The management of Capital Chicken Limited has temporarily closed its operations after the Financial Intelligence Authority (FIA) froze their accounts but has, however, assured safety of the customer funds. 

In a statement issued on Tuesday, 03 October 2023, Capital Chicken said this was after the Capital Markets Authority discredited their operations.

“We have been forced to temporarily close following a Capital Markets Authority news release discrediting us about two weeks ago and the subsequent freeze of our Accounts by the FIA that has made it impossible for us to run normal operations,” they said.

“We call upon our farming partners to be calm as we navigate the turbulence created by the various agencies who should have instead engaged us on Regulatory issues if indeed, the intention was to streamline our operations,” they added.

This comes after news started making rounds on social media about Capital Chicken closing and running away with people’s investments.

“Our attention has been drawn to various social media platform messages indicating that we have closed and disappeared with our farmers’ money,” they said.

“All our client contracts are protected, we ask all our farming partners to stay calm as we look forward to resume operations.  Like a Phoenix, Capital Chicken shall rise, again,” they added.

In the Eagle Online story dated September 18, 2023, the Capital Markets Authority (CMA) clarified that Capital Chicken Limited, the Mall Fund Limited and Veta Plan Chicken had not sought the approval of the Authority to offer investment contracts to the general public.

According to CMA, it had been receiving various inquiries seeking guidance on the widely publicized ‘investment opportunities’ by the three entities purporting to offer investment contracts to members of the general public.

The Capital Chicken investment scheme targeted mostly corporates who wanted to invest in chicken business but didn’t want to directly get involved in the business.

The company welcomed investments between Shs1 million to infinity for individuals whereas there was also an allowance of investing as a group by pooling resources where at the end of every month one would get profits amounting to 15% of their total investment.

But CMA warned that in the absence of regulatory oversight, investors in unregulated investment activities have limited recourse in the event of unfair treatment, loss or other challenges faced in their investment journey.

“Accordingly, members of the public are urged to participate in investment opportunities approved or regulated by CMA or any other relevant regulator and are further urged to seek investment advice from licensed investment advisors or other legitimate professional in order to make sound investment decisions and avoid being a victim of investment fraud,” the company said.

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Government of Uganda in partnership with Huawei has launched a digital hub for the Teso sub region in Eastern Uganda.

The hub seeks to provide youth, women, elderly, jua-kali, enterprise owners, students and farmers with knowledge and skills in digital technology to enhance their capabilities to produce and market their products worldwide.

The program code-named Huawei Digi-truck project was launched early this year by President Yoweri Museveni to provide free digital skills training for more than 10,000 beneficiaries over a period of three years.

While launching the project, the vice president said the program will create sustainable livelihood opportunities for the informal sector as it will enable small business owners to participate in regional and national trade.

“Digital transformation is one of the key drivers of effective human capital development, it therefore gives me much pleasure to launch this project,” she said.

The program is to be implemented in a phased way starting with Katakwi, Amuria and Kaperabyong district. Later the program will traverse in the remaining districts which make up the Teso sub-region. She lauded Huawei for demystifying ICT by making it all inclusive to farmers, youths, women, young girls and boys, elderly etc.

The vice president called upon the youth to be very generous with the skills acquired to achieve a multiplier effect. She urged youth to maintain discipline during the course and asked Huawei to establish an ICT resource centre in Katakwi to promote continuity and sustainability of the program. She also asked Huawei to equip parish chiefs with computer knowledge and skills for the success of PDM.

Alupo noted that the Government considers Huawei as a very strategic and important partner in the transformation of Uganda. We also acknowledge with appreciation to Huawei for building smart infrastructure here, such as aiding education through ICT,” she said.

Running in partnership with the Ministry of Labour, Gender and Social Development and an international social enterprise, Close the Gap, the Uganda DigiTruck project is aligned with Uganda’s 2040 vision, National Development Plan, and Education Digital Agenda Strategy.

Katakwi district RDC Maj. Godfrey Katamba stressed that the focus of these initiatives includes promoting digital foundation skills, digital communications and information, digital transactions, using the internet for problem-solving, online safety, civic responsibility, and data privacy, which will promote digitalization of the informal sector (Jua-Kali) enterprises for productivity and job growth in the country.

The DigiTruck program is coordinated with development and training partners globally to close the access and knowledge gap in digital literacy so that no one is left behind.”

Converted from a used shipping container, DigiTrucks are mobile classrooms mounted on trucks.

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Bank of Africa has responded to Eagle Online story dated October 2, 2023 about the customer deposits at Bank of Africa at risk as billions feared stolen by the staff urging that the Customer funds are safe and the institution’s financial standing is sound.

“We wish to categorically state that Bank of Africa maintains the highest standards of financial integrity and security. All customer deposits are safe and our financial standing is sound as reflected in our recently published statements that can be found on baouganda.com.” Bank of Africa clarified.

The Bank added that for further information about the financial soundness of bank of Africa Group whose total asset is a subsidiary it says are sold.

Awhistleblower who says operates on Nasser Road in Kampala has written to the Bank of Uganda (BoU) claiming customer deposits at Bank of Africa could be at risk of being stolen by staff. A detailed submission which he copied to several newsrooms, indicating that all wasn’t well at Bank of Africa Ugnada

Writing on September 30, 2023, to the BoU Governor, Moses Mukasa, the whistleblower, said he was cleaning the office, he landed on garnish orders from Bank of Africa, which to him was strange.

“I work from Nasser road here in Kampala. But as I was sweeping our office, I landed on the attached draft document. And from this document, it seems that there is a problem at the Bank of Africa in Uganda. I have personally seen several people on this Nasser Road premises processing fake court garnish orders to be used in Bank of Africa Uganda,” he said.

He added “The MD of Bank of Africa- Uganda, mistreats, and underpays staff this is why there is a big and abnormal exodus. We are really paid so little by this man, we need help from Allah. As if that is not enough, his poor people management skills are driving the unavoidable collapse of the bank. It’s just a matter of time if he doesn’t step aside. We need new management,” he said.

However, in its reply to the story, without providing any specific indicators or directly answering the allegations brought forward said all is well inside its operations.

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