being organized by The East African Centre for Renewable Energy and Energy Efficiency (EACREEE), in collaboration with the United Nations Industrial Development Organization (UNIDO), the EAC Secretariat, the Austrian Development Agency (ADA), Sustainable Energy for All (SEforALL) and the government of Rwanda.

The Forum will bring together policy makers, experts, civil society and private sector representatives and development partners to share best practices, identify opportunities and challenges, and find solutions to the energy challenges in East Africa.

Organisers said the Forum aims at fostering economic transformation of the EAC Partner States through equitable access to sustainable energy for all. It is further hoped that it will forge effective partnerships for achieving Sustainable Development Goal- 7 targets – Ensure access to affordable, reliable, sustainable and modern energy for all – in the EAC Partner States by the year 2030.

Some of the key figures expected to attend are  EAC Secretary General Ambassador Libérat Mfumukeko; Sustainable Energy for All CEO, Rachel Kyte; UNIDO Director of Energy, Tareq Emtairah; Austrian Development Agency Managing Director, Martin Ledolter; International Solar Alliance (ISA) Director General, Upendra Tripathi; International Renewable Energy Agency (IRENA) Deputy Director General, Sakari Oksanen among others.

The 2018 edition of the Sustainable Energy Forum will focus on the following: Access to Energy, Roadmap of a Sustainable Energy future for East Africa, Financing Sustainable Energy projects in the EAC, Energy and Gender in the EAC region, Sustainable City development in the region and Geothermal Energy.

Article 101 of the Treat for the Establishment of the EAC calls for the EAC Partner States to explore measures to supply affordable energy to the people of the region while taking into account the protection of the environment.

 

Stories Continues after ad

ADB signs deal to propel solar development in Africa

By
George Mangula
-
Founding Conference of the International Solar Alliance (ISA) held in New Delhi on March 11, co-chaired by Prime Minister Narendra Modi of India and French President Emmanuel Macron

In a major boost for its Light Up and Power Africa initiative, the African Development Bank has entered into partnership with the International Solar Alliance (ISA) to scale up solar energy use in Africa, especially in sunshine rich countries like Uganda.

Both parties will also develop finance instruments for off-grid solar projects, as well as large-scale solar independent power producers for African ISA member countries.

As part of the new agreement, ISA will support the African Development Bank’s ‘Desert to Power’ solar initiative –through which the Bank intends to turn Africa’s deserts into new sources of energy. Working with partners to develop 10,000 MW of solar power systems across the Sahel, the initiative is expected to provide electricity to 250 million people, with 90 million of these being on off-grid systems.

The partnership agreement was sealed on the margins of the Founding Conference of the International Solar Alliance (ISA) held in New Delhi on March 11, co-chaired by Prime Minister Narendra Modi of India and French President Emmanuel Macron.

The joint declaration recognizes the Bank’s New Deal on Energy for Africa, its energy policy and its leadership in working with governments, the private sector, and bilateral and multilateral energy sector initiatives to develop a Transformative Partnership on Energy for Africa.

The declaration lays out areas of deeper cooperation between ISA and the Bank, including developing innovative financial instruments to reduce risks and costs associated with solar investments and to leverage climate financing and commercial co-financing and mobilizing concessional financing through the Sustainable Energy Fund for Africa (SEFA) and other Bank-hosted funds.

About 50 countries were represented by heads of state/government and ministers including 11 African Presidents and several African prime ministers, who were joined by solar manufacturers, developers, financial institutions, green funds, innovators, start-ups and NGOs.

The International Solar Alliance initiative was launched at the UN Climate Change Conference in Paris in November 2015 by Prime Minister Narendra Modi and former French President Francois Hollande. The Alliance is a collaborative platform and a coalition of solar resource rich countries designed to address their special energy needs through a common and agreed approach. 32 of the 60-member countries who have joined the alliance are from Africa.

 

Stories Continues after ad

Kirunda Kivejinja sworn in as ex-officio EALA member

By
George Mangula
-
RIP Mzee Kirunda Kivejinja

Uganda’s 2nd Deputy Prime Minister and Minister for EAC Affairs, Dr Ali Kirunda Kivejinja has been sworn in as ex officio member of the East African Legislative Assembly (EALA).

According to a statement, Kivejinja was sworn in alongside Kenya’s Cabinet Secretary for EAC and Northern Corridor Development, Peter Gatirau Munya, and the two took the oath of office before the EALA Speaker Martin Ngoga.

The Oaths of Allegiance to the House are administered in accordance with Rule 5 of the Rules of Procedure of the Assembly, which states in part: ‘No Member can sit or participate in the proceedings of the House until the Oath or Affirmation of Allegiance to the Treaty is taken’.

Dr Ali Kirunda Kivejinja was appointed to cabinet by President Yoweri Museveni in November 2015 and then re-appointed in June 2016 following the elections in the country.

Kivejinja has served in several positions in the Government of the Republic of Uganda. In 1986, he was appointed Minister of Relief and Social Rehabilitation. He has also since served as Minister of Internal Affairs. Rt. Hon Dr Kivenjinja, who holds a MSc in Zoology has been Senior Presidential Advisor for Internal Affairs to President Museveni.

Kivejinja, who has also served as the head of the Veterans’ League of the ruling NRM, is deputized by the Minister of State for EAC Julius Wandera who, according to Article 48 of the Treaty may participate in the Sittings in absence of Kivejinja.

 

Meanwhile, Gatirau Munya, who was the first to take the Oath of Allegiance, was sworn in as a Cabinet Secretary in Kenya on February 16, 2018 following his appointment by President Uhuru Kenyatta.

Prior to his appointment as Cabinet Secretary, Munya served as the first Governor of Meru County, and second Chairman of the Council of Governors. He previously served as a Member of Parliament for Tigania East Constituency in Meru County (2002-2007) and as Leader of the Party of National Unity (PNU). In December 2007 while serving in his second term as MP, Munya was appointed the Assistant Minister, East African Community.

Munya holds a Master’s Degree in International Law (International Economic Integration Law) obtained from University of Brussels in 1995 and a second Master’s Degree in Law (Public Law) obtained from the University of Georgia, USA. He is a holder of a Bachelor of Law degree (LLB Hons), from the University of Nairobi.

EALA Speaker Martin Ngoga hailed the swearing in of both Ministers and said EALA and the region stood to benefit a great deal from their experiences.

The Sitting was also attended by legislators from Kenya and Uganda who are currently in Arusha familiarizing with the activities of EALA and deepening the relationship with the National Parliaments. Kenya’s Regional Integration Committee is headed by Senator Janet Ongera while Hood Katuramu leads the Committee on Commission, Statutory Committees and Public Enterprises (COSASE) from Parliament of Uganda.

 

Stories Continues after ad
1...1,6231,6241,625...2,400Page 1,624 of 2,400

© Eagle Online. All rights reserved.

About Us

Popular Category

Editor Picks