ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of information and communication technology solutions, announced today that Hans Neff, Senior Director of ZTE CTO Team, has shared in-depth insights on how to adopt new technologies to improve FTTx user experiences and help operators gain competitive advantages at a seminar titled “How to Build a Service Platform on the Existing Optical Network to Increase Revenues” for the Broadband Forum (BBF) at the FTTH Conference in Madrid on April 18-20, 2023.
With the theme of “New Technologies Drive New Connections and Enhance User Experience”, Hans Neff believes that combining the same generation of PON and Wi-Fi technologies can offer end-to-end wireline and wireless high-speed network connections, such as GPON + Wi-Fi 5, 10G PON + Wi-Fi 6, and 50G PON + Wi-Fi 7. The 10G PON is now being deployed on a large scale worldwide, and CAPEX will continue to drop as the shipment increases. It is estimated that the next 3-5 years will be the golden time window for the large-scale deployment of the 10G PON. The 50G PON standards have been released, and commercial capabilities are expected to be available in 2025. The 50G PON has advantages such as five times more bandwidth and lower latency and jitter than the 10G PON, and can provide more accurate bandwidth, latency and jitter to better deploy experience-sensitive services.
According to Hans Neff, the PON OLT platform should have the smooth upgrade capability to extend the use time of the equipment in the network and save the upgrade costs of operators, oriented to the continuous evolution and upgrade of the optical broadband network. ZTE introduced the first three-mode Combo PON solution, which enables access and smooth evolution of three generations of technologies (GPON, 10G PON, and 50G PON) through a 50G PON Combo interface and a main optical fiber. In the early stage, the operators complete construction of central offices in one step, and GPON, 10G PON and 50G PON ONU are flexibly deployed as needed. In the subsequent upgrade, only the terminals need to be upgraded on demand, without changing the central offices.
In terms of the evolution of FTTx networks, Hans Neff proposes the concept of open PON. Through standard NetConf/YANG and Telemetry interfaces, OLTs can be smoothly connected to the SDN controller for their openness, disaggregation and evolution towards the microservices. Virtualized software modules can be deployed locally or on the cloud, and disaggregated ONUs can be managed through the vOMCI.
In the scenarios of families and small/medium-sized enterprises (SME), Hans Neff believes that the development of FTTR is a general trend. The optical network is deployed in each room and enables beyond-gigabit optical broadband and Wi-Fi wireless coverage to deliver ultimate access experiences. One-step fiber deployment can address the demands for 20-30 years. The FTTR solution can efficiently build an internal network for families and enterprises to help operators expand brand-new broadband networking services and business models as well as tapping into the potential market of smart homes and SMEs.
BBF focuses on accelerating technological innovation, ecological development and network evolution in the broadband field. It actively promotes multi-service access from the aspects of network architecture, device and service management, software data model, inter-working standards and industry certification.
ZTE is an active participant and builder of BBF, following the principle of openness and cooperation. ZTE conducts in-depth research on new technologies such as 50G PON, OLT virtualization and FTTR, based on the needs of access technology development and evolution, new service support and investment protection. ZTE provides the best last-kilometer wireline access solution for the global digital transformation, with a vision of ultra-fast, deterministic, open, agile and intelligent networks.
E-commerce platform Copia has announced it will be closing its operations in Uganda two years after launching in the country.
In a statement, Copia said the closure is part of its plans to halt its Africa expansion plans over the global economic downturn occasioned by Russia-Ukraine war.
“To accelerate Copia’s drive to profitability, the company is pausing its Africa expansion plans and suspending its recently established Uganda operation during this period. This decision is consistent with many of the best companies in Africa and across the world, which are responding to the market environment and prioritizing profit,” reads a statement from Copia.
“This highly focused approach will ensure that Copia is well positioned to pursue its pan-African ambitions with its proven formula for successful expansion to serve the 800 million middle- and low-income consumers through the power of e-commerce,” Copia added.
It was not immediately clear how many of its workers have been affected by the closure.
However, this comes as a surprise given that Copia had in 2021 raised KES 2.6 billion in a Series B drive to expand its investments across the continent. In the same vein, the company appointed Betty Mwangi as a member of its board, Mwangi one time served as Jumia Kenya CEO. It also appointed Dominic Dimba as Managing Director for East Africa with immediate effect.
At the start of 2022, Copia secured $50 million in a funding round. The Series C round was headed by Goodwell Investments.
Launched in Kenya in 2013, Copia harnesses mobile technologies, a network of local Agents, and proprietary Copia Logistics to reach a market that formal retail and Western e-commerce models cannot. Copia brings quality products at the lowest market prices delivered at no cost to thousands of customers every day. To date, the company has fulfilled more than 10 million orders.
Operating its own technology-enabled advanced logistics service, Copia can deliver to the most remote locations, even in places with poor road infrastructure or lack of addresses, at no additional cost to the customer.
As part of the registration drive, the teams from National Social Security Fund- NSSF and Ministry of Gender, Labor and Social Development have toured and registered the Fine Spinners Uganda Limited employees in Bugolobi. Fine Spinners company processes locally-grown cotton to produce world-class, 100% African, sustainable, traceable garments.
Sections 7 & 13 of the NSSF Act as amended provides for mandatory contributions for all workers regardless of the size of the enterprise or the number of employees.
The Fund’s Acting Managing Director Ayota Patrick flanked by the Minister of Gender, Labor and Social Development, Hon. Betty Amongi spearheaded the registration of employees at Fine Spinners Uganda Limited.
Speaking at the event Patrick Ayota said, “As you recall, on 28th March the Fund launched a mass registration drive dubbed NowYouCan aimed at registering all employers in Uganda, irrespective of the number of workers employed. This was done in line with sections 7 and 13 of the NSSF Act as amended.”
Ayota added, “Honorable Minister, I am glad to inform you that as of today over 1,468 employers have so far registered with the Fund since we launched the mass registration drive. This drive is a multi-stakeholder initiative by various partners.”
The Fund has partnerships with most government agencies to ensure that employers regularize their status with NSSF before they do business thus engaging all regulatory agencies to ensure that entities are compliant before licenses.
“It’s now 9 days to the end of the period that we extended to non-compliant employers. However, we were implored by some employers to extend the registration deadline. Today we announce a 60 days extension, with the new deadline being 28th June 2023,” Ayota cautioned.
He further called upon all unregistered employers across the country to take advantage of the extension to regularize their status with the Fund to avoid penalties. This is an opportunity for every employer to support their staff to retire with dignity.
Hon. Betty Amongi said the government recognizes that social protection is crucial for achieving national development goals and promoting equity.
“As the largest social security scheme in Uganda, NSSF must take the lead in recruiting all eligible working Ugandans into the social security net. The new law has expanded the social security landscape & empowered the Fund to innovate and introduce new products,” Amongi said.
Uganda has a labor force of 16.3m people, of which 13.9m are working. Only 85% of paid workers in the country are employed in the informal sector, without formal contracts or social security. The NSSF Act as amended seeks to turn the events around.
On Tuesday 18th April 2023, Housing Finance Bank held an Iftar Dinner at Hotel Africana in celebration of its Muslim staff and customers. The event featured a number of activities including poetry, music performances, and prayers.
The Bank was represented by Mr. Michael Mugabi, the Managing Director at Housing Finance Bank. During the event, he expressed his gratitude towards the Muslim community for their continued trust and loyalty to the Bank. “We are honored that you have chosen Housing Finance Bank as your preferred financial partner. We appreciate you and are committed to offering solutions that facilitate business growth for Muslims and the business community in the country. We are also exploring Islamic Banking among other tailored solutions.”
At Housing Finance Bank, customer satisfaction is fundamental. The Bank recently rolled out its 2023-27 strategy and Customer Experience is one of its key pillars. “We are privileged to be a fully owned Ugandan bank, which allows us to easily craft working and suitable solutions to continuously enhance the customer experience across all our channels. As a matter of fact,
all our key decisions are centered around the ability to meet both the current and future
needs of our customers,” said Mr. Michael Mugabi, the MD.
The event comes at a time when the bank has embarked on its journey towards becoming a sustainability–certified bank and incorporated the ESGs into its operations in order to create value for the communities in which it serves and the country at large by encouraging the transition to a climate-neutral, resilient, resource-efficient, and resilient economy as well as aiding social inclusion. In line with the above, there has been a record of several projects to support the community.
The Bank has engaged in different projects to support the Muslim community. Last year, Housing Finance carried out a career guidance lecture at the Islamic University In Uganda (IUIU) Kabojja campus where it contributed UGX 12M towards identified water harvesting and tree planting initiatives in line with the bank’s sustainability agenda.
Last Ramadan, the Bank supported the Nakifuma Muslim Community through the Nakifuma Orphanage Centre in line with the principles of giving back and developing Muslim communities in the Holy Month of Ramadan. This month, Housing Finance Bank will be participating in the Mbarara Qadh Run 2023 to support in raising funds towards the construction of a Muslim Centre in Nyamitanga, Mbarara City.
Housing Finance Bank will also be participating in the Mbarara and Hoima Qadh Run 2023 in support of raising funds towards the construction of a Muslim Centre in Nyamitanga, Mbarara City
Housing Finance Bank remains committed to facilitating sustainable projects and Sustainable Development Goals and continues to embrace more avenues for supporting the Muslim community.
Karamoja State Minister Agnes Nandutu in the dock.
State Minister for Karamoja Agnes Nandutu has been referred to the High Court on charges of dealing with suspect property contrary to section 21A (1) of the Anti-Corruption Act,2009 (As Amended).
Ms Nandutu was arrested for diverting iron sheets meant to be relief items for the people of the Karamoja sub region. David Bisamunyu told court that investigations into the matter have been completed. Adding, “I have instructions from the DPP to have the suspect committed to the High Court for trial.
The committal papers are before you my lord.” The Anti- Corruption Court grade one magistrate Esther Asiimwe ruled that Nandutu’s case be referred to the High Court. “The accused is hereby committed for trial in the next court session,” Asiimwe said. Nandutu protested the decision noting that, “I’ve been baptized by fire. Why should [I] be committed to the High Court when the lower court has the mandate to deal with this?”
Nandutu has therefore been remanded to Luzira Prison until 3/05/2023 Nandutu joins the State Minister for Finance and Planning Amos Lugoloobi who is on remand in Luzira over the same having been denied court bail on Monday. The minister of Karamoja affairs, Mary Kitutu Goretti, was the first minister to be arrested in the scandal but later secured a court bail after spending a week in jail.
Makerere University Vice Chancellor, Prof. Barnabas Nawangwe, has asked the Committee on Education and Sports to avail Shs52.9 billion in its new budget to renovate facilities at the Colleges of Medicine and Veterinary Medicine.
According to Nawangwe, the university’s graduate students in veterinary medicine have been suspended from the Uganda Veterinary Board, owing to inadequate training facilities of the college.
He added that the Medical and Dental Practitioners Council recently warned that it would halt the registration of medical graduates due to among others, inadequate staffing at the colleges of medicine.
“The President gave a directive to avail funds to improve facilities at all medical schools in Uganda but the funding has not been realized. We request the Committee to pay special attention to these issues and help the University to resolve them,” Nawangwe said while appearing before MPs, on Monday April 17, 2023.
He said the funding can be phased in by providing Shs10 billion annually and maintaining the base for five years.
“We do not need all the money in one year, but we should be given some money to begin with so that these Councils can see that we are putting in some effort,” Nawangwe added.
The committee chairperson, John Twesigye, observed that funding to support the College of Medicine at Makerere University had previously been catered for.
“There is money that was appropriated by the 10th Parliament for the Dental School. Why didn’t the College of Veterinary Medicine come out to raise their concern?” Twesigye asked.
He tasked the university to set up an infrastructure sustainability plan to ensure that the renovated facilities remain well maintained.
Phiona Nyamutoro (NRM, Youth National Representative) asked the university to present a detailed utilisation plan for the Shs52.9 billion, to enable the committee to appreciate the task at hand.
“The Vice Chancellor mentioned that they do not need the money for the renovation of the medical colleges at once, so it would be proper if they provided a breakdown on the phases and how they intend to go about it,” she said.
Agnes Acibu (NRM, Nebbi District Woman Representative) alluded to the country’s economy, saying that the university ought to put forward priorities that need to be capitalised on while budgeting for the institution in the new financial year.
“When information reaches students, who fall under this docket that they cannot be a part of these Councils, they can get affected psychologically. I am calling upon us (MPs) to do the needful and arrest this situation before it is too late,” said Acibu.
Kashari County South MP, Nathan Twesigye, emphasised the need to carry out field visits to the university so as to appreciate the magnitude of the challenges faced by Makerere University.
He also queried the outputs of discussions from the Uganda Vice Chancellors’ Forum.
“How binding are your discussions and resolutions from this forum? We should have a copy of your resolutions because it is as if you only discuss your individual universities and do not look at these cross-cutting issues like budget cuts,” Itungo said.
While presenting the university budget estimates for Financial Year 2023/2024, the University Secretary, Yusuf Kiranda, called on Parliament to approve a budget of Shs367.8 billion and off-the-budget financing estimates of Shs187.37 billion.
He said this will enable an increase in the rate of food and living-out allowances for government-sponsored students, protection of university land, as well as promotion of academic staff.
Crown Beverages Limited, the franchise bottler for PepsiCo, Inc., in Uganda on April 5,2023, officially inaugurated its multimillion-dollar bottling plant at Kakungulu, Kajjansi Town Council, on the outskirts of Kampala, Uganda’s capital city.
The commissioned plant, built at a cost of $76 million, is the first phase of a $90 million expansion project that is being undertaken by the bottler in an effort to meet new demand domestically and in the region, as well as expand its product portfolio to meet new and emerging consumer tastes and preferences.
The second phase that is already underway is scheduled to be completed in November this year at a cost of $24 million.
The bottling plant was officially commissioned by the Vice President of Uganda, Rtd Major. Jessica Alupo, who represented the President of Uganda, President Yoweri Museveni. Also present, and leading a delegation from PepsiCo, was Eugene Willemsen, the CEO Africa, Middle East & South Asia (AMESA) region.
Left-Right: Eugene Willemsen, the PepsiCo CEO of the Africa, Middle East & South Asia (AMESA) region; Dr. Amos Nzeyi, the Crown Beverages Limited Executive Chairman; The Vice President of Uganda, Rtd Major. Jessica Alupo; Paddy Muramiirah, the CBL CEO and former Prime Minister of Uganda, Hon. Ruhakana Rugunda tour the newly commissioned CBL bottling plant. At the back is Major General Jim Muhwezi Katugugu, the Cabinet Minister for National Security and Hon. Mwebesa Francis, Minister of Trade Industry and Cooperatives
Several cabinet ministers and other government officials including Mwebesa Francis, Minister of Trade Industry and Cooperatives and his deputy, David Bahati as well as Major General Jim Muhwezi Katugugu, the Cabinet Minister for National Security.
“The Kakungulu plant has an installed production capacity of 116,000 bottles per hour. It has the ability to produce 80,000 bottles of carbonated soft drinks and 36,000 bottles of water per hour,” Mr. Amos Nzeyi, the Executive Chairman said.
“We still have a new site that we have embarked on at Kakungulu. The lines have been bought, and are to be installed in the under-construction buildings. The buildings will be finished in three months and the two new lines installed starting September this year and will start operating on November 1,2023,” he added.
The expansion has been financed by shareholder contributions, Citibank and Stanbic Bank, as well as PepsiCo.
“I would like to thank my fellow shareholders and directors, Chris Kayoboke and Dr. Maggie Kigozi for their commitment to Crown Beverages Limited over the 30 years. I would also like to express our gratitude to the management and staff of CBL for standing by us over the years. We couldn’t have done this without you,” Nzeyi reiterated.
Armed with a franchise from PepsiCo, Crown Beverages purchased the assets of the then government-owned Lake Victoria Bottling Company on February 28, 1993 and has severally invested and reinvested in the business, growing it from a small bottler reliant on government subsidies to produce just 1.8 million cases of a few soda brands annually, to now a robust bottler, producing 65 million cases, distributed across the region.
The company employs up to 10,000 people directly and indirectly across its distribution chain and paid Shs200 billion in taxes in 2022.
Crown Beverages Limited bottles Pepsi, Mountain Dew, Mirinda Fruity, Mirinda Orange, Mirinda Pineapple, Mirinda Green Apple, Evervess Tonic, Sting Energy Drink and Nivana Water. Nivana comes in two varieties, namely; still and sparkling. In November 2022, CBL unveiled Aquafina, its new brand of bottled drinking water. Aquafina, enriched mineral is a brand of PepsiCo, Inc.,. Uganda is the third country to be allowed by PepsiCo International to bottle the Aquafina brand, after Nigeria and Egypt.
“Our products are available in well over 100,000 retail outlets such as kiosks dukas, groceries, supermarkets, restaurants, canteens and depots countrywide. The company has witnessed continuous growth for the last six years and is currently the market leader of the Ugandan carbonated soft drinks industry,” said Paddy Muramiirah, the Chief Executive Officer.
The phenomenal growth of a respected Ugandan-owned and run businesses
President Museveni led a number of stakeholders who hailed CBL’s shareholders and management for the phenomenal transformation of the company into one of Uganda’s most successful and impactful businesses.
“The success of CBL and other formerly government-owned companies vindicates the NRM government’s privatisation strategy. At the time of privatisation, LVBC was only producing only 1.8m cartons of Soda annually. I am happy to note that CBL now produces and sells over 65 million cartons of soda annually. This has made soda products available for everyone in Uganda and regionally,” Mr. Museveni said.
“Before privatisation, the government used to subsidise LVBC which means Ugandans were supporting the company with their taxes. We are happy to note that the company is now supporting Ugandans by providing Shs200 billion in taxes annually. We congratulate Amos Nzeyi, Mzee Chris Kayoboke and Maggie Kigozi upon this achievement,” said Museveni, in a speech read for him, by the Vice President.
“The factory that you have just opened this morning that is costing $90 million is testimony that Nzeyi, Mzee Chris Kayoboke, and Margaret Kigozi and their partners have confidence in our government. I commend them for this investment which will provide employment to over 10,000 Ugandans directly and indirectly,” added Mr. Museveni.
On her part, the Vice President lauded the directors and management for leveraging the stable political and economic environment to invest in Uganda as well as “investing and completing the facility in record time⏤7 months and 2 days”, moreover during the Covid-19 lockdown.
“I wanted the CEO, PepsiCo AMESA, to know that you have quality in the person of Dr. Amos Nzeyi, in the promotion of Crown Beverages/PepsiCo in Uganda,” she said.
Mr. Eugene Willemsen, the CEO Africa, Middle East & South Asia (AMESA) at PepsiCo also lauded the shareholders and management of CBL for building one of the most progressive PepsiCo partners in the AMESA region.
“We at PepsiCo are extremely grateful for the phenomenal partnership with Amos Nzeyi and his fellow Board of Directors, Maggie Kigozi, Chris Kayoboke, Paddy Muramiirah and the entire Crown Beverages team,” he said, adding: “It is a partnership that has lasted 30 years; a partnership that started with humble beginnings”.
“Over the last two years since I started presiding over this region, I got to know Amos Nzeyi as an absolute gentleman and as a phenomenal, phenomenal business partner; someone who puts his people first, but is also very very competitive. He and his team have grown the business from a low single-digit market share to a business that has over 70% market share. That is extremely outstanding,” he said.
Willemsen said that the expanded state-of-the-art plant, “marks what excellence is about”.
“As we are gearing up for the next chapter in Uganda. We at PepsiCo are extremely proud of what has been accomplished so far and we look forward to a great future here in Uganda. With this facility, we hope to further expand our portfolio and we have started doing so with the addition of Aquafina, which was launched a couple of months ago (in November 2022) and is already beginning to get good market share in the water market,” he said.
Willemsen added that with the growth of PepsiCo presence and impact in Uganda, the company was also reinforcing its commitment to its sustainability agenda in the country that among others covers corporate social investments, the environment, water usage, healthier products with reduced sugar and reducing the composition and weight of plastics in packaging.
“We firmly believe that the success of our business lies in a thriving community. Therefore we are committed to working with CBL to ensure the communities in which we operate in Uganda are thriving,” he reaffirmed.
Other stakeholders who commended CBL for its progressive impact on the socio-economic development of Uganda included the Minister of Trade, Industry and Cooperatives, Francis Mwebesa; the Chairman of Private Sector Foundation Uganda, Mr. Humphrey Nzeyi and the Chairman of Uganda Manufacturers Association, Mr. Deo Kayemba.
President Yoweri Museveni who doubles as the Commander in Chief of the Uganda Peoples Defence Forces has commissioned the first-ever overhauled and upgraded Russian Type helicopter in sub-Saharan Africa.
The function took place April 18, 2023 at the PRO Heli Plant International Services Limited at Nakasongola Air base.
While speaking at the function President Museveni observed that the commissioning was another example of Uganda’s excellent and longstanding relations with Russia, based on a convergence of interests that continue to bear logical dividends for Africa.
President thanked the Russian government for not objecting Uganda’s cooperation but decided to support it and also thanked National Enterprise Corporation and Luwero Industries for enthusiastically taking advantage of this good will to build their capacity.
“In 1986 I sent the late Kategaya to buy MI 17 from the Soviet Union, but soon after the Soviet Union collapsed during the time of Gorbachev and Yeltsin there was chaos. When Putin took over, he stabilized the country. I want to congratulate President Putin for stabilizing Russia and strengthening it again,” President Museveni said.
On arrival at the facility President Museveni toured one of the hangers at the facility led by, the Chief Executive Officer of PRO Heli International Services Ltd, Valari Copcin and said that there was no contact with the Russian partners so offered he to travel to Russia as a tourist to revive the relationship with the Russians.
“You couldn’t get anything from Russia, there was no contact. I worked with the UN office on a private visit. I said I want to revive this relationship. I went as a tourist and met the current Foreign Minister Sergey Lavrov and the former Prime Minister. That is when I bought the SUKHOI,” he disclosed.
General Museveni also commended the Managing Director of National Enterprise Corporation Lt Gen James Mugira for the initiative to follow up the project noting that many ideas are always conceived but end up getting aborted because they are not supported.
The President further said he has often indicated in writing to the Western partners on how the world should be run not through rivalry but through cooperation.
General Museveni disclosed the genesis of the relationship between Africa and Russia in terms of support in the field of military hardware saying it dates back to the time of President Abdel Nasser who in 1955 first bought equipment from the Soviet Union as there was no Independent African country except for Ethiopia, Egypt and Liberia and noted that Russia therefore has been Africa’s partner for the last 100 years and had been supporting anti-colonial movements.
He therefore stressed that the partnership with PRO Heli is a healthy one and described it as that of common sense. He said there is a big demand in Uganda that has helicopters which need maintenance, overhaul and upgrading.
President Museveni welcomed and supported ideas fronted by the CEO PRO Heli to have the SUKHOI also overhauled and upgraded at the facility, to work with other countries in Africa and Latin America as well as Brazil adding that it is convenient for everybody in terms of proximity. He said these countries can also benefit from the services of the facility.
General Museveni however noted that the facility serves for better economics as it employs highly trained Ugandan Engineers whose remuneration is lower than their counterparts in Europe and welcomed the idea of the general Electronic Counter Measures for self-protection when in the air.
General Museveni further supported all the measures and plans Pro Heli proposed to have other commercial aircrafts serviced and maintained at the facility and urged Pro Heli to get other investors in other areas that are non-military like was done with the Chinese investors.
The Minister of Defense and Veteran Affairs Hon Vincent Ssempijja thanked General Museveni for his wise and wonderful leadership that has enabled Ugandans to see what is happening today in the forces.
He disclosed that there is a lot of savings to his ministry from the facility as transporting one helicopter alone to and fro for hauling and maintenance abroad costs over $2 million dollars and said many dignitaries who include Heads of State have visited the facility and expressed their interest to bring equipment to the facility for service and overhaul.
The Chief of Defense Forces Gen Wilson Mbadi pointed out the major benefits of the facility that include among others self-reliance, combat readiness and employing 200 Ugandan Engineers and added that the facility will also promote Defense Diplomacy as other countries will be utilizing the services of the plant.
The Commandant of the Air Force Gen Okidi was represented by Brig. David Gonyi who highlighted many advantages the plant is to offer that include giving the Air Force short time of service and will also support Industrialization policy and the country’s economy.
While speaking at the same event, the CEO of PRO Heli International Services, Valari Copcin said their aim is to make the facility a one stop center for all aviation needs.
The Managing Director of National Enterprise Corporation Lt Gen Mugira outlined the achievements made within one year of the establishment of the plant naming the building of capacity transfer of technology and skills as one of them.
The Minister of Finance, Planning, and Economic Development Matia Kasaija has returned the iron sheets to the Office of the Prime Minister (OPM) stores in Namanve.
This comes at a time when two ministers have been charged and remanded ministers who include; Karamoja Mary Goreti Kitutu and State for Finance, Planning and Economic Development Amos Lugolobi for mismanaging roofing sheets that were meant for the impoverished people in Karamoja.
The State minister for Karamoja, Agnes Nandutu is currently before Police CID, Kibuli over the same issue. Speaker Anita Among returned her sheets but he was meant with resistance from CID operatives who later collected profiled them as evidence.
Appearing before the Presidential Affairs Committee of Parliament, Kasaija said he received the 300 iron sheets but he didn’t know that they were meant for the impoverished people in Karamoja. “I have never applied for iron sheets. I got them. Some called me and said that the office of the prime minister is donating iron sheets and we have some which I will bring you to sign and the next thing is iron sheets were delivered,” he said. “Even now, I have a bundle of 300 iron sheets and I don’t know if they were delivered to my home in Kampala. They are in my compound. The other ones I took, I was told that they were meant to support my constituency and I gave 450 iron sheets to a school and the balance is still in my store in Kibaale and I am looking for who else to give,” he said.
He pleaded innocence saying ” please crucify me knowing that I am innocent. The iron sheets found themselves in my compound. I follow the Constitution. These questions should be focused on the Office of the Prime Minister. We are victims. I never asked for these iron sheets”.
Kasaija is among the top ministers who benefited from the iron sheets which were allegedly meant for people in Karamoja. The ministers involved in the scandal include; Rebecca Kadaga, Jacob Oboth Oboth, Hamson Obua, Amos Lugolobi and sundry.
Mumba Kalifungwa, Managing Director, Absa Bank Uganda.
Absa Bank Uganda has reported Shs141 billion profit after tax for the year ended December 2022. The growth in profit is attributed to a 12.5% growth in revenue by Shs46 billion driven by sustained customer and business recovery to near pre-#Covid-19 levels.
“Despite an uncertain operating environment, I am pleased to report that it was a year of growth for us at Absa. This performance is underpinned by the resilience of Uganda’s economy which grew by 4.6% in the face of a global economic downturn and tighter financial conditions. We anchored our focus on supporting our customers to navigate these tough times,” said Mumba Kalifungwa, Managing Director, Absa Bank Uganda.
The bank reported a significant drop in impairment, 94% driven by sustained business recovery and the improved post pandemic economic environment.
“We are pleased to report that impairment reduced substantially, resulting from an improvement in the construct of our loan book. It is a further reflection of our efforts to help customers regain and improve their ability to meet their credit obligations. Through sustained customer engagement, providing the necessary business and financial advisory, we were able to support our customers’ businesses, most of which were in distress, to recover from the lockdown impact,” Kalifungwa added.
The bank also reported a 19.8% growth in customer loans to Shs1.6 trillion mainly as a result of increased demand for credit following the resurgence of the economy from the effects of #-Covid-19.
“Despite the macro-economic challenges affecting the business and operating environment, we supported the economy’s growth trajectory financing key sectors including agriculture, trade, construction and real estate and manufacturing. Our total lending to the agriculture sector currently stands at Shs158 billion, reflecting a growth of 40% from 2021, trade at Shs 306 billion growing by 25% from 2021 and manufacturing at Shs196 billion growing by 14% from the previous year,” Kalifungwa said.
The bank realized a marginal growth in customer deposits to Shs2.5 trillion attributed to an increase in the active customer base as a result of New to Bank acquisitions and reactivation of inactive accounts. Additionally, there were increased customer engagements due to the capabilities built by the bank across its various alternate channels.
“Our total assets grew by 5.6% to Shs4.23 trillion maintaining a 7.3% cumulative annual growth rate. This growth is largely attributable to a strong increase in customer loans as we continue to support our individual, SME and commercial customers in their personal and business endeavors,” Michael Segwaya, Executive Director and CFO said.
Going into 2023, Absa’s strategic priorities remain centered around improving customer and digital experience, delivering, and protecting returns, developing people, and ensuring a sustainable control environment.
“A 12% increase in total equity denotes our ability to finance economic expansion across all strategic sectors. We are very well capitalized, financially stable, solid, and growing. Over the near and medium term, we project that economic growth will be supported by developments in the oil sector and a rebound in agricultural output on improved weather conditions. We are already seeing a reduction in inflation which signals better days ahead. We intend to put sustainability at the centre of everything we do to deliver shared value within our community,” Kalifungwa said.
