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Stanbic Bank urges traders to be transparent while dealing with financial institutions

Stanbic Bank has called upon traders to exhibit transparency when dealing with financial institutions in order to ease their work.

The call was made by Paul Muganwa, the Head Corporate and Investment Banking (CIB) at Stanbic Bank during a business trade forum at Protea Hotel under the theme, “Coming together to achieve procurement.”

The business trade forum is meant for traders and contractors in the supply chain to discuss avenues through which better working conditions can be achieved.

“We recognise the important role that traders and suppliers play in this country and we pledge to continue supporting them to attain growth. However, whenever you are seeking financial assistance, it is imperative to treat your bank as a very important stakeholder that requires transparency,” Muganwa said.

According to World Bank data, only 14.2% of the private sector in Uganda had access to credit in 2020. This figure is significantly below its Kenyan counterpart whose private sector access to credit stood at 32% in the same period.

Tanzania’s rate stood at 13.2%, South Sudan at 1.9%, while the Democratic Republic of Congo registered 7.5% private sector access to credit.

Small and Medium Enterprises (SMEs) are considered key engines of economic growth in developing countries. In Uganda, SMEs employ about 2.5 million people and make up about 90% of the private sector employment, while contributing to 20% of Gross Domestic Product (GDP).

However, access to finance remains difficult with just less than 40% of SMEs having access to bank loans while about 80% of them are unserved or underserved by financial institutions.

Emma Mugisha, the Executive Director and Head, Business and Commercial Banking (BCB) said, “As a bank, we are usually the ones who are in between different traders; either it’s making a payment, or giving you a letter of credit, or confirming it, or making sure that the parties that have agreed to trade are actually following the different agreements at hand.”

Uganda is scaling up the adoption of an electronic government procurement system which is aimed at enhancing efficiency in fighting corruption and reducing delays while holding the concerned accountable.

Mercy Kyoshabire, the Head of Procurement and Capacity Building at the Public Procurement and Disposal of Public Assets Authority (PPDA), said, “Some providers are always complaining because they think people interfere with procurement procedures in one way or the other. Now, with the electronic government procurement system, we hope to minimise the human interference.”

“We hope to reduce delays in procurement and disposal, we hope to minimise corruption and fraud specifically, because this system is enforced with tracking mechanisms,” Kyoshabire said.

While representing the Director of Procurement at the Bank of Uganda, Lawrence Male, said, “In contract financing, without cheap capital, the traders cannot do much. At the Central bank, we endeavour to lower the Central Bank Rate, as and when it is necessary. However, interest rates in different financial institutions are usually high. There is a lot that can be done to support traders to get financial access easily.”

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Boycotting plenary sittings: Mpuuga warns Committee chairpersons for throwing MPs out of meetings

Despite leading his colleagues to storm out of the house, Mpuuga has secretly found himself attending committee meeting.

Leader of Opposition (LoP), Mathias Mpuuga has asked opposition MPs to defy committee chairpersons who attempt to throw them out of committee meetings for boycotting plenary sittings.

Last month, the opposition legislators led by Nyendo-Mukungwe MP Mathias Mpuuga tasked the government to account for missing persons and the continuous detention of their supporters without trial. Following the government’s delay to address to account for the 18 missing opposition supporters, the MPs embarked on the campaign to boycott plenary sittings.

The alleged missing people include; Hassan Mubiru, Martin Lukwago, Peter Kirya, John Ddamulira, Dennis Zzimula, Michael Semuddu, Muhammada Kanatta, John Bosco Kibalama, Moses Mbabazi, Yuda Ssempijja, Musisi Mboowa, Mustafa Luwemba , Isma Ssesaazi, Godfrey Kisembo, Shafik Wangolo, Vincent Nalumoso, George Kasumba and Joseph Baguma.

Speaker Anita Among has since threatened to throw them out of the August house if they miss 15 parliament sessions. She instead, asked the chairpersons of the various committees to block them from attending sittings.

Yesterday, Bamunanika County MP Robert Ssekitoleko was forced to leave the meeting of the parliamentary committee on legal and parliamentary affairs for boycotting plenary sittings. However, Speaker herself chaired a vetting committee meeting where Mpuuga attended but was never chased like his lightweight colleagues.

Speaking at parliament earlier this morning, Mpuuga said Among’s order to stop opposition MPs from attending committee proceedings saying it is illegal and lacking in common sense.

“My members are very restrained, but they are very resilient, and I encourage them to defy any chairperson who attempts to raise this matter because this is a matter that has no space in law and in our rules. So, be ready to see defiance across,” he said.

He warned Committee chairpersons to stop acting as wiseacres because they have no powers to chase out any MPs because of boycotting plenary sittings. Such decisions aren’t provided for in both the law and Rules of Parliament.

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Over 2000 sickle cell disease caregivers get financial literacy training

At least 2,250 sickle cell caregivers have benefited from seven-month financial literacy training. The training is in response to the high cost of treatment for sickle cell disease and the fact that households affected by the disease are unable to plan for their treatment expenses and rely on out-of-pocket expenditures, leading to poor household financial planning.

Initiated by Raising Hope International Friends (RHIF) and Absa bank, the initiative aims at training 3000 sickle cell caregivers with essential financial skills by the end of 2023.

Isaac Okello, the Executive Director of Raising Hope International Friends, said, “This initiative was intended to, among other objectives, improve the level of financial awareness among caregivers of SCD patients and youths in different parts of Uganda. The intention is to strengthen their ability to make sound financial decisions and achieve good household health outcomes and thus also increase awareness of Sickle Cell Disease. I appreciate Absa Bank Uganda for coming on board to support this cause and encourage more members of the public to come forward and lend a helping hand to those members of our community with SCD.”

Raising Hope International Friends (RHIF) is a locally registered indigenous non-profit organisation that was founded in 2016 to break the SCD cycle through advocacy and research, as well as encourage more testing and screening services, enhance care and support to affected individuals and families, create awareness on prevention and reduce the risk of infection, stigmatisation, and discrimination.

According to Dr Daniel Muyanja, the Director of Clinical Services at the Joint Clinical Research Centre (JCRC), sickle cell disease (SCD) is the most common genetic disorder in Africa, with Uganda having one of the highest prevalence rates and ranking fourth in sub-Saharan Africa after Nigeria, Democratic Republic of Congo and Tanzania.

Additionally, it is estimated that in resource-poor countries like Uganda, which are characterised by limited Access to treatment options like hydroxyurea, 80 per cent of children with SCD do not reach adulthood, and without treatment, many children do not live to see the age of five.

“We began this journey to address this challenge in March of this year, to help sickle cell caregivers to better manage household finances. Access to affordable quality healthcare remains a key challenge in Uganda, and this cost goes even higher when dealing with a child born with sickle cell disease. As a result, we saw it fit to collaborate with RHIF on this initiative,” said Peter Thaddeus Mboowa, Treasury Director for Absa Bank Uganda.

“I appreciate RHIF for the commendable work they are doing in the Sickle Cell Disease space and for allowing us an opportunity to live our purpose to empower Africa’s tomorrow together, one story at a time,” Absa’s Mboowa concluded.

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BoU to pay creditors of Greenland Bank as it winds up liquidation

Bank of Uganda (BoU) has called upon all creditors of Greenland Bank Ltd to submit their documents for verification as the central bank winds up liquidation of the bank.

Greenland Bank was incorporated on August 3, 1990 and operated until April 1, 1999, when the central bank placed it under liquidation.

In a statement issued on Monday, 27 November 2023, BoU said, “Bank of Uganda is in the process of winding up the liquidation of Greenland Bank Ltd and hereby invite all previously verified creditors to submit details such as bank account numbers, copy of national ID and valid telephone numbers and copies of registration certificates of companies within 30 days.”

“The legal representatives of any deceased creditors should submit documents,” BoU added.

The Information should be submitted to the headquarters in Kampala or its branches in Mbarara, Gulu, Lira, Mbale, Kabale, Arua, Fort Portal and Jinja.

BoU closed Greenland Bank in 1999 and put it under liquidation, accusing its proprietor, the late Sulaiman Kiggundu, of violating banking regulations.

But according to the 2019 report by Parliament’s committee on Commissions, Statutory Authorities and State Enterprises (COSASE), BoU did not follow the right procedures in closure of the bank and six others, which are; Cooperative Bank, Global Trust Bank (GTB), International Credit Bank Ltd (closed September 1998), and Cooperative Bank, closed in May 1999.

The Auditor General found out some of the closed banks had assets worth Shs117b in cash, loans, property, equity investment, amounts due from related parties and balances from other banks at the time of closure but that these were not accounted for by the central bank.

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Matsanga’s ‘doctrine of redemption strategy’ is safer than democracy in Africa

Writer of the article David Matsanga.

I am writing this note about democracy because it is the most talked about in the world. The North always tells South to put its house in a democratic order but the type of democracy that the North wants for South cannot be achieved.

Take the case of Nigeria for example, with a population of 220 million people and where democracy has been diluted due to corruption and other factors that Socrates mentioned below.

The truth is that there are those that quote Socrates without knowing what he meant with democracy. Socrates predicted that one day “Democracy must fall because it will try to tailor to everyone. The poor will want the wealth of the rich, and democracy will give it to them. That is the fight in Africa.

The Young people will want to be respected as elderly and democracy will give it to them. Women will want to be like men and democracy will give it to them.

Foreigners will want the rights of the natives and democracy will give it to them. Corrupt people and fraudsters will want important government functions, and democracy will give it to them.

_And he said that at that time, when corrupt people and fraudsters will finally take over democratic authority because criminals and evil doers want power, there will be worse dictatorship than in the time of any monarchy or oligarchy.”

These were the words of Socrates millions of years ago predicting what will happen to democracy. Today across the globe we witness the Predictions and the type of turmoil we get from the word democracy.

My questions that need answers are many but I will narrow my analysis based on the current trends on the African continent.

The types of military coups, attempted coups, come as result of disputed ELECTIONS and Corrupt regimes. It is only in Africa where violence erupts after General Elections. The case of Nigeria where over 68 million voters never came to VOTE!

What then could be the cause? Is it democracy that is not understood, corruption as a tool, economic inequality as catalyst, or a sheer scale of understanding of democratic rights.

One of the countries in Africa that has shown that the coup was the right direction it needed to take is Mali. The young Generals in Mali decided to ban Elections and have sent the entire population to school on democracy.

Is it time to agree with democracy has brought LITIGATING STATES in Africa. We destroy our economies by swallowing bad pills of the type of DEMOCRACY from Europe that can’t be practiced in Africa.

My last question is how many millions in Africa understand the difference between ELECTIONS & DEMOCRACY that divides the nations of Africa every 4 or 5 years cycle?

I lay down my poisonous pen by telling AFRICANS to start ENHANCING a new format of “MATSANGA’S REDEMPTION STRATEGY DOCTRINE” which is better than competitive SHAM ELECTIONS that cause VIOLENCE in most African states.

I rest my case

God bless Africa

28.11.2023 London

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Let sick and ailing judges seek early retirement- Katuntu tells off Mao

MP Katuntu.

Members of Parliament (MPs) on the Legal and Parliamentary Affairs Committee have wondered why judges who are sick and ailing are not sent into early retirement if they are indeed sick.

The argument came in during the Legal Committee meeting chaired by Bugweri County legislator Abdu Katuntu where the Minister of Justice and Constitutional Affairs, Nobert Mao noted that increasing the number of justices at the Supreme Court will help bridge the gap created by some of the justices who are sick and ailing.

“There are many Supreme Court justices that are ailing as we talk now, a slight increase in my opinion, maybe not up to the number we are proposing, will allow the Chief Justice the latitude to allow the court to be functional. If you have justices who are on leave, justices who are sick, justices who are busy writing judgments, on old cases, an increased number will allow the court to continue sitting,” said Nobert Mao, Minister of Justice and Constitutional Affairs.

However, Katuntu said that a suggestion cannot be a reason for the government to bloat the Supreme Court.

“If the justice is ailing as you say, there is only one decent thing to do, you take an early retirement,” Katuntu said.

He added, “The reason we were supportive of the Administration of Judiciary Act was really to say that a judicial officer really does not have to die in office; the package is for him to live comfortably after leaving office.”

In same meeting, Fox Odoi (West Budama North East) ordered Robert Ssekitoleko (Bamunanika County) lawmaker from National Unity Platform to vacate the meeting of the Legal & Parliamentary Affairs Committee, saying Speaker Among barred MPs who are boycotting plenary sittings from attending Committee meetings, until they return to plenary.

Fox Odoi said, “The Speaker guided Parliament and all its Committee that our colleagues who are currently boycotting plenary should not participate in the meetings of committees and field visits by the committees and I know that Mr Ssekitoleko is in that category. I am constrained to request him to take leave of the meeting until such time that they officially report to the plenary. The guidance of the Speaker is bidding on Parliament and its Committees; unfortunately, I will not contravene the guidance of the Speaker. So kindly take leave and let us transact the business of the Committee in your absence.”

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Court Martial sentences four civilians for murder of LC III Chairperson

The 3rd Infantry Division Court Martial (DCM) sitting at Longaroe and Nakapelimoru Sub-counties, Kotido District has sentenced four civilians for the murder of Local Council Three Chairperson of Longaroe Sub-county, Moses Lomuria, Lt. Issa Mayende, Prt. Mwanika David and Lokol Peter.

 The Division Court Martial chaired by Colonel Francis Kateraho heard that on July 2, 2023 while at Narubela village in Longaroe Sub-county, Modo John Apakoru, Lomuramoe Paul, Lomoru Lopukan and Koryang Timothy shot and killed the Local Council 3 Chairperson of Longaroe Sub-county, Hon. Lomuria Moses, Lt Issa Mayende, Prt. Mwanika David and Peter Lokol.

 The accused were each charged with four counts of Murder, contrary to Section 188 and 189 Art 22 (1) and Section 191 of the Penal Code Act and after evaluating all the evidence provided by the prosecution, the court found the accused persons guilty of the offence of murder and attempted murder.

The court convicted John Modo Apakori, Lomuriamoe Paul and Lomoru Lopukan each to 60 years imprisonment for all three counts and are to be served concurrently.

Relatedly, the court sentenced Koryang Timothy to 20 years imprisonment for unlawful possession of a firearm and ammunition. Court heard that Koryang was a kingpin and leader of the gang that on several occasions terrorized communities in Agago and headed raids in the Region.

Following his arrest, his gang carried out a retaliatory attack that led to the murder of four people including Lt. Issa Mayende, Prt. Mwanika David, Lopol Peter and Lomoria Moses in Nabela village.

 Meanwhile, the Division Court Martial sentenced Prt. Peter Lokidi to 65 years imprisonment on three counts of murder and five years for each of the two counts of attempted murder which are to be served concurrently.

Prt. Peter Lokidi attached to the 23 Infantry Battalion in 2 Division, while on leave shot dead the Watakao LC1 Chairperson Peter Lojale, Locheng Lopiringole, Angol Lochoriathe and injured Apakuruk Longole and Akure Daniel.

The court found actions of Prt. Lokidi contravened the laws of Uganda and the UPDF Code of Conduct.

The court noted that Prt. Lokidi’s actions did not only tarnish the image of UPDF but were regrettable as he killed and injured the people he was supposed to protect.

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Lawyer Mabirizi loses bid to block Kenya’s defence over ban on Uganda’s maize, poultry products

lawyer Male Mabirizi.

The East African Court of Justice has thrown out a petition in which lawyer Male Mabirizi was challenging a ban by the Kenyan government on Uganda’s maize and poultry products. 

In a ruling delivered on Friday, the court presided over by Principal Judge Yohane Masara approved the defence filed by the Kenyan government over the matter.

Mabirizi had in his March 11, 2021, suit challenged directives by the Agriculture and Food Authority of Kenya banning the importation of maize and chicken products from Uganda over mycotoxins and aflatoxins.

He had the court to quash the directives and issue a permanent order restraining Kenya from implementing its directives on grounds of being illegal. He also claimed the Kenyan government submitted a response to the petition late. He argued that he was served on May 3, 2021, after the expiry of the 45-day timeline required by law. The court heard that the said days started to run on March 12, 2021 and expired on April 25, 2021.

But on Friday, the court ruled otherwise.

“In addition, we do not see how the applicant will be prejudiced if the respondent’s late response was to be validated in the best interest of justice. Considering the issues arising from the statement of reference, it is only fair and just that this court hears the respondent on the same before making a determination thereof,” the justices ruled.

Mabirizi had told the court that the ban on the importation of goods from EAC partner states is unlawful and infringes the operational principles of the community, which among others, encourage free movement of goods, transparency, democracy and rule of law, account and equitable distribution of benefits.

In its defence, the Kenyan government said it banned the said commodities to protect their farmers who were recovering from the effects of the #Covid-19 pandemic from competition as well as to prevent the dumping of toxic chemicals, substances and hazardous wastes within the community.

According to Kenya, Uganda also put in place tariff measures that make their poultry products uncompetitive while it enjoys unhindered access to the Kenyan market.

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Commercial banks demand identities of beneficiaries of funds on company accounts

Commercial banks have asked all companies holding accounts with them to reveal the identities of the actual beneficiaries of the funds.

The banks under their umbrella body, the Uganda Bankers Association (UBA), say this is in line with the Companies (Amendment) Act (2022) and the Partnership (Amendment) Act (2022).

“In accordance with the Companies (Amendment) Act (2022) and the Partnership (Amendment) Act (2022), every company and Limited Liability Partnership registered in Uganda is required to keep a register of its beneficial owners,” UBA said in a statement released on Friday, 24 November 2023.

UBA defines a beneficial owner as a natural person who has final ownership or control of a company or partnership or a natural person on whose behalf a transaction is conducted in a company or partnership and includes a natural person who exercises ultimate control over a company or partnership.

“This is therefore to notify all companies and limited liability partnerships, who operate bank accounts in the UBA Member financial institutions licensed and supervised by Bank of Uganda, to provide information on the ultimate beneficial owners of their respective entities as filed with the Uganda Registration Services Bureau (URSB), not later than November 30th, 2023,” the bankers association said in the statement.

To file with URSB, companies are required to update their data on the online Business Registration System

According to UBA, after 30th November 2023, the company’s bank account may be restricted from transacting if not updated by that set date.

“Customers are therefore encouraged to contact/visit their respective financial institution for further information/clarification regarding their accounts to ensure they are updated, to avoid any inconveniences,” the statement adds.

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