Stanbic Bank
Stanbic Bank
20.2 C
Kampala
Stanbic Bank
Stanbic Bank
Home Blog Page 614

Capital Markets Authority warns Ugandans dealing with Chipper Cash 

By
Simon Kabayo
-

The Capital Markets Authority of Uganda (CMA) has cautioned Ugandans against dealing with cross border payments app Chipper Cash to purchase global securities saying they would be doing it on their own risk.

The company, in November 2021 announced that they had launched a product that allows Ugandans to buy fractional stocks in global companies including Facebook, Amazon, Google among others starting from as low as $1.

“For the first time ever, Ugandans of all economic backgrounds will be able to invest as little as $1 or 3,500 Uganda Shillings in the world’s largest public companies listed on the New York Stock Exchange – when we talk about unlocking global opportunities, this what we mean. As a proud Ugandan, it means so much to me that we get to launch a product that will empower my fellow countrymen and women,” Ham Serunjogi, CO-founder and CEO of Chipper Cash said at the launch

But according to the CMA, a statutory body responsible for regulating and promoting the development of capital markets in Uganda, Chipper Cash is not licensed to trade in stocks and is not a member of the Uganda Securities Exchange.

“Only Chipper Technologies Uganda Limited was licensed by the authority as a broker on 26th August 2021. Subsequently, the firm applied for membership of the Uganda Securities Exchange – USE as broker, which application has not yet been granted,” a statement from CMS reads in part.

“Members of the public are cautioned that dealing with Chipper Cash to purchase global securities will be done at their own risk as dealing in global stocks is not regulated by CMA,” the statement further reads.

Chipper Cash has since November 2021 been conducting its business of helping Ugandans purchase global stocks through its partnership with DriveWealth LLC, a pioneer in fractional investing and embedded finance.

Earlier in February, a concerned citizen petitioned the CMA over an alleged brokerage license it issued to Chipper Cash to invest in US stock markets.

The citizen identified as Samuel Obedgiu wondered how Chipper Cash would go ahead to invite Ugandans to invest in its global stocks without issuing a prospectus as required by the law.

He also noted that, among other issues, Chipper Cash had obtained a brokerage license from CMA yet the company has not utilised it and is not involved in any brokerage business at Uganda Securities Exchange.

Stories Continues after ad

Muhakanizi distances self from Shs10.6 billion compensation funds

By
Our Reporter
-
Former PSST Keith Muhakanizi

The former Secretary to the Treasury (PSST), Keith Muhakanizi has distanced himself from the processes that saw the disbursement of supplementary funds by the Finance Ministry for land compensations.

Muhakanizi said that he was on sick leave during the process of the payments adding that his  deputy, Patrick Ocailap was in  charge at the time.

He made his presentation while appearing before the Committee on Statutory Authorities and State Enterprises (COSASE) chaired by Joel Ssenyonyi.

The supplementary budget issued to Uganda Land Commission for the purpose of payment of claimants was Shs10.6 billion.

Muhakanizi said that in November 2020, the Lands Minister wrote to the Finance Minister on a Presidential directive to settle claims for compensation, and requested the funds to be availed to Uganda Land Commission.

He added that the Finance Minister then submitted a supplementary schedule to Cabinet and Parliament, a request that was queried by Parliament at the time.

“Parliament set up a committee that investigated and cleared the expenditure. If Parliament had not approved the supplementary, then it would have ceased to be supplementary expenditure and no resources would have been expended,” said Muhakanizi.

He added that funds cannot be paid without a requisition from the responsible accounting officer, where in this case, the accounting officer at the Lands Ministry formally requisitioned for the funds.

“The requisition was made through accounting warrant No.156AW-2021-26 and it was on account of this requisition that the funds were processed and released to the accounting officer for onward payment to the claimants,” he added.

Committee Chairperson, Joel Ssenyonyi observed that the directive to make the payments to the land claimants was made by the President. He then wondered why Ministry of Finance officials responded to a communication from their line minister.

Ocailap said that in disbursing the money to Uganda Land Commission, he acted on a letter from the Finance Minister.

“I concede that I did not follow up on the letter of the Presidential directive. I made an error in judgment to act on the minister’s communication,” Ocailap said.

Mpindi Bumali (Indep., PWD Representative) cited irregularities in information provided by officials appearing before the committee.

“You know what you are telling us is not the truth. You all have capacity to interpret the law correctly and I am wondering why you should do wrong things if you were entrusted to take care of the finances of this country,” he said.

Hon. Hashim Sulaiman (NRM, Nebbi Municipality) observed that the Finance Minister, while appearing before the Committee, said he had been misled into approving the supplementary funding.

He tasked Ocailap on why the Finance Ministry did not reject the supplementary funding since it allegedly did not come from the right source.

“Why should we go ahead and accept a supplementary which we know did not come from the right source? Parliament makes approvals but it comes last, so it cannot approve an illegality,” Sulaiman said.

Stories Continues after ad

Museveni vows to end gun violence in Karamoja sub-region

By
Simon Kabayo
-

The President of the Republic of Uganda who doubles as Commander-In-Chief of the UPDF H.E Gen Yoweri K Museveni has vowed to end gun violence in Karamoja Sub-region.

“Am here to ensure that we get peace. My aim is to have no raid at all,” said Gen Museveni.

The President made these remarks on 13th June 2022, at Morulinga State Lodge, Napak District while meeting regional leaders and security heads of Karamoja sub-region.

President Museveni noted that there are two mistakes made by the Karimojong people; one is that they think that prosperity can be achieved through lawlessness and through insecurity.

Then next is failure by government officials to listen to aggrieved parties. “Anybody who raids must be apprehended,” directed President Museveni.

He directed all Government officials to stop the habit of failing to listen to people’s grievances but always explain the delays, if any.

“Tell Karimojong that these two mistakes will not help us,” he advised

He noted that the Joint Security Forces should continuously deal with armed warriors, those using bows and arrows and the ones who drive animals with sticks. Other identified suspects are the informers to warriors and suspected warriors.

He urged leaders to augment the truth for justice and peace as opposed to revenge.

The President also stressed that just like in Kampala; plans are underway to roll out electronic vehicle and motor cycle monitoring systems in Karamoja Sub-region to monitor movements and locations by the central command.” We are ready to roll out a robust response to eradicate criminality,” emphasized the President.

He reaffirmed that the Joint Security Forces will be supported with more additional troop carriers to enhance mobility and funding so as to strengthen intelligence networks, among others.

Gen Museveni noted that good bilateral relations and cross border security mechanisms with the regional leaders of the East African Community, particularly the Republics of Kenya and South Sudan can help to follow the criminals and hold them accountable.

Speaking at the same function, the Vice President, Maj (Rtd) Jessica Alupo noted that the two days in the region marked the climax of meetings and campaign efforts to end cattle rustling in Karamoja Sub Region. She appreciated the President’s focus to end criminality both voluntarily and forcefully.

The Deputy Chief of Defence Forces and Inspector General of UPDF, Lt Gen Peter Elwelu gave assurance that the disarmament operation is critical and will be successful as planned.

He said all Deputies or Second in Command of all formations or units will improve their inspections of armed forces and equipment, among other roles.

The Chairperson of Karamoja Parliamentary Group (KPG) and Member of Parliament for Pain County, Hon Remigio Achia said that one of the things worthy celebrating is the NRM achievements, in terms of education, peace and security, among others.

He commended the President for ending trans-border violence in the region.

The leaders pledged to continue cooperating and coordinating with the joint security forces to avoid any other resurgences of criminality in the region.

The 3 Infantry Division Commander, Brig Gen Joseph Balikuddembe promised that operations will remain on course.

“The ongoing Cordon and Search Operations are aimed at recovering guns, ammunition, livestock and apprehending suspects to break the alliances of criminal elements,” he stressed.

He alluded that the Division is in continuous coordination to deter cattle raids in Otuke, Alebtongo and Agago under 5 Infantry Division.

The disarmament Operation code named “Usalama Kwa Wote” translated as “Peace for All”, recently heightened, intensified simultaneous Cordon and Search operations in a bid to curb criminality.

In a period of three weeks, the Joint Security Forces have recovered 106 guns from illegal hands, 382 rounds of ammunition, over 600 head of cattle and several suspects arrested, prosecuted and remanded through civil courts, among other achievements.

The security meeting was also attended by the Minister for Karamoja Affairs, Hon Mary Gorretti Kitutu, her Deputy, Hon Agnes Nandutu and UPDF Commander of Land Forces Lt Gen Kainerugaba Muhoozi, Resident District Commissioners and Chairpersons, Second in Command of 3 Infantry Division Brig Gen David Mugisha, Commandant Anti Stock Theft Unit (ASTU) CP Elias Kasirabo, Regional Police Commanders of Kidepo and Mount Moroto Intelligence Officers and Political Commissars’ fraternity, Civil and Opinion leaders, among others.

Stories Continues after ad

Land grabbing at its peak in Bukedi sub-region – NEED

By
Our Reporter
-
Joseph Kabuleta, the NEED president

The people of Bukedi Sub- region have decried the land grabbing and illegal takeover of their resources. Bukedi Sub- region comprises six districts which include; Pallisa, Kibuku,Budaka, Butaleja,Tororo and Busia.

According to Asuman Odaka, the National Economic Empowerment Dialogue (NEED) National Coordinator, Bukedi sub-region people have not gained from the National Resistance Movement (NRM) government.

He accused government officials of taking over natural resources which include; the iconic Tororo Rock.

“Just any other region is facing a lot of problems. Land grabbing is at the peak. For years the Iteso and Japadhola have been fighting for the Tororo Rock which both tribes regard as their face of identity. The rock was sold to an Indian investor with a Ugandan,” he said.

He said the Tororo Hospital has no  cemetery because the burial ground was grabbed and sold by some to an investor.

“Officials of Tororo Municipal Council irregularly sold the public land where unclaimed bodies were buried and instead bought an alternative land in Rubongi sub county to be used as a cemetery. The buyer immediately fenced off the public cemetery land. In 2004, the Tororo District Land Board offered a lease over approximately 1,455 hectares of Cemetery land comprising plot 14-20 Airport Road to the registered trustees of Indian origin for 49 years purportedly for purposes of a dead bodies crematorium.” he said

He further said that other public land like that of Golf Club, NARO, Airstrip, Rock High School , Robongi Barracks, King George Stadium as well as private land belonging to locals in Bukedi has since been grabbed by some top errant officials close to the ruling establishment.

“Years ago, the President went to Malaba to commission a government project- Inland Dry Port on private land. After commissioning, some officials raided the owner of the land Osuna Otwani Wilson and forced him to sign a sales agreement. He has written various letters to the responsible authorities including the President but he has not been helped,” he added.

Mr. Higenyi Kembe, a rice farmer and a resident of Butaleja district decried of  government’s intention to give out land they use for farming to a Chinese investor.

“I farm rice because there’s nothing I can farm in Butaleja. The area is predominantly a wetland and we grow rice due to the existing circumstances. Therefore the economic activity is growing rice. By the way we are educated people but we have no jobs, so farming is our only source of income. Initially we grew cotton as our cash crop but the prices went down so we decided to resort to rice growing,” he said.

The farmer also lashed out at the government for intentionally favoring  foreign rice farmers/dealers at the expense of their local counterparts.

“They deflate our rice prices by exposing us to cheap rice from foreign countries. They do it on purpose to keep us in poverty. We are grateful to NEED for exposing our plight to the country,” he said.

Joseph Kabuleta, the NEED president, said president Yoweri Museveni’s government has a core plan of keeping all Ugandans in poverty.

“His program of keeping Ugandans poor is spread throughout the country. He knows that 70 percent of Kibuku and Butaleja are swampy and the only viable economic activity residents can undertake is rice growing, but now he is bringing in Chinese to grow rice well knowing that it is the economic venture of the local people. He does this to keep Ugandans in poverty,” Kabuleta said.

“He first assesses the situation, gets to know what to do, then destroys your source of income. How greedy are these people? They have taken over everything,” he said.

Stories Continues after ad

EC extends period for compilation of the Village Women Residents’ register

By
Our Reporter
-
EC chairperson Byabakama

The Electoral Commission is compiling a Register of Women Residents in each village/cell across Uganda to enable all willing female residents aged 18 years and above, to register in order to participate in Women Councils and Committees Elections, 2022, within their respective villages.

The compilation (registration) exercise commenced on Friday 10th June 2022 and was scheduled to close today, Monday, 13th June 2022.

However, due to higher numbers of applicants at some registration centers since the beginning of this exercise, and requests from key stakeholders in the electoral process, the Electoral Commission has found it necessary and taken a decision to extend the compilation (registration) period for four (4) more days, starting from Tuesday 14th June and ending on Friday 17th June 2022, after which, there will be no further extension.

The exercise will continue to be conducted at registration centers in each village/cell throughout Uganda, starting from 8:00am to 6:00pm, throughout the extended period.

The chairperson of EC, Justice Byabakama Mugenyi Simon said the purpose of this extension is to provide an opportunity for all eligible women who have not yet registered to do so.

He added that registration of female residents in each village throughout Uganda will not be conducted after Friday 17th June 2022.

The general public has been further reminded to carefully note the following:

Only willing Ugandan females of eighteen (18) years and above, who are residents in their respective cells/villages are eligible to register.

The registration exercise shall be for the purpose of electing the Village Women’s Executive Committee.

The village women residents shall be registered in a customized Register Book provided by the Electoral Commission.

A person appearing for registration shall be required to provide the following particulars to the Village Election Official: Names, National Identity Number or Application ID Number, Age, Gender, and Village of Residence.

The registration exercise shall be free of charge.

Stories Continues after ad

Letshego appoints Monyatsi as Group CEO

By
Agencies
-
Mr Aobakwe “Aupa” Monyatsi

The Board of Letshego Holdings Limited has affirmed the appointment of Aobakwe “Aupa” Monyatsi as Group Chief Executive with immediate effect, subject to regulatory approvals.

Prior to this appointment Monyatsi held the same role in an interim capacity from 4 May 2022, having led the inclusive finance entity’s digitalisation of systems and operations for the last two years in his inaugural position as Group Chief Operating Officer (Group COO), the company said through a statement released by the Group Chairman of Letshego Holdings Ltd, Enos Banda.

Aupa is a well-rounded and experienced pan-African regional banker, with demonstrated tech and digital-savvy expertise having spearheaded and developed innovation and virtual channel strategies in his previous role as Absa Group’s Managing Executive for Alternative Channels.

Stories Continues after ad

Dfcu Bank urges Pinnacle Account holders to take advantage of borderless economy and the opportunities therein

By
Our Reporter
-
CEO Mathias Katamba

Dfcu Bank has called upon their Pinnacle account holders to take advantage of Africa’s borderless economy and the opportunities therein if they are to rebuild and expand their businesses in the aftermath of the Covid-19 pandemic.

These remarks were made by the dfcu Bank CEO Mathias Katamba at the first post-Covid physical networking and interacting engagement activity held specifically for the Bank’s Pinnacle Account holders to discuss the economic opportunities in Africa and how they can harness them to better their businesses.

Themed ‘Africa’s borderless economy  constraints and opportunities’, the session was attended by a number of dfcu Bank staff led by the CEO, Mathias Katamba and Chief Commercial Officer William Sekabembe. Also in attendance were the Bank’s Alliance Partners including Qatar Airways, Sanlam Insurance, Endiiro Coffee and over 100 of the Bank’sPinnacle customers. The engagement also included a keynote presentation by renowned speaker and business adviser Dr. Peter Kimbowa.

During his session, Dr. Kimbowa applauded dfcu Bank for ” encouraging lifelong learning to open their customers’ businesses to a lifetime of opportunities.”

“I am happy to see that dfcu Bank which has the largest number of Investment Club Accounts has continued to engage customers and empower them to come together, harness synergies and take advantage of opportunities,” he noted.

Mathias Katamba, CEO of dfcu Bank reiterated the Organization’s commitment to making a difference in communities across the country and assured the customers of the Bank’s commitment to being present and impactful at each stage of their customers’ financial journey.

“There are boundless opportunities with the further integration of East Africa. Businesses have a larger opportunity to succeed, and we are here to make it happen for our customers,” he said, adding that, “Today we have a much more enhanced value proposition for our Pinnacle clients and a unique capacity to support several businesses across multiple sectors because of our diverse portfolio of products, services, and expertise. We call upon both individuals and local, family-owned businesses to take advantage of these opportunities.”

Mary Kansiime Nyende, Head of Pinnacle Banking at dfcu, noted that the Offering is the Bank’s Exclusive Personal Banking experience, which gives customers a personalized banking relationship marked by convenience and ease. “Pinnacle Banking gives a wealth of benefits such as literacy and networking sessions at no charge, discounted loans, Exclusive Pinnacle Suites, higher ATM limits than ordinary accounts, free ATM and over the counter withdrawals, access to life insurance and accessibility to 152 Airport lounges across the world.”

The evening engagement ended with a raffle draw that saw lucky customers win a number of prizes including a free air ticket from Qatar Airways.

Stories Continues after ad

Gov’t comes up with resettlement package for youth volunteering out of cattle rustling

By
Geoffery Serugo
-
Museveni with galla goats

The government has come up with a resettlement package for youths who volunteer out of cattle rustling in Karamoja sub-region.

For the last three months, the region has been engulfed by insecurity. The insecurity is linked to cattle rustling where over 70,000 have been raided. Last month, Joint Security Forces launched Cordon and Search Operations across nine districts of Karamoja Sub-region.

Since then the Joint Security Forces has been able to arrest 3592 suspects, screened and released 2298 persons, prosecuted and remanded 396. Another 898 suspects are still in custody and 22 pieces of armed forces uniforms have been recovered.

Museveni said the idea that it is a way of life (culture) for young people to be involved in cattle rustling is risky for their lives as it pits them against state machinery where they have no chance and indeed many of them have died in these skirmishes.

 “In Karamoja region, the government has come up with a resettlement package for youth who volunteer out of this mess. We have started with a number of goats (16 per person), and 26 iron sheets to facilitate permanent structures,” he said.

 “I congratulate the young people who have decided to get out of this mistake, like the muzukullu  Lomonyang Silivia from Lokitumo Mogoth who testified that she wanted her husband to remain alive, so she surrendered his gun to the authorities,” Museveni said.

The project, according president Yoweri Museveni, will help in the fight against poverty and promote nutrition in Karamoja. Commercially, galla goats have a great market in the Middle East.

While meeting security personnel at Morulinga state lodge in Napak, Gen Museveni was shocked to learn from the 3rd Div Commander Brg. Gen Joseph Balikuddembe, that some political and clan leaders in Karamoja are engaged in the business of selling of guns to facilitate cattle rustling.

“As part of the ongoing exercise appraising the security situation in areas affected by the criminality of cattle rustling, we are also telling the leaders to interest Karimajongs in alternative activities that will guarantee prosperity,” he said.

Stories Continues after ad

UPL reveal nominees for end of season awards

By
Our Reporter
-
Viper 2021/22 UPL winners

The organizers of the Pilsner Uganda Premier League season awards have released the nominees for 2021/22 season.

Apart from the Young Player of the Season category, the league winners Vipers SC have at least a player nominated in each category.

In the MVP category, Ceaser Manzoki who finished as the league’s top scorer with 18 goals battles teammate Milton Karisa and Onduparaka’s Muhammad Shaban for the gong.

Roberto Oliviera leads the charge in the coach of the season along with BUL’s Alex Isabirye and Busoga United’s Abbey Kikomeko while Fabien Mutombora is in the Goalkeeper of the season category.

Bobosi Byaruhanga and Siraje Sentamu are also in the Midfielder of the season category, Halid Lwaliwa and Livingstone Mulondo in the Defender of the Season Category as well.

The award winners will be announced on Thursday June 16 at Kati Kati Resturant in Kampala.

Nominees per Category

Player of the Season

Cesar Manzoki (Vipers)

Milton Karisa (Vipers)

Muhammad Shaban (Onduparaka)

Coach of the Season

Roberto Oliveira (Vipers)

Alex Isabirye (BUL FC)

Abbey Kikomeko (Busoga United)

Goalkeeper of the Season

Alionzi Nafian (URA)

Fabien Mutombora (Vipers)

Richard Anyama (Arua Hill SC)

Defender of the Season

Halid Lwaliwa (Vipers)

Livingstone Mulondo (Vipers)

Bright Joseph Vvuni (Arua Hill)

Midfielder of the Season

Marvin Joseph Youngman (Soltilo Bright Stars)

Siraje Ssentamu (Vipers)

Bobosi Byaruhanga (Vipers)

Forward of the Season

Cesar Manzoki (Vipers)

Yunus Sentamu (Vipers)

Muhammad Shaban (Onduparaka)

Young Player of the Season

Denis Otim (Express)

Emmanuel Oketch (Onduparaka)

Rashid Kawawa (Arua Hill)

Stories Continues after ad

Child Labour: Minister to meet RDCs, CAOs over empowering Labour Officers

By
Our Reporter
-
Ms Victoria Rusoke,the State Minister for Local Government and Kabarole District Woman MP (yellow) represented the Vice President Jessica Alupo

The State Minister for Labour, Employment and Industrial Relations, Col (rtd) Charles Engola Macodowgo has said the Ministry is planning to bring together all Resident District Commissioners (RDCs),Chief Admnistrative Officers(CAOs) in order to devise strategies of strengthening Labour Officers to help them fight Child Labour.

Mr Macodwogo made the remarks during commemoration of the 2022 World Day Against Child Labour in Kabarole District. The 2022 theme was: Universal Social Protection to End Child Labour.

He revealed that Labour Officers are very critical in the fight against Child Labour and urged district authorities to make use of them.

“As the Ministry of Gender, we shall make sure that we strengthen the labour officers and they do the work especially on the elimination of Child Labour. To curb Child Labour, the role of Labour Officers is very critical.Child Labour deprives children of their childhood and the opportunity to develop their full potential. It interferes with their right to education,” Mr Macodowgo said.

He added that: “In the coming days, I will engage the RDC,the CAOs and Clerks and we shall look for how to strengthen Labour Officers in the districts. I request the Local Governments and the the political leaders to use the Labour Officers to eliminate Child Labour. The Labour Office is key in the elimination of Child Labour”

In Uganda, incidences of Child Labour increased during the COVID-19 pandemic from 21% to 36% according to the Uganda National Household Survey 2019/2020.

Busoga and Bukedi had the highest proportion of children aged 5-17 years involved in Child Labour at 29% and 28% respectively. More children in the rural (31%) than urban (20%) areas were involved in Child Labour (with household chores inclusive).

Speaking at the same event Ms Victoria Rusoke,the State Minister for Local Government and Kabarole District Woman MP, who represented the Vice President Jessica Alupo,said she is going to task district authorities to provide detailed breakdown of statistics of children who are in school.

“I am going to ask the Labour Officer and the DEO to give me the statitsics of the children who are in schol and the childen not in school and then we declare a serious war to make sure that all the Children return to school,” Ms Rusoke said.

According to figures by the United Nations Children’s Fund (Unicef), even after schools were re-opened in January 2022, 1 in 10 school children did not report back to school.

Stories Continues after ad
1...613614615...2,427Page 614 of 2,427

© Eagle Online. All rights reserved.

About Us

Popular Category

Editor Picks