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15 DFCU key executives quit abruptly in one month

By
Our Reporter
-

Fifteen (15) DFCU Bank key officials have suddenly quit their seats in a period of one month which has caused shock in the institution relying on the new leadership.

The departure of these high-profile leaders has not only left loopholes in the top positions of the bank but also posed uncertainty of the future of the new leadership led by Charles M. Mudiwa who was appointed as Managing Director and Chief Executive Officer seven months ago.

According to anonymous sources, Mr Mudiwa, a Zimbabwean national is yet to consolidate his position as he grapples with a massive exit of his juniors whose main cause of departure lies on bad and poor leadership.

Mudiwa replaced Mathias Katamba who also threw in his resignation at the end of last year after failing to turn around the bank considering he took charge at a time DFCU was grappling with hard times of grabbing Crane Bank.

DFCU has since 2017 battled court cases, losing majority of them and paying huge costs and damages.

Crane Bank ghost continues to haunt Mudiwa who 7 months into the seat has seen the Bank lose two crucial cases to Crane Bank; London Court case and the recent High Court judgement that ordered DFCU to vacate Meera Investment buildings and also pay shs 2.4 billion for trespass.

Reports suggest that the massive exodus of senior executives point to internal discord, strategic disagreements, and even potential restructuring plan which has since added fuel to the already intense speculation.

This website has learned that some of the 15 top managers who threw in a towel are; -Joan Ntabadde the head Customer Service, Miranda Bageine head Personal Banking, Ronald Kasasa head Business Banking and Godfrey Mundua head Corporate Banking.

Relationship Managers including Malik Dillis Akello- who was the best employee of the year also left the bank after scooping Dr Kalema ward and 3 months training with RaboBank in the Netherlands.

To make it worse, those appointed to replace some of the above managers have also left over similar grounds.

Stella Akol who was an immediate designate of Ronald Kasasa has since left.

No DFCU official was willing to speak about the departure when contacted. The officials contacted preferred not to be mentioned.

The DFCU boardroom, once a hub of collaboration and decision-making, now bears the weight of unanswered questions.

We have learned the bank’s board and senior management has for days been holed up in emergency meetings to chart a course through the storm that threatens to engulf and swallow the institution.

The bank’s CEO has not stepped forward to address employees, clients, and shareholders about the workers’ exodus.

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Gen. Kyanda commends Engineering Brigade on progress at Entebbe Airport

By
Simon Kabayo
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Gen. Kyanda leading the inspection at the ongoing construction works at Entebbe International Airport.

The Joint Chief of Staff, Major General Leopold Kyanda has commended the works of the Uganda Peoples’ Defence Forces Engineering Brigade on the modification of the passenger terminal building at Entebbe International Airport.

Maj Gen Kyanda had led UPDF Service Chiefs as they inspected the progress of the construction works at the Airport.

“The Engineering Brigade has been able to beat up the deadline and deliver good work. When we use our own, the supervision becomes very easy, hence producing good work,” said Maj Gen Kyanda.

He added that this is in line with the presidential directive that the UPDF Engineering Brigade should take on some government construction projects given that it (the Engineers Brigade) has the capacity and has proved to be the best compared to other private contractors.

Maj Gen Kyanda said that the Engineering Brigade is not aiming at making profits, but instead delivering services to the citizens at a low cost. He added that this has saved the government’s money that would have been misused by private contractors.

The Commander Engineering Brigade, Brig Besigye Bekunda said that the construction works at the new passenger terminal involve a lot of specialized engineering work like new designs and construction that will make it the best in Africa and the World at large.

He added that this is part of the 290 projects that were undertaken by the UPDF Engineering Brigade. Some of the key projects include the ongoing works at Mandela National Stadium, Namboole, Kajjansi National Medical Stores Oxygen Plant Base, and Regional Immigration Office in Gulu City among others.

Brig Bekunda said that they have provided employment opportunities to the communities which has increased their income and hence improved standards of living.

The works at Entebbe International Airport commenced on May 22, 2022 and are expected to be complete by January 2, 2024 and the current physical progress stands at 95%.

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UIA wins International award to boost investment in Uganda

By
Francisco Adongo
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UIA DG Robert Mukiza and board chairman Morrison Rwakakamba.

Uganda Investment Authority (UIA) has bagged the prestigious Go Global Awards for its distinguished efforts in making Uganda the number one investment destination on the continent.

The UIA Director General, Robert Mukiza received the news of the award, which has enhanced the country’s investment outlook, from Nina Escarda, the Senior Trade Commissioner of the International Trade Council.

“We are thrilled to inform you that your agency is among the recipients of this year’s award. Congratulations on your remarkable achievement,” said Escarda.

Each year, the Go Global Awards assessment encompasses 680 investment promotion agencies, including both ITC member agencies and non-members who participated in ITC-sponsored events. This rigorous evaluation is conducted by a prestigious committee, which includes Senator David Wells, Viscount Lord Waverley, Ambassador Sven Jurgensoon, Iain Evans, Charles Mok, Ranjani Rangan, and a group of economic development agencies.

Mukiza attributed the development to the commitment by his agency to reduce the cost of doing business in Uganda and generally facilitate investment. 

“The award is a testimony of our unwavering efforts to promote and attract investment into Uganda, making our country the third most rewarding economy to invest in on the whole continent of Africa,” said Mukiza.

Adding: “The security of a person and property, liberal economic regime and the President’s dedication to ensuring access to the markets of the East African Community, the Common Market for Eastern and Southern Arica, the African Continental Free Trade Area as well as the European Union, China and others, make Uganda a very profitable investment destination,” he said. 

The Go Global Awards ceremony, held concurrently with the business awards presentation, is a collaborative effort between the International Trade Council and the International Centre for Trade Transparency. Rhode Island Commerce Corporation hosted the event this year, with last year’s event being hosted by Enterprise Estonia (Both government FDI agencies).

The gala dinner was inaugurated by Rhode Island Secretary of Commerce, Elizabeth Tanner. Distinguished guests included Gina Raimondo, the United States Secretary of Commerce, and James Golsen, Deputy Director General, US Secretary of Commerce.

The event was emceed by Ranjani Rangan, Chairperson Elect of the International Trade Council, and featured Senator David Wells, H.E. Ambassador Sven Jurgenson, Charles Mok, and Iain Evans from the International Centre for Trade Transparency.

Over 500 companies across 83 countries, alongside 46 government economic development agencies participated in the prestigious award.

The UIA Board Chairman, Morrison Rwakakamba said the award represents the implementation of great policies under President Yoweri Museveni.

“The National Resistance Movement Government under the leadership of H.E Yoweri Museveni has implemented correct policies that reduce the cost of doing business and engendered a safe, stable and predictable environment for investors to make medium and long-term investment decisions,” said Rwakakamba.

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Prudential, DTB partner to extend affordable insurance services to Ugandans

By
Simon Kabayo
-

Prudential Uganda and Diamond Trust Bank (DTB) on Thursday launched a partnership in which they seek to extend affordable insurance services to all Ugandans.

The partnership also seeks to boost the deepening of insurance and financial protection from the current 0.6% insurance penetration in Uganda.

Through the Memorandum of Understanding, the two committed to bolstering further reach of insurance products and comprehensive financial solutions to the market.

Mr. Tetteh Ayitevie, CEO of Prudential Uganda noted “At Prudential, we have always strived to make a real difference in the lives of our customers. This partnership with Diamond Trust Bank enables us to extend our reach and provide more people with access to our insurance products. We are excited to be part of this transformative journey.”

He noted that the uniqueness of this partnership is the fact that DTB’s customers are the same that Prudential seeks to extend its insurance products.

He urged everyone who thinks that insurance is expensive to think of the benefits associated with it.

“You might say paying a premium is expensive but imagine the future of your dependents without the benefits that would come, that’s even more expensive.”

“Insurance gives you a unique opportunity to apply some discipline in your financial planning and put some money aside on a monthly basis. The blessing with insurance is that by the payment of one premium, an asset is established,” he added.

DTB’s CEO Mr. Varghese Thambi said that the partnership empowers customers with choices that cater for their financial needs to enable them to advance with confidence and success.

“The partnership with Prudential is an attestation of our commitment to offer an array of services under one roof. Together, we aim to provide convenience and financial security that will positively impact our customers,” Mr. Varghese Thambi added.

The strategic partnership will see the integration of Prudential’s insurance products and services within selected Diamond Trust Bank branches in Uganda. Key products under the partnership will give chance to Ugandans to invest for business and life needs through the Pru-edu save insurance covers and the Investor Plus polices to cater for a working group heading into retirement.

The partnership comes at a time when the world is driving the public engagement on a savings and investment culture through the world saving month. The DTB -Prudential partnership is signed to simplify the process for customers who seek solutions for savings and investment.

“The insurance penetration in Uganda insurance is about 1%. This needs to be improved. There is a cost as a premium but compared to the benefits the policyholder is getting are very high.”

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East African countries to develop joint cross-border payment system

By
Francisco Adongo
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Delegate at the ICT cluster infrastructure development of the Northern Corridor Integration Projects that took place in Nairobi Kenya.

East African countries have resolved to jointly develop a cross-border payment system to promote trade and deepen financial integration.

This was the outcome of the four-day meeting of the ICT cluster infrastructure development of the Northern Corridor Integration Projects that ended in Nairobi, Kenya, last Thursday.

According to the joint communiqué issued after the meeting, technical teams from EAC member states agreed to harmonize their policies to support the regional cross-border payment system.

The system will be designed to streamline and secure various forms of electronic payments, including online transfers, and mobile payments.

Dr. Aminah Zawedde, Uganda’s Permanent Secretary in the Ministry of ICT and National Guidance, who also doubles as the technical chair of the ICT Cluster Infrastructure Development, said once in place, the system will allow regional nationals to pay for goods and services in local currencies using merchant codes.

“We are going to ensure that we have an improved communication system and regional communication. The other region of focus is digital focus. We want to ensure that all services go online to ensure efficiency of governments and the private sector,” she is quoted as saying after the meeting.

Dr. Zawedde said regional connectivity is considered crucial to reduce the region’s reliance on external for cross-border transactions, particularly among businesses.

Amb. Richard Kabonero, who is the coordinator of the Northern Corridor Integration Projects, said the regional payment system is part of the Eastern Africa Regional Digital Integration Project (EA-RDIP).

He said the project is a vital initiative that is set to transform and enhance the region’s integration into the digital economy.

“It is set to revolutionize the way the region connects, trades, and engages digitally,” Amb Kabonero said.

Kabonero emphasized the need to bridge the digital divide, reduce connectivity costs, and empower marginalized groups such as youth, persons with disabilities, and women.

The project development objective is to increase access to broadband and digital services, fostering the development and integration of digital markets in East Africa.

The regional payment system was proposed by the EAC Heads of State under the Northern Corridor Integration Projects so as to deepen financial integration among member states.

The regional payment system operates on a secure technology infrastructure that includes servers, databases, encryption protocols, and other security measures to ensure the confidentiality and integrity of transactions.

 Regional payment systems play a vital role in promoting economic activities, facilitating trade, and enhancing financial inclusion within a specific geographic area. They provide a seamless and secure way for individuals and businesses to conduct electronic transactions, thereby contributing to the overall growth and development of the regional economy.

By using merchant code payment systems, funds can be sent from one digital wallet to another.

These digital wallets effectively act as bank accounts but they can also be linked to accounts with formal financial institutions.

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Africa Capitalworks acquires majority stake in Uganda’s Cipla Quality Chemicals

By
Simon Kabayo
-

Africa Capitalworks, an investment management company incorporated in Mauritius, has completed the acquisition of a majority stake in Uganda’s Cipla Quality Chemical Industries Ltd (CiplaCQIL).

In a statement issued on November 15, 2023, the Company Secretary at Cipla Quality Chemical Industries Limited confirmed that Africa Capitalworks has acquired 51.18% of the company shares.

“Africa CapitalWorks has successfully concluded the purchase of Cipla shares from Cipla Quality Chemicals Industries Limited. This strategic partnership marks a new chapter in our journey, bringing fresh opportunities and growth,” the company stated.

The shares comprise 51.05% from Meditab Holdings Limited and 0.13% from Cipla (EU) Limited.

Other shareholders are Capitalworks SSA 1 (11.15 percent), government employees pension fund (8.54 percent), NSSF Uganda (7.38 percent, Cipla (EU) (0.13 percent) and Yiga Joseph (0.11 percent).

In March this year, Cipla said the buyer applied to the Capital Markets Authority (CMA) for approval of the transaction in line with the Capital Markets (Takeovers and Mergers) Regulations, 2012.

CMA then approved the buyout.

In an earlier interview, Mr Ajay Pal, the Chief Executive Officer of Cipla Quality Chemical Industries Limited said there will be no change in business.

“Cipla Quality Chemicals is still a profitable business, its market is expanding and they begin to manufacture new drugs at the end of the year,” he said in an interview.

CiplaQCIL is one of the largest pharmaceutical manufacturers in East Africa and also one of the largest in Sub-Saharan Africa (SSA).

The Ugandan founders of Cipla; Emmanuel Katongole, late Frederick Kitaka Mutebi and George Baguma will each hold 2.79 percent of shares in Cipla Quality Chemical Industries and they will each acquire 1.50 percent interest in the company, which is listed on the stock exchange.

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Aviator Game & Predictor Review

By
Our Reporter
-

The game Aviator is an emulator from the software developer Spribe, which was released in 2019. Practically, the Aviator game is a multiplayer slot. Several players can play at the same time. They can see the bets and winnings of other customers. There is a general chat where users can exchange messages, secrets, winnings. The gameplay is based on the flight of the airplane. He is gradually gaining height, which leads to an increase in the odds by which the pot is multiplied. The higher the takeoff, the greater the final winnings. It is important to take the money before the airplane crashes, which can happen at any moment. Within one flight, the odds vary from 1.00 to several thousand. Calculation of the winnings process is carried out according to the formula: bet amount multiplied by odds. The Aviator slot keeps the history of the last takeoffs of the Lucky Plane. After the brief analysis of the previous results  you can choose the optimal strategy of the game. The statistics show all bets, user spins and top wins. The latter are divided by the amount of winnings, odds and income. There are statistics for a day, month and year.

It is believed that Aviator Predictor does not give 100% results, and it is impossible to hack the game, as its algorithm is based on random number generation technology.

How to play Aviator Gam?

Previously, it was mentioned in this article that Aviator has pretty simple rules. RTP ratio (return to player) is kept at the level of 97%. Basically, this means that in 3 out of 100 flights, an airplane will fall down just at the beginning of the flight. The Aviator game has two playing possibilities: the first one is single flight and auto flight. In order to place a bet, you have to decide the amount of money that you want to put in. Before starting the round, just press the “Bet” button and this will immediately send your plane into the atmosphere. After the plane starts getting its altitude you will be able to see the current multiplier at the middle of the screen. You must take out your money before the plane goes down. The automatic mode has two main features. The first one is cash out that is carried out automatically. This feature allows you to specify the multiplier at which the cash out of your winnings will happen automatically. A brief and simple instruction on how to place a bet may be found below:

  1.  You have to set and adjust your bet size. On the bottom of the screen you can find a control panel on which “+” and “-” buttons would be located. You may choose the desired bet value using the “+” and “-” buttons.
  2. After the bet amount is set you are free to start a new round. New round starts every 5 seconds. 
  3. Carefully watch the altitude of the airplane. In addition, you have to keep your eye on the multiplier in order to extract your money just at the time. The minimum multiplier is 1.01, but it can reach up to x1000.
  4. After an airplane reaches the desired amount of multiplier, safely press the “Bet” button in order to stop the game and extract your money..

As you may have already understood, the game is pretty simple. It is simple to send an airplane into flight. The main difficulty is to stop at the right time.

Aviator Game Strategy

There are several strategies and life hacks on how to obtain significant winnings in this game. But you should understand that none of the strategies presented on the Internet can guarantee 100% results. Since, the Aviator game works based on a random number generator, which does not practically allow you to calculate the algorithm of the multiplier drop. Anyway,  we have developed useful strategies just for you. They help to control the game and the level of costs. Experienced players usually utilize 3 types of tactics. They only differ by approach, bet size, and the potential outcome:

  • The simplest and fastest strategy that is newbie friendly is the following: extract all bets in the range of 1,1-1,50. When you have a chance to analyze the statistics and multipliers drop you would be able to see that the average multiplier is about 1.8. More than half of the bets will be winning;
  • The second strategy’s key is data usage. After waiting for a series of 5 or more low rounds, you should place a bet and take one with the odds reaching 2.00. The second one can be left open and wait for a multiplication of x5-x10. The first bet is closed with odds of 2.00 to protect yourself from going into the minus, as the winnings overlap the potential loss from the second bet;
  • The third and most profitable strategy is suitable for players who are patient enough to wait for their turn to rock the boat. You need to examine when the latest x100 multiplier drop happened. From the selected mark you need to count one hour. According to the statistics, the multipliers 100-200 fall out once every hour and a half.

These are just advisory tactics that will bring profit in the long run if you stick to them.

Conclusion

Frankly speaking, there are some strategies that turn out helpful in the terms of Aviator game gambling. But, there is no way to predict the outcome of a round.  Aviator is a game based purely on luck and random number generation.There are various “prediction tools” advertised on the Internet, but they are only designed to attract traffic and possibly deceive you. Is not recommended to rely on such sources of the predictive tools.There are also videos on the internet that prove the existence of the signals. You can determine this yourself by watching a few of these videos and try a demo to see if these tips work. However, these tips are not 100% backed by facts. Instead, we recommend trusting your instincts, and relying on them. We wish you good luck and definitely do not forget to have fun while playing!

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Jubilee unveils Maisha Fit to combat increasing Non-Communicable Diseases

By
Geoffery Serugo
-

Jubilee has unveiled Maisha Fiti to promote the physical and mental well-being of people.

Maisha Fiti application will empower users to take charge of their preventive and curative health. The program will also create a community for users to interact with peers and medical professionals on various topical issues such as nutrition, lifestyle management, maternal and mental health among others.

In recent years, society has witnessed a concerning rise in diseases and conditions that can be directly attributed to lifestyle choices. The World Health Organization reports that 41 million people lose their lives globally every year as a result of non-communicable diseases (NCDs).

It is estimated that 39 per cent of deaths in Uganda are due to NCDs and for every Ugandan citizen, the probability of dying prematurely from one of the four main NCDs is 22%. Physical activity, heavy alcohol consumption and poor diet have been identified as the major contributors to the rising disease burden.

Lifestyle-related illnesses, often preventable, have far-reaching consequences on individual wellbeing and the country’s health infrastructure. The Maisha Fiti Program will invest in health education and initiatives that promote healthier living.

Jubilee Health Insurance CEO Dan Musiime noted that the increase in lifestyle-related illnesses is a critical issue that demands immediate attention.

“Lifestyle-related illnesses not only impact an individual’s quality of life but also places an enormous burden on a family’s and nation’s resources. The alarming increase in lifestyle-related illnesses requires that we urgently prioritize our health. Maisha Fiti will encourage our customers to make informed choices about their diet and overall well-being,” said Musiime.

Jubilee Health Insurance has also launched a campaign dubbed “Do Anything For The Steps” to motivate individuals to incorporate physical activity in their daily lives. This campaign will encourage people to take up activities such as walking, running or cycling to increase energy levels and overall vitality making life more enjoyable.

To participate in this campaign, individuals will be required to purchase JCare Medical Cover from the company’s website. The company will then deliver a free smart watch that will enable the customer to enroll in the “Do Anything For The Steps” campaign.

This challenge will enable customers to set targets of physical activities to be undertaken within a specific period of time. Individuals who hit their targets will receive up to 20 per cent discount or cash back on their health premiums.

While commenting about the campaign, Jubilee Insurance Group Head of Marketing and Corporate Communications Caroline Ndungu noted that incentivizing physical activity will combat the escalating wave of lifestyle-related illnesses.

“It is increasingly evident that individuals and companies must come together to address the growing health crisis. Our company is centred on empowering people to access both preventative and curative care. This campaign will empower individuals to take up physical activities that not only enhance their well-being but also pave the way for healthier and happier communities. Furthermore, the lower premiums will make health insurance more accessible and affordable,” noted Caroline. 

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Speaker roots expansion of infrastructures in prisons

By
Geoffery Serugo
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Inmates from Upper Maximum Security Prison, iengage in hands-on training, honing skills that not only offer prospects for future employment but also foster a sense of purpose and dignity. Photo Credit, UPS.

Speaker of Parliament Anita Among has decried the high prison population in Uganda, saying the increased number of prisoners has exerted pressure on prisons infrastructure.

The Speaker said this during the plenary this afternoon.

Currently, there are 254 prisons in Uganda with a capacity of hosting 20,762 inmates throughout the country.

According to Uganda Prisons Service monthly statistics, in September 2023, there were 75,912 people in prison including pre-trial detainees, indicating 148 from the previous month. Of that 72;265 were men and 3,647 women.

Among stated that the Commissioner General of Prisons Johnson Byabashaija revealed that for every 100,000 Ugandans, 168 are in Prison. The prisons are hosting prisoners beyond the physical carrying capacity of the facilities implying overcrowding.

“We need to pay closer attention to the infrastructural challenges affecting Uganda prisons. As we embark on the budgeting process for 2024/25, I urge the Executive to prioritize the need for better infrastructure in Uganda Prisons,” she said.

She said “All their prisons are full, they have no space for the prisoners, so as we legislate and we go through the budget process, we should be able to think about the infrastructure in prisons, not only Luzira, but all over. Of course, we shall continue having people who break the law, but let us see how we support Uganda Prisons and see that their infrastructure is improved,”

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Two arrested in connection with alleged ritualistic murder

By
Our Reporter
-
Two arrested ritualist

Mityana territorial Police have arrested two suspects in connection with a murder case that happened in Kitavujja LC1, Sekanyonyi town council Mityana district. The suspects have been identified as Muwonge Joseph alias Kisenyi 25-year-old and Lwanga Simon.

Rachael Kawala Rachael, Police Spokesperson Wamala region said that the Police task team on 15.11.2023 arrested Muwonge Joseph alias Kisenyi (husband to the deceased) in a shrine belonging to Salongo Lwanga Simon after a tip off by the residents. The shrine is located at Kawaala village,Kagele parish Sekanyonyi town council, Mityana district .

Also, the witch doctor Lwanga Simon 56-year-old has been arrested and the two are currently held at Mityana CPS.

“On November 7, 2023, at approximately 1500hrs, the police were informed of the discovery of the deceased, Nakamatte Jesca, a 19-year-old female resident of the same location, in an advanced state of decomposition within rental properties owned by Nnaku Rose in Kitavujja LC1, Ssekanyonyi Town Council, Mityana district,” Kawala said.

She added, “The condition of the body strongly suggested that the murder occurred roughly two weeks prior and that the body had been left within the house.”

Kawala revealed that the preliminary findings indicated a potential connection between the victim’s tragic murder and domestic violence, with suspicion falling on her husband, Muwonge Joseph Kisenyi. This was further compounded by the fact that certain body parts, including the nose and tongue, were found missing.

“File will be submitted to the office of DPP for further guidance and possible sanctioning. We want to thank the public for their cooperation,” she noted.

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