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Museveni congratulates UPC’s Eunice Apio over winning Oyam by-election

President Museveni.

President Yoweri Museveni has congratulated Uganda People’s Congress candidate (UPC) Dr. Eunice Apio Otuko for winning Oyam by-election having defeated NRM’s flag bearer Engola.

“Congratulations to our allies, the UPC and for the candidate, Eunice Apio, for winning the Oyam by-elections. Congratulations also to the NRM and the candidate Engola Junior because the difference between the two was very small,” Museveni applauded.

However, he said if UPC cheated in any way, the NRM can follow the legal channels. He further condemned and demanded action against the law-breakers that are said to have ticked the ballots on behalf of the voters. And referred to the action as treason and urged NRM never to ever take part in that crime.

“It is the Opposition that has been doing that around Kampala, with the incompetent NRM officials failing to catch them. If the voters cannot do so genuinely and influence the choice of the candidates and Parties, then how can the People guarantee their future and discipline leaders? This is why the NRM went to the bush. Vote rigging, bribery, violence, lies, etc., must be banished from our elections,” Museveni said.

He insisted that all voting must be electronic, using the thumb prints to avoid the pre-ticking of the ballots.

Museveni said that UPC has been, in recent years, positive and not disruptive and so has Democratic Party been. Adding, “That is why I congratulate them, although I would have preferred the NRM to win. Nevertheless, both the UPC and the DP should pay attention to what I said at Icheme recently.”

Museveni regretted the sabotage of the Uganda National Congress (UNC) by the DP in 1954 and the sabotage of the UNLF in 1980 by the UPC and the DP, which denied Uganda a broad-based political force that could guarantee peace in Uganda, the way Tanu and Afro-Shirazi did in Tanzania. The two of them, again, since 1994 (the CA time), have been trying to sabotage the broad-based NRM but the People of Uganda have rejected their efforts.

“Therefore, the surviving UPC and DP members -people like Rwakasisi, John Kawanga, and Joyce Ssebugwawo (KY) – should sensitize their members about the historical mistakes that disadvantaged Uganda,” Museveni urged.

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Deputy Speaker Tayebwa mourns fallen businessman Apollo Nyegamahe

The Deputy Speaker of Parliament Thomas Tayebwa has mourned the late Apollo Nyegamahe alias Aponye and described him as a mentor and father figure.

“Mr. Apollo Nyegamehe’s death has deeply saddened us! Since we received the heartbreaking news last night and gathered at his residence in Lubowa, we have been unable to come to terms with this tragedy,” Tayebwa said.

Aponye lost his life in a tragic road accident along the Ntungamo-Mbarara Road in Itojo which involved two motor vehicles bearing registration numbers UBF 300Z (Land Cruiser) and UAZ 767D (FUSO).

Tayebwa described Aponye as a mentor and father figure, recalling their first meeting in Juba in 2008. Tayebwa acknowledged Aponye’s support not only in business but in all of his personal achievements.

He extended his heartfelt condolences to Aponye’s wife, Mrs. Vangi Nyegamehe, and their children, including Harold Nyegamehe, Brodis, Patience, Arvin, Lynette, Peter, Yvonne, Kevin, Jackie, Martina, and Annet.

Preliminary reports from the police indicate that the accident took place at around 9 pm when Aponye’s vehicle, a Land Cruiser with registration UBF 300Z, collided with a stationary Fuso Truck with registration UAZ 767D in Itojo along the highway.

According to SP Samson Kasasira, the spokesperson for the Rwizi Region Police, Aponye’s car was traveling towards Kabale when the driver lost control and crashed into the parked Fuso truck. The truck had encountered a mechanical problem and was stationed on the side of the busy road.

“The initial investigation reveals that the Land Cruiser, heading towards Kabale, collided with a stationary Fuso truck registered as UAZ 767D. The Fuso truck had encountered a mechanical problem and was parked alongside the road in Itojo along the Ntungamo-Mbarara Road,” SP Kasasira said.

Tragically, Aponye lost his life at the scene of the accident, while his driver and another passenger in the vehicle sustained critical injuries. They were promptly transported to Mbarara Hospital for medical treatment.

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Dfcu Limited holds AGM, outlines strategic priorities for sustained future growth

Dfcu Limited has held its Annual General Meeting (AGM), providing a comprehensive overview of its achievements over the past year (2022) and outlining its strategic priorities for continued growth.

Despite a challenging global economic environment, Dfcu reported robust financial results for the financial year ending 31st December 2022.

 The financial results indicate that profit after tax grew by 217% year on year, the loan impairments reduced by 41%. Total assets grew by 3% from Shs3.13 trillion to Shs3.24 trillion, 15% growth in the number of borrowing customers and customer deposits grew by 6% driven by current and savings account deposits.

The results further show that there is an improved customer deposits mix resulting in a 10% reduction in interest expense and substantial investment in Government Securities growing the portfolio by 63%, as part of the focus to diversify the asset base.

During the AGM, The Chairman of Dfcu Limited Mr. Jimmy D. Mugerwa said “Our business remains very strong, and our trading subsidiary Dfcu Bank has consistently maintained strong capital ratios. The core and total capital ratios of 24.5 % and 25.3% respectively are well above the regulatory capital requirements of 13% and 15% respectively”.

“The Bank was able to meet the new regulatory minimum share capital thresholds without additional capital injection from Shareholders”. he said. 

Recognizing the importance of delivering value to its shareholders, the Board of Directors recommended a dividend of Shs8.19 per share for the year ended December 3, 2022. This dividend payment will be subject to statutory deductions. 

Dfcu continued to make a difference in the community with several initiatives in the areas of agriculture, women in business and financial inclusion, and showed greater importance to Environmental, Social, Governance programs (ESG). Through the Agribusiness Development Centre, the Company expanded its support to agribusinesses with capacity building, provision of credit and value chain financing.

Looking ahead, the Company will focus on executing its strategy anchored on transforming lives and businesses in Uganda whilst managing credit and other risks better, investing in technology and growing our people.

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UPC’s Apio Otuko wins Oyam North By-Election

OYAM-Uganda People’s Congress (UPC) flag bearer Dr. Eunice Apio Otuko has been declared winner of the Oyam North County By-election.

The District Returning Officer, Mr Richard Onoba declared Dr Apio Otuko on Thursday as the winner with a total of 15,718 votes (49.12 %) while Samuel Okello Engola Junior of the ruling National Resistance Movement (NRM) who got 15,161 votes (47.38).

Other candidates in the race, Fred Okello of the Forum for Democratic Change (FDC) garnered 714 votes and Daniel Okello of National Unity Platform (NUP) got 403 votes.

A total of 32,751 votes were cast from 167 polling stations representing just 36.10% of the total registered voters (93,733) that make up Oyam County North Constituency, while 37 votes were considered spoiled and 755 invalids.

Dr Apio now joins Betty Amongi, the current Oyam District Woman Member of Parliament and Gender Minister to represent the district in Parliament while a member of the UPC Political Party.

The Oyam North County seat fell vacant following the death of the former MP and State Minister for Labour, Col (rtd) Charles Mac-Odwogo Engola who was shot dead by his private bodyguard Pte Wilson Sabiiti on May 2, 2023.

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BREAKING: City businessman Aponye died in accident

City businessman and proprietor of Aponye City Mall, Capital Shoppers, Mega Standard Supermarket and Aponye fleet trailer suppliers Apollo Nyegamahe has died in an accident on Kabale Mbarara road.

It is said that he died another family member.

Developing story

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

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

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

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

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

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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