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BoU to increase capital requirements for commercial banks to Shs150b next year

By
Simon Kabayo
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KAMPALA-Bank of Uganda (BoU) has announced that it will increase the minimum paid-up capital requirements for commercial banks to Shs150 billion and for credit institutions to Shs25 billion in 2024.

The announcement comes shortly after the Central Bank increased the minimum paid-up capital requirements for commercial banks to Shs120 billion and credit institutions to Shs20 billion in December 2022.

However, BoU argues that the higher minimum paid-up capital requirements are intended to enhance the financial system’s resilience to shocks and promote financial stability and advance the capacity of the financial institution to meet the growing needs of a dynamic economy.

“Under the Financial Institutions Act, 2004 (as amended), commercial banks were required to maintain a minimum paid-up capital of Shs120 billion, and credit institutions of Shs20 billion by December 31,2022. These capital thresholds will be further raised to Shs150 billion for commercial banks and Shs25 billion for credit institutions by June 30,2024,” the central bank revealed in a statement issued on Thursday, 06 July 2023.

“The higher minimum paid-up capital requirements are intended to enhance the financial system’s resilience to shocks, promote financial stability, and advance the capacity of the financial institution to meet the growing needs of a dynamic economy,” it added.

As the supervisor of financial institutions, the Bank of Uganda (BoU) said the implementation of the revised minimum paid-up capital requirements by commercial banks and credit institutions has been largely successful and remains on course.

As of June 30, 2023, BoU said the majority of the supervised financial institutions including those deemed large and critical to the smooth functioning of the financial system, complied with the revised capital requirements.

“The remaining financial institutions had put in place credible capital restoration plans whose implementation was significantly advanced, and on course to achieve complete compliance with the revised capital requirement within agreed timelines,” BoU stated.

The BoU is confident that attainment and maintenance of the revised minimum capital by financial institutions, will promote a strong, stable, and sustainable financial sector.

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Amb Mayega, Dubai Chamber of Commerce president meet over upcoming Uganda-UAE Business Forum

By
Our Reporter
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Amb: Mayega and President and CEO of the Dubai Chamber of Commerce Mr Mohammad Lootah.

The Consul General of Uganda’s Consulate in Dubai Ambassador Henry Mayega has met the President and CEO of the Dubai Chamber of Commerce (DCC), Mohammad Lootah.

Accompanied by Asha Nabbanja, Second Secretary Embassy of the Republic of Uganda in Abu Dhabi, the two principals discussed the upcoming second edition of the Uganda-UAE Business Forum scheduled to take place in the first week of October 2023 in Uganda.

Uganda-UAE Business Forum will focus on areas/sectors of commercialised agriculture, infrastructure development, tourism, manufacturing, minerals development and Energy with the objective of creating public private partnerships, joint ventures and business to business partnerships.

“We agreed that a list of bankable projects available for investment is shared with DCC for onward transmission to potential investors who will constitute the delegation that will participate in the upcoming Uganda – UAE Business Forum,” he said.

Following the meeting, the Consulate will communicate to DCC the composition of the Uganda Business Council at the earliest opportunity.

During the recent Business Forum, Business deals worth $2 billion are estimated to have been signed between the two countries in the agro processing, energy, and mineral sectors.

Trade exports between Uganda and the UAE stands at over $1.59 billion in 2022. Uganda’s exports to the UAE have increased from $600 million in 2018 to $2 billion in 2022. 

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EAC Technical evaluation team visits UPDF Contingent in DRC

By
Geoffery Serugo
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Lt Munanura Emmanuel-Cont Legal Offr salute Gen Ignace while inspecting Officers

The East African Community (TVEAC) Technical Evaluation Team (TET), led by the Burundi National Defence Forces (BNDF) Deputy Commander Land Force Maj Gen Ignace Sibomana has today visited the UPDF Contingent Force operating in DRC.

This force picks its mandate from the East African Community Regional Force (EACRF) to serve as a Peace Keeping Mission in North Kivu, DRC.

Maj Gen was accompanied by a team of Seven Military Senior Officers from the EAC Headquarters.

He was welcomed by Col Michael Walaka Hyeroba, the UPDF Contingent Commander.

The evaluation exercise is a directive from the East African Community Heads of State (EAC HOS) held during the 21st Extra–Ordinary Summit of the East African Community Heads of State on May 31, 2023 sitting in Bujumbura, capital of the Republic of Burundi.

The Summit directed the East African Community Secretariat (EACS) to constitute a Technical Evaluation Team (TET) to conduct assessments and evaluate the implementation of the mandate of the East African Community Regional Force (EACRF).

Team members were drawn from the seven EAC member states and will conduct assessments and evaluation exercises for all the Troop Contributing Forces performing EACRF operations in DRC

Maj Gen Sibomana said that the assessment will help find challenges and forward a report to the EAC Secretariat for further management.

He added that it will base on the terms of references as stipulated and guided by the 21st   Extra Ordinary Heads of State Summit of May 31, 2023.

 The terms and references will look at the mission mandate, general politics, security, peace and stability, Status of Force Deployment, humanitarian aid, and achievements; so far obtained by EACRF.

The exercise was concluded by conducting a physical assessment of UPDF combat readiness in one of Uganda’s Contingent Combat Unit teams, commanded by Maj Douglas K Assimwe and other Staff Officers.

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UPDF urges retirees to have a retirement plan

By
Simon Kabayo
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Brig. Kigozi lecturing outgoing senior officers on retirement plans.

JINJA-The UPDF Deputy Chief of Personnel and Administration (D/CPA) Brig Gen Godfrey Kigozi has advised UPDF senior officers who are yet to retire this financial year to have a retirement plan with a positive mind in the new life they are to begin.

This was said at Gaddafi barracks Jinja cantonment where 99 officers from the rank of Major to Colonel were gathered for documentation and sensitization exercise.

“As you go for retirement, have a purposeful plan with a positive mind so that you can invest your retirement package wisely,” Brig Kigozi urged.

He further said that the purpose of this exercise is to offer financial literacy for retirees and for them to understand what they are signing for a smooth and transparent process.

 Brig Kigozi implored them to pay attention to the financial literacy lessons they will be taught and also to go and be good ambassadors to protect the good name of UPDF.

The commissioner human resource of the Ministry of Defence and Veteran Affairs (MODVA) Mr. Cox Anguzu while addressing retirees said they have worked for their money and their money should now work for them, when they get the lump sum money which they should invest and save part of it.

Commissioner Anguzu advised them to avoid unnecessary spending and live in good health in order to live longer.

Col Kamurali who is one of the retiring officers thanked the UPDF for organizing such programs to enlighten them on the new life they are to begin.

He said, “Retirement begins the day you join the forces. The biggest problem to retirees however, has always been ignorance and lack of financial literacy which is no longer the case.”

The documentation for retiring General officers from the rank of Brigadier to General will be done in Mbuya on Monday July 10, 2023.

 The total number of UPDF officers retiring in this batch 13A from the rank of Major to General is 110.

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Two arrested over alleged voter bribery in ongoing Oyam By-election

By
Our Reporter
-

Oyam Central Police Station has apprehended two individuals on suspicion of engaging in voter bribery in the ongoing Member of Parliament By-election.

SP Patrick Jimmy Okema, police publicist North Kyoga revealed, “Today, July 6, 2023, at approximately 6:10 hours, police officers deployed to provide security in Otwal Sub-County intercepted Ronald Ocen, a 31-year-old resident of Minakulu Town Council, and Robert Ogwal, a 46-year-old resident of Kut Odongo Village, Amuku Gungu Parish, Otwal Sub-County. Notably, Ogwal Robert also serves as the chairperson of the UPC in Otwal Sub-County.”

Upon their arrest, a sum of Shs150,000 cash was recovered from the suspects, along with a list of individuals believed to have already received money. Presently, the case is under investigation at the Oyam Central Police Station, pending the compilation of evidence for submission to the Residence State Attorney (RSA).

The Member of Parliament seat fell vacant after Engola, who was the State Minister in charge of Labour, was shot dead by his bodyguard in Kyanja, a Kampala suburb, on May 2, 2023.

The candidates in the race are; Engola’s son, Samuel Engola Okello (NRM), Eunice Apio Otuko from Uganda Peoples’ Congress (UPC), Newton Okello Freddy of Forum for Democratic Change (FDC) and Daniel Okello Daniel from National Unity Platform (NUP).

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DPP Justice Jane Frances Abodo, be careful one time you might spark off Citizen-Action.

By
Guest Writer
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Let me shade light on a top secret that only few members of the Ugandan population were aware of to-date. The weekend that the DPP’s statement of closing files for lack of sufficient evidence regarding the Karamoja-Mabaati Robberies, I was engrossed and obsessed in following very closely the First Daughter Patience Museveni Rwabogo’s launch of her bookentitled “Jesus Africa”. I was lucky to have met the author and all her siblings (Natasha, Diana, Mohoozi K) and their mum in 1986 at the Five – Star Utalii Hotel, Thika road, Ruaraka in Nairobi.The family was returning home for the first time from Europe.

The new president of Uganda then, Yoweri Museveni had refused to dispatch the presidential jet that field Marshall Idi Amin Dada procured but left behind when he was overthrown to pick the former’s family from Jomo Kenyatta International Airport. The Kenya government therefore took over the First Family’s security and had them booked at the above mentioned hotel, where I had been deployed as a matter of routine to train (work). 

President Museveni argued then that it was unnecessary to send a plane to airlift only his family yet a many citizens of Uganda were stack abroad because Entebbe airport had earlier been declared a No-Fly zone (closed) when Kampala fell to NRA in January 1986. This action of self-denial by the president and his family endeared him to the international community. 

A second superb case of reference was that of a one Latigo, then General Manager of Uganda Airlines Corporation (UAC), who ordered a passenger flight pilot who was overflying the now Sudan to return to Entebbe and pick him because he had delayed to reach the airport in time. In order for the pilot to land safely and pick his General Manager, the fuel had to be disposed-off into Lake Victoria. You can imagine the danger that ensued with the things (aquatics) that live in the lake because of one man. Latigo was sent by Museveni to where he deserved (LuziraPrison).

The third tough decision on record by the president was the disbandment of then his Army Commander and brother, Gen. Caleb Akandwanaho for trying to hide what Justice Abodo calls sufficient evidence of corruption by burning the Army headquarters coupled with drunkenness. Justice Abodo’s action therefore spoilt my cerebration mood of the launch of “Jesus Africa” book.

I have since that day, come to distrust all the five so-called senses in myself i.e. smell, sight, touch, hearing and taste that I believe Justice Abodo’s investigators used to gather evidence coupled with the hidden one (sense) known as logic or wisdom for that matter, which the biblical Solomon used to sort out the dispute of the two women and the dead child. Solomon didn’t need sufficient evidence, he only needed logic by threatening to cut the live baby into two parts which led to the real mother of the live baby to allow the baby to be taken alive, hence won the case. That’s why I have said that I no longer trust all the sensesbecause they are unreliable in the case of Uganda and hard to standardize. What is fragrant to one nose may well be offensively repugnant to another. I know people who think jackfruit smells nice, while I personally want to puke at the aroma. I here, however from my wife and a friend called Bashir with some of my children that it is quite sweet. More often than not smell and taste get confused each for the other or in conjunction.

With eyes, you cannot be absolutely sure that what you see is reality otherwise, ‘Abasawo b’ekinansi” (magicians) would be out of jobs. From now on, I am no longer going to be certain that when a lunatic says he has seen a lion, when, the rest of us cannot that the lion is not actually there. People who claim to have seen the Virgin Mary, are roundly ridiculed. Who can state with utmost conviction that those things do not exist if surely some of us I mean taxpayers saw the mabaati exhibits while others including I think the DPP could not. But if these things do exist, why are they seen by only a few of us? Can we trust the eyes of the rest of us really? 

Smell: Do all sweet-smelling things taste nice? Of course not. Try to taste your wife’s sweet perfume. Most perfumes are very bitter! Yet there are things that stink, but are considered delicacies. Some brands of cheese are the best examples of this. Some women, especially when pregnant crave their husbands’armpits’ smell, but what is there really in an armpit?

Therefore, I conclusively state that there shall never be sufficientevidence to pin Ugandan thieves.

Nabendeh S.P Wamoto (0776658433)

Email: simonwamoto@yahoo.co.uk

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Housing Finance Bank Partners with NSSF to Transform Education in Public Schools

By
Our Reporter
-

Kampala, Uganda – Sunday, July 2, marked a memorable day of fun, colour, and excitement as Housing Finance Bank joined the National Social Security Fund (NSSF) for the highly anticipated NSSF Kampala Hills Run at the Kololo Independence Grounds. The bank’s participation in this renowned charitable event demonstrates its commitment to transforming public schools in Uganda and fostering sustainable development.

The recently concluded NSSF Kampala Hills Run aimed to raise Shs1 billion to refurbish public primary schools, enhance sanitation facilities, and provide digital labs. This 2023 edition was built upon the success of previous runs, where up to 15,000 pupils in the districts of Kampala, Soroti, Kisoro, and Otuke benefitted from renovating 60 classroom blocks and improved sanitation in 13 primary schools. The event showcased remarkable athletic achievements, with Sam Wamuno winning the 21-kilometre race in the men’s category, Latif Kisamba securing victory in the 10 kilometres men’s category, and Doreen Agaba emerging as the women’s champion.

“We have been able to raise about 948 million shillings, 400 million in cash, and the balance in kind. It has been great, considering we had a target of one billion shillings. Close to 8,000 people turned up for this run, which is very encouraging after the Covid break,” said Patrick Ayota, the A.g Managing Director of NSSF.

Housing Finance Bank has been at the forefront of providing comprehensive education support, enabling convenient, affordable, relevant and empowering solutions to all Ugandans. The Bank’s initiative to foster education growth is evident by arange of financial solutions it offers. These include working capital for school owners, bridge financing, incremental loans and vehicle financing to address the pressing infrastructural and financial challenges faced by schools across the country.

Micheal Mugabi, the Managing Director at Housing Finance Bank, emphasized the pivotal role of education in fostering economic success, social progress, and the achievement of Goal 4 of the sustainable development goals. By actively participating in initiatives like the NSSF Kampala Hills Run, the bank reinforces its commitment to continually seeking opportunities to grow and set foundations for future pilots, teachers, engineers, marketers, and bankers. 

“As an indigenous bank, we firmly believe in the transformative power of education in creating a high-skills, knowledge, and innovation-based economy for sustainable development. By participating in initiatives like the NSSF Kampala Hills Run, we demonstrate our commitment to empowering the education sector and shaping a better future for all Ugandans,” said Micheal Mugabi, Managing Director at Housing Finance Bank. 

Housing Finance Bank extends its deepest gratitude to all the individuals, organizations, and runners who joined forces in supporting this noble cause. Their collective efforts will have a lasting impact on enhancing education infrastructure and promoting sustainable development in Uganda.

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Regional agricultural bodies deliberate on sustainable ways of mitigating pests and diseases

By
Our Reporter
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AGRICULTURE: A woman tends to her banana plantation

Atleast nine regional Agricultural organizations from Burundi, Ethiopia, Kenya, Rwanda, Somalia, South Sudan, Djibouti and Uganda are meeting in Kampala to deliberate on sustainable and environmentally friendly ways of controlling pests and diseases.
Over the years, the region has faced several invasions of pests of plants such as the desert locusts, the army worm, maize bores and sundry. The invasions have since led to poor yields and hence leading to food insecurity.
The outbreaks from endemic pests and invasion by trans boundary pests compel farmers to procure and use inorganic pesticides. Importation and use of pesticides for crop pest and disease management are on an upward trend. This is driven by the progressive transition from subsistence to commercial agriculture.
Speaking during sub-regional consultative meeting on biological control and biological for pest management in Eastern Africa, Charles Owach, and Assistant FAO Representative said Pests and diseases in crops, whose incidence and severity is compounded by climate change, presents severe limitations to food availability, better nutrition and livelihoods for many farming households in Uganda.
He said while synthetic chemical pesticides have a role in agriculture; their use must be rationally based on a sound scientific basis. Otherwise, unlike biological control and bio pesticides, they can be costly and harmful to the environment and other life forms, including humans.
“Embracing ecological approaches to pest management is crucial to enhancing food security and nutrition and safeguarding environmental and human health. Biological control and bio pesticides can effectively manage plant pests and contribute positively to agricultural production and productivity in Uganda,” he said.
Additionally, he said Biological control and biological in pest management should concern not only actors in the agriculture sector but also those in the environment and health, among others. At national and sub-national levels, relevant actors in public and private sectors need to be mapped, updated and engaged in promoting the uptake of biological control and biological in pest management.
They deliberated that considerable efforts are needed to research and promote biological control and bio-rational. Concerted investment in research on biological control and bio pesticides is required. Investment is needed to build extension service providers’ capacity and increase public awareness.
Byantwale Stephen, the acting director crop resources at the ministry of agriculture said pests and diseases have continued to impact negatively on trade in plants and plant products including interceptions due to presence of harmful organisms in the commodities. This is further exacerbated by exceedance of pesticide Maximum Residue limits on fruits and vegetables both in the domestic and external markets.
In a bid to address challenges in the agricultural sector, he revealed that the government has adopted measures including Integrated Pest Management (IPM) with some success. Experiences have been drawn from use of Beetles to control water hyacinth, control of Maize Stalk Borers and recently Biological control of the mango mealybug.

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Byabashaija calls for allocation Shs10.8b towards construction of prisoners’ wards

By
Our Reporter
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Dr. Johnson Byabashaija

The Commissioner General of Uganda Prisons, Dr. Johnson Byabashaija has told lawmakers that prisons across the country will continue to grapple with congestion if the sector’s budget is not prioritised.
Byabashaija,  Minister of State for Internal Affairs, Gen. David Muhoozi and representatives from the Uganda Police Force appeared before the Committee on Human Rights to respond to queries on the state of human rights and freedoms in Uganda for 2022.
Dr. Byabashaija said that while the population of prisoners across the country has risen to 76,248 in 2023, the budget for the Prisons Service has retrogressed.
“Congestion in prisons has to increase, inevitably. The occupancy rate last year was 360 per cent against this year’s 373 per cent. Space of one person is now being occupied by four people. This is the reality,” Byabashaija said.
Dr. Byabashaija added that the budget for food, maintenance and clothing has not been increased in the 2023/2024 financial year
Byabashaija requested the MPs to allocate Shs10.8 billion towards construction of prisoners’ wards, fitted with water closets in the remaining 27 prisons.
Meanwhile, Committee Vice Chairperson, Jennifer Mbabazi asked Dr. Byabashaija to address allegations of shared facilities by adult prisoners with juveniles.
Dr. Byabashaija assured the MPs that there are no juveniles in the adult prisons, explaining that all juveniles are sent to remand homes.
“Court does not send juveniles to adult prisons, some slip through police and the judiciary during age determination and up in adult prisons,” he said.

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Health Ministry summons labs for a meeting over DNA crisis

By
Simon Kabayo
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The Ministry of Health has summoned directors of MBN Clinical laboratory, ATCG Solutions laboratory and Little Oak Laboratory for a meeting over the DNA crisis in the country.
In a statement released by Dr. Daniel Kyabayinze, Director General Health Services said, “As you are aware, Uganda has now developed strong laboratory capacities in both public and private sectors for provision of various testing services including DNA Paternity testing.”


He added that Ministry of Health has however noted with concern, the issues arising from the DNA paternity including the resulting domestic violence, suicides and the general disturbances to the families and society.
“It is upon this background that the Ministry of Health has organized a meeting of the key stakeholders to discuss how to streamline the issues of DNA paternity testing services so as to mitigate the negative consequences to our society,” he noted.
However, Members of Parliament called for regulations on how DNA services are procured where the Deputy Speaker of Parliament Thomas Tayebwa showed concern at reports of mistreatment of innocent children and men, some of whom have been left on the verge of committing suicide.

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