MTN-Uganda Chairman, Charles Mbire who owns 4% of the giant telecom shares.
Mobile giant MTN has registered an increment in the value of their shares on the stock market.
The current share price of MTN Uganda is Shs177.99.
MTN Uganda closed its last trading day on Thursday August 22, 2024 at Shs177.99 per share on Uganda securities Exchange (USE) recording a 1.1% gain over its previous closing price of Shs176.00.
The price per share of MTN was at Shs170 eight weeks ago while as per yesterday, the share was at Shs176.99 while as per this morning, the price per share had increased to Shs177 meaning there has been an increment by Shs1 from yesterday’s Shs176.99. it has gone up by Shs
Top shareholders are MTN Group Limited which has 83.1% holding 18,593,811,989 shares. National Social Security Fund (NSSF) 9.53% holding 2,132,631,877 shares. Charles Mbire 4% holding 895,561,877 shares while minimal other shares are held by Bank of Uganda retirement scheme.
Based on the above, the price of NSSF earned worth Shs16,338,061,855 billion ($4. 416,677 million) from MTN share price increment as Mbire who doubles as chairmen of MTN whose value of his shares went up by Shs7,155,538,862 billion ($1,931,995 million) in eight weeks.
In conclusion, NSSF value of MTN shares has gone up by $4.4166 million and Mbire has also gone up by $1,931, 995 million in eight weeks of trading.
Manufacturing sector players have called for a reduction in the cost of digital tax stamps (DTS) in a bid to drive usage by all the targeted users.
The manufacturers claim that the high costs of digital tax stamps continue to hinder the growth of the manufacturing sector.
Uganda Breweries Managing Director Andrew Kilonzo said that the earlier promise was that once all manufacturers embrace digital tax stamps, the cost of the stamps would reduce, but that has not been achieved.
“The promise of the system was that all manufacturers would get into it and ensure a level playing field. However, in the outlets, you will see our products, such as Uganda Waragi bearing tax stamps, being sold next to items that do not have them,” he said.
In Uganda, the use of DTS was rolled out in the financial year 2019/20 following the launch of the Domestic Revenue Mobilization Strategy by the Finance Ministry. DTS was also aimed at addressing revenue leakages.
In Kenya, DTS was rolled out in 2013, while Tanzania and Rwanda both launched DTS in 2019. While the intention behind these measures is commendable, the varying costs of digital tax stamps across the region have created a complex business environment. For each country, the cost of the stamp for each category of goods has been set out in the respective regulations governing the operation of DTS.
The solution providers for DTS are the same across the region, but the cost of stamps differs significantly. The stamp fee is additional to the excise duty tax payable under the country’s respective Excise Act.
In Uganda, DTS costs are at Shs110 (wines and spirits) and Shs36 for beer; in Kenya, DTS charges are Shs134.88 for wines and spirits and Shs80.93 for beers. Tanzania’s charges for DTS are Shs51.75 for wines and spirits, Shs23.02 for locally produced beers) and Shs27.58 for imported beers, while for Rwanda, DTS charges are Shs761.13 and Shs152.23 for spirits and wines, respectively.
According to Kilonzo, the high cost of digital tax stamps keeps the cost of doing business high; hence, some manufacturers find value in avoiding the stamps.
“Maybe we need a different approach, if you bring down the cost of digital tax stamps, it stops being a barrier, and you get more players embracing it, hence driving volumes up.”
Kilonzo said that through the Farm for Success Program, Uganda Breweries is supporting people in farming communities who supply the organization with raw materials such as sorghum and barley used in alcoholic beverage production.
On an annual basis, Uganda Breweries invests Shs52 billion in farmers involved in the supply of raw materials.
“We are touching the lives of at least 50,000 farmers; we work with the National Agricultural Research Organisation (NARO) to improve the yields; we were very excited when the government came with the Parish Development Model (PDM) because we are exactly working with people in communities,” he stated.
Decarbonizing efforts
In April 2024, UBL commissioned a state-of-the-art Shs37 billion biomass plant.
The facility represents a substantial investment by UBL and excellent progress in its decarbonizing journey. Powered by locally sourced biomass materials, the plant also exemplifies UBL’s dedication to harnessing sustainable manufacturing while offering livelihood opportunities to local communities.
“We have cut our carbon emissions by 92% and by 2030, we want to be carbon neutral; we are almost there. What’s remaining is for our diesel generators for backup, but we are looking for the solution,” said Kilonzo.
The commissioner general of the Uganda Revenue Authority (URA), John Musinguzi, pledged to push for a review of the costs of digital tax stamps.
“The cost of implementing DTS is designed to be manageable and is outweighed by the benefits of improved tax compliance and the reduction of illicit trade. Our primary challenge is not the system’s expense but ensuring that all businesses comply with these necessary regulations,” he noted.
Since its introduction in 2019, DTS has significantly broadened Uganda’s tax base, with a notable increase in registered manufacturers and importers.
The system has been pivotal in curbing tax evasion and enhancing supply chain transparency across various sectors. However, resistance to full compliance in certain sectors continues to undermine its potential benefits.
“We have observed a significant improvement in sectors where compliance is high,” the CG noted.
URA statistics underscore that DTS not only serves as a regulatory tool but also stimulates economic activity by leveling the playing field among businesses.
Katanga murder prime suspect Molly Katanga and her supporters in court.
The murder of city businessman Henry Katanga was registered as a suicide case at Bugoloobi Police, a prosecution witness told the court.
Appearing before the trial judge Isaac Muwata, Dr. Richard Ambayo, a police pathologist who appeared before court for the second time to testify against the gun down of Katanga, said officers from Bugolobi Police Station which handed over the deceased’s body to him, had indicated on the form that they were investigating a matter of suicide.
The previous day, Ambayo said the bullets that killed the businessman were fired at close range. The lawyers of the accused further cross-examined Dr. Ambayo on the size of the entry and exit bullet wounds found on Katanga’s head.
He noted Dr. Ambayo said the bullet had entered Katanga’s head seven centimeters below the vertex and exited through the ear, causing commuted fractures and injuring his brain.
Dr. Ambayo further confirmed to the court that he is a qualified pathologist, which requires one to have a degree in medicine as a minimum qualification.
The prosecution still has several witnesses who are supposed to appear in court before the accused’s lawyers start tendering their defense.
Molly Katanga is accused of killing her husband, Henry Katanga. The businessman was allegedly shot dead by his wife on November 2, 2023, at their home in Mbuya, Nakawa Division, Kampala City.
Molly is charged alongside her two daughters, Martha Nkwazi and Patricia Kakwanza; George Amanyire, a shamba boy; and Charles Otai, a health worker.
Nkwanzi and Kakwanza are accused of tampering with evidence at the crime scene, rendering it unidentifiable for judicial proceedings. Amanyire and Charles Otai, a health worker, are charged with assisting others involved in the crime.
In February, the four were granted Shs2 million in cash bail while their sureties were bonded at Shs20 million and ordered to surrender their passports.
CEO Summit Uganda, a leading think-tank, together with National Social Security Fund have launched the Lean Forward Modular Program, a comprehensive initiative aimed at transforming the leadership landscape by empowering women to take on top roles in their industries.
The program, which kicks off on August 23, 2024, is designed to address the challenges women face in leadership, providing them with practical tools, perspectives, and support to thrive. Participants will engage in workshops, mentorship sessions, and interactive modules, learning from experienced leaders and peers.
“It is with immense pride that I welcome you to the launch of the Lean Forward Modular Program, a comprehensive and diverse leadership program aimed to equip female leaders with the tools and confidence to tap into their potential and succeed as leaders within their organizations,” said Stephen Mukasa, Country Lead at CEO Summit Uganda.
“Leadership begins with self-awareness, and this program is more than just a course; it’s a movement about changing the narrative, breaking down barriers, and building a future where women are leaders who drive change, inspire innovation, and create lasting impact,” Mukasa added.
The six-month program will focus on nurturing a diverse leadership landscape, examining identities as leaders, and recognizing leadership potential. With only 32.2% of women in senior leadership positions worldwide, this initiative aims to close the leadership gender gap.
“By offering mentorship, training, and opportunities for professional growth, the Lean Forward Modular Program is designed with a clear and focused mission to empower women with the tools, perspectives, and confidence needed to excel,” Mukasa remarked.
The Inspector General of Police (IGP) Abbas Byakagaba has announced a major reshuffle of top police officers in departments and directorates with an aim of enhancing efficiency and effectiveness.
In the new changes, Commissioner of Police (CP) Polly Namaye has been appointed CP Private Security Organizations, moving from her previous role as Deputy Police Spokesperson.
Namaye joined the police in 2007 under basic police training, which involved academics, the law and internship.
The changes have also moved AIGP Joseph Mugisa from the Directorate of Fire Prevention and Rescue to the IGP’s office, while SCP Apora James takes over as Acting Director Logistics & Engineering.
SCP Joseph Obwona is now the Acting Director Interpol & International Relations, and SCP Stephen Tanui assumes the role of Acting Director Fire Prevention & Rescue.
SCP Elias Kassirabo has been appointed Attaché at the Uganda High Commission in Nairobi, moving from the Human Resource Administration.
SCP Yusuf Ssewanyana is now the Deputy Director Interpol Division, while CP Sarah Kibwika has been appointed Acting Deputy Director Human Resource Administration & Management.
CP Proscovia Achola takes over as Acting Deputy Director Force Fleet Management, and CP Irene Ameri Kimara is now the Acting Deputy Director Logistics & Engineering.
CP Simon Peter Okosh has been appointed Acting Deputy Director Operations, moving from Peace Support Operation.
Other appointments include CP Philip Acaye as Acting Deputy Director Traffic & Road Safety, CP Hillary Kulaijye as Deputy Director Chief Political Commissariat, and CP Moses Muluya as Deputy Director Welfare Production & Sports.
CP Agaptus Ecotu has been appointed Deputy Commander Field Force Unit, moving from Human Resource Administration & Management.
CP Benedict Byamugisha joins the Research and Planning & Development department as CP Research & Development.
CP Hassan Kihanda joins the Directorate of Fire Prevention & Rescue as CP Fire Disaster, Training & Administrative support Services, while CP Rosemary Nanyonga has been appointed Deputy Commandant Livestock Sector.
CP Michael Walwanga takes over as CP International Relations, and CP James Kusemererwa has been appointed CP International Relations.
CP David Manzi has been appointed Commandant VIPPU/VIS, and CP Moses Otala Obbo takes over as CP Welfare.
The Uganda Police Force has not provided reasons for the transfers and appointments, but they are seen as part of efforts to reorganize and strengthen the force.
The changes come at a time when the police force is facing numerous challenges, including corruption, brutality, and inadequate resources.
The IGP has been working to reform the force and improve its image, and these changes are seen as part of those efforts.
Dr. Ruth Aisha Biyinzika Kasolo, Project Coordinator of the GROW project.
The government has selected five banks to offer loans to the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) project.
The five banks – Dfcu, Equity, Finance Trust, Centenary, and Post Bank – will provide loans ranging from Shs4 million to Shs200 million to eligible women-owned businesses.
The government disbursed Shs29.1 billion to these banks where women entrepreneurs in small and medium business space will be accessing cheap loans to boost their business courtesy of World Bank’s Generating Growth opportunities and productivity of women enterprises project (GROW).
The GROW project, funded by the World Bank and implemented by the Private Sector Foundation Uganda (PSFU), aims to support women entrepreneurs in transitioning from micro to small and medium-sized enterprises.
According to Dr. Ruth Aisha Biyinzika Kasolo, Project Coordinator of the GROW project, the project will benefit over 28,000 enterprises across the country, promoting women’s economic empowerment and entrepreneurship development.
“We are committed to supporting women entrepreneurs in Uganda, and this partnership with five leading banks will provide critical funding and support to help them grow and succeed,” said Dr. Biyinzika.
The loans will be repayable within two years, with competitive interest rates of 10.5% and 10%, depending on the bank’s terms. Beneficiaries who repay their loans on time will also receive a grant of up to 5% of the loan principal.
The Vice President Jessica Alupo, is expected to officially launch the GROW loan program at an event to be held at Hotel Africana next week, marking a significant milestone in the project’s journey to empower women entrepreneurs in Uganda.
The project was launched in 2023 with the objective to increase access to entrepreneurial services that enable female entrepreneurs to grow their enterprises including in refugee host districts.
The Federation of Uganda Football Association (FUFA) has signed a Shs2 billion sponsorship deal to support women’s football.
Under the five-year partnership, Finance Trust Bank is now the title sponsor of both the Finance Trust Women’s Super League and the Finance Trust Women’s Elite League.
“We are very excited about this partnership, and we believe it is going to go very far, hopefully uplifting the standard of our leagues and eventually the women’s national teams.” FUFA President Moses Magogo said.
He said that in 2013, FUFA took a painful decision to withdraw our U20 Women National Team that had eliminated South Sudan 22-0 on aggregate. “At the time, we did not have any formal leagues, so we decided to go back to the drawing board and created the FUFA Women Elite League first, then the FUFA Women Super League. The painful decision has given us fruits, and we are grateful that we have Finance Trust Bank on board to support women’s football”.
Magogo said his dedication to women’s football is unwavering. I am proud to be the founder of one of the top women’s football clubs. Due to FUFA’s commitment to developing the sport, over 6,500 girls are now registered as players.
Speaking at the signing of the partnership, Annet Nakawunde, the management director of the bank, said the sponsorship is in line with the bank’s mission of putting women first.
“Finance Trust Bank was first established in 1984 to support women in business and management to achieve their financial dreams. We are excited to now extend our support to women in sports, and I am pleased to finally announce Finance Trust Bank’s two billion shillings sponsorship of the FUFA Women’s Football program,” she said.
“Today is the start of a very big journey between FUFA and Finance Trust Bank. We look forward to a fruitful partnership, and we believe women’s football in Uganda will never be the same.” FUFA Executive Committee Member Rogers Bamukama said.
The Masaka Catholic Diocese will on Sunday hold prayers for the incarcerated Permanent Secretary Geraldine Ssali who is facing charges of causing financial loss to the government.
According to sources in Masaka and close to the family of Ms Ssali, the prayers will take place in Masaka where she comes from and has a strong connection with the church.
“Her family has strong and deep connections with the church and her parents will also be there to attend the Mass,” the source said.
The Masaka Catholic Diocese had in July threatened to return Shs2.7 billion which the government paid to revive its cooperative Bwavumpologoma Grower Cooperative Union Limited.
The parliamentary committee during the probe of misuse of the money meant for cooperatives said Ms Ssali had influenced to pay the cooperative which is owned by the Masaka Catholic diocese.
The diocese later wrote, saying that Ms Ssali had helped them get their compensation and had no problem with her.
The diocese later said they would rather source funding from the Vatican to revive the Cooperative instead of having its name tarnished over allegations that the Cooperative was irregularly given the money by Ms Ssali.
It’s alleged that even after Masaka diocese dismissed these reports, the police detectives went to Masaka in July and interrogated the clerics.
The earlier complaints against Ms Ssali were in connection with Bwavu Mpologoma but a dramatic turn of events she is now facing charges of causing financial loss and abuse of office for allowing payment of Shs3.8 billion to Buyaka Growers Cooperative Society Limited.
The Uganda Police Force is working to streamline formal education to improve the educational opportunities for the children and dependents of its officers.
According to SSP Nakityo Jane, the head of the Formal Education Department, efforts are underway to establish a school and a vocational institute at the regional level to achieve this goal.
Currently, the police operate 19 schools, of which 10 are government-aided and 9 are privately owned. The department is also working on establishing a comprehensive database of dependents to support proper planning and resource development, both human and non-human, in collaboration with the Ministry of Education and Sports and other stakeholders.
She called on officers to support this initiative by applying for teaching positions and enrolling their children and dependents in these schools. SSP Nakityo also encouraged women officers to embrace training opportunities, stating that this is crucial for their career growth.
These plans were outlined during a sensitization and needs assessment tour in the Kiira, Bukedi South, and Elgon regions.
A shining example of the impact of these efforts is the Mbale Police Wanyela Primary School. With 1,618 pupils, 85% of whom are children of police officers, the school has become a beacon of educational excellence in the region.
In the 2023 Primary Leaving Examinations (PLE), 109 pupils from the school sat for the exams, with 30 earning Division One and 71 securing Division Two. This impressive performance has solidified the school’s reputation as one of the top government schools in the Mbale Sub-region, according to the headmistress, Ms. Betty Nabugobero.
The Police Force also owns one school each in the Elgon, Kiira, Mt. Moroto, Greater Masaka, Rwizi, Albertine, Aswa West, Kidepo, Kyoga and Bukedi regions while Kampala Metropolitan Police (KMP) South three while KMP West has four, contributing significantly to the educational advancement of officers’ families.
The Uganda Police Force is committed to enhancing education for its officers’ dependents which marks as a significant step towards empowering the next generation and ensuring a brighter future for police families across the country.
Uganda’s oil and gas sector is transforming the country’s economic landscape, with significant investments and strategic partnerships poised to drive growth, create jobs, and generate revenue.
Dr. Ruth Nankabirwa, Minister for Energy and Mineral Development, shared updates on the sector’s progress during a mid-year media briefing.
“The Tilenga Project, spanning both the North and South of the Nile in Nwoya and Buliisa Districts, is making remarkable progress,” Dr. Nankabirwa noted.
“Drilling activities have thus far focused on six of the thirty-one well pads that will host 426 producer and injector wells for the Tilenga project.”
The Tilenga project has completed 63 wells, with 426 planned, while the Kingfisher project has commenced drilling production wells, with nine successfully completed to date.
“The Kingfisher Development Area project has seen significant progress, with drilling of production wells commencing in January 2023,” Dr. Nankabirwa added.
The East African Crude Oil Pipeline (EACOP) has also made significant progress, with civil works commencing at the Main Camps and Pipe Yards in Hoima and Sembabule districts.
“The Engineering, Procurement, Construction Management and Commissioning activities for the EACOP project are ongoing in London and Dar es Salaam. Worley is undertaking this work with its subcontractors – ICS Engineering in Uganda and Norplan in Tanzania,” Dr. Nankabirwa explained.
The Uganda Refinery Project negotiations are ongoing, aiming to boost oil production, drive economic growth, and generate national revenue.
“Negotiations for key commercial agreements, including implementation, crude oil supply, and shareholder agreements, commenced in January 2024 between the Government and Alpha MBM Investments LLC, following the signing of a Memorandum of Understanding in December 2023,” Dr. Nankabirwa stated.
The government has prioritized local content and community employment, with 92% of the Licensee’s Contractors and sub-contractors being Ugandans.
“Local content and community employment have been prioritized, with 92% of the Licensee’s Contractors and their sub-contractors being Ugandans,” Dr. Nankabirwa emphasized.
The sector has directly employed 14,451 individuals, with 13,048 being Ugandans (90%). Contracts valued at US$ 5 billion have been awarded for the Tilenga, Kingfisher, and EACOP projects, with US$ 2 billion allocated to Ugandan companies.
The Kabalega Industrial Park has registered key milestones, with the airport expected to be ready by the third quarter of 2025. The government has also addressed resettlement and compensation issues for affected individuals, with 95% receiving compensation and 97% signing agreements.
“All resettlement houses have been constructed and handed over,” Dr. Nankabirwa noted. “However, there are 112 cases under consideration for compulsory land acquisition due to issues such as untraceable individuals, landowner disputes, refusal of compensation offers, and lack of legal title.”
