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Crested Cranes squad for 2021 COSAFA championship named

By
Our Reporter
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crested-cranes-XI

Uganda Women’s Senior National Team head coach George Lutalo confirmed the final list of players that will represent the country in this year’s COSAFA Women’s Championship in South Africa.

Lutalo named a squad of 20 players and the team departed Entebbe International Airport on Monday morning.

The squad named comprises of two goalkeepers, six defenders, six midfielders and six forwards. According to Lutalo, the squad named has been based on the players’ performance in training.

“We have had almost two weeks of preparations and the final 20 players named are those that excelled in training. I have the belief that the team named will do well in South Africa,” noted Lutalo

Uganda is pooled in Group C alongside Zambia, Eswatini and Namibia. The first game for the Crested Cranes will come on 30th September against Eswatini.

It should be noted that only the group leaders in each of the three groups will advance to the Semifinals with the best second placed team taking the fourth slot.

This is the second time the Crested Cranes are featuring at the annual Championship as a guest team. The first time came in 2018 and Uganda finished third.

Crested Cranes Squad

Goalkeepers; Ruth Aturo (UCU Lady Cardinals FC), Daisy Nakaziro (Lady Doves FC)

Defenders; Viola Namuddu (Makerere University WFC), Shadia Nankya (UCU Lady Cardinals FC), Eunice Ariokot (Olila High School WFC), Bridget Nabisaalu (She Corporate FC), Phoebe Banura (UCU Lady Cardinals FC), Asia Nakibuuka (Kawempe Muslim Ladies FC)

Midfielders; Joan Nabirye(Vihiga Queens FC), Reticia Nabbosa (Lady Doves FC), Sheebah Zalwango (Asubo Gafford Ladies FC), Phiona Nabbumba (She Corporate FC), Spencer Nakacwa (Lady Doves FC), Amina Nababi (Makerere University WFC),

Forwards; Hasifa Nassuna (UCU Lady Cardinals FC), Sharon Naddunga (Kawempe Muslim Ladies FC), Resty Nanziri (Kampala Queens FC), Sandra Nabweteme (Fimleikafélag Hafnarfjarðar, Iceland), Laki Otandeka Kanyesigye (New Jersey Copa FC, USA), Norah Alupo (Lady Doves FC)

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Standard Chartered launches kiosk banking at Capital Shoppers Ntinda.

By
Geoffery Serugo
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Standard Chartered Bank has launched its first kiosk bank outlet at Capital Shoppers, Ntinda.
Kiosk banking is a low model which creates a new touchpoint located in a high traffic area where clients can access the bank’s digital service with human touch. With a resource at hand with in kiosk, clients are able to make instant inquiries and be efficiently serviced or supported even as they Make their other banking transactions on their own.
Speaking at the launch, the CEO Albert Saltson said: ” With technological revolution and fast paced development within the banking sector, our niche and leverage hinges on innovation. The launch of kiosk banking was in response to a review of our footprint presence and locations within the city and neighbouring towns. Subsequently, we embarked on providing a solution that would meet our client’s preference.”
“We believe in making a day-to-day banking easier by providing a comprehensive range of digital solutions that meet the various needs  of our stakeholders. As our clients continue to embrace digital banking solutions, we are listening to their needs of our and tailoring solutions to meet their expectations and their evolving needs and trends in order to remain relevant and deliver our aspirations to be the main digital bank for our clients,” he said.
The Head of consumer, private and business banking, Moses Rutahigwa said: ” We are heavily investing in various technologies to improve  our efficiency through whatever channel the client prefers and whenever the client wants it. With the launch of kiosk banking, we give our customers yet another reason to join a dynamic, reliable and trusted brand that has been in operation in the Ugandan market for over 109 years.
 “Our brand promise remains to be here  for good. So we will continue to evolve with the times and continue to walk the journey with you” he said
Ms Eva Ngabirano, the proprietor of Capital Shoppers said ” we are excited about this additional partnership with Standard Chartered Bank. I congratulate them on this customer centric innovation. This kiosk banking outlet is certainly a necessary and will greatly improve both our client’s experience as they will be able to make free withdrawals.”
She commended the bank for remaining sensitive and responsive which has enable them to remain relevant in the market.
” With the recent innovation, the bank continues  to demonstrate that it is going extra mile to cater to the changing needs of it’s clients through digital strategy. The bank ensures that  it’s brick and mortar branches are strongly complemented with investments in technology  to break barriers
In traditional banking,” she said.
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Housing Finance Bank signs MoU with habitat for humanity and Buganda kingdom

By
Geoffery Serugo
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Housing Finance Bank Signs MOU With Habitat For Humanity and Buganda Kingdom Housing Finance Bank Md hands over cheque for the construction of two complete houses.

 

Housing Finance Bank has signed a Memorandum of Understanding with Habitat for Humanity and the Buganda Kingdom in support of the Decent living Campaign that aims at improving lives of Ugandans through decent shelter, better livelihood, access to safe and clean water, better hygiene and sanitation.
Mr. Michael Mugabi, Managing Director of Housing Finance Bank handed over a cheque of Shs40 million to Habitat for Humanity Uganda, in the presence of Buganda kingdom’s Owek. Mariam Nkalubo Mayanja, to be used for construction of two houses for two underprivileged families in Kalagi and Kyaggwe townships.
“In line with our mandate as Housing Finance Bank is to enable home ownership and financial independence to our growing population across all walks of life, I am excited to perform two important tasks; first is to sign our pledge and commitment to work with Habitat for Humanity and Buganda kingdom for the foreseeable future so as to build turnkey projects for vulnerable families in our communities; and secondly, to hand over a cheque for the first two houses to be built this year,” he said
“As the only tier one commercial bank that is fully owned by Ugandans, one of our key social responsibility pillars is to build a better society, as we continue to care about people. This aspiration is also in line with the prescriptions of the Sustainable Development Goals underlined under SDG 11, which looks at striving to provide access to decent housing for the truly marginalized and vulnerable in our society,” Mr. Mugabi said
Housing Finance Bank’s partnership with Buganda kingdom and Habitat for Humanity dates back to 2018 when the three entities came together under the “Decent Living Campaign”.
More recently, Housing Finance Bank has gone ahead to develop a financial solution termed the
incremental housing loan a flexible and extremely inclusive loan that can be accessed by low-income earners to buy a plot, build incrementally, access solar and water harvesting solutions, and furnish their homes using this loan which stretches between 500,000 to 50 million shillings. It recognizes that many Ugandans lie within the low to middle income segment, with fragmented revenue streams, and minimal documentation.
Ms. Peace Kabunga, the Housing Finance Bank Executive Director noted that different housing solutions have been customized to cater for Ugandans based in Uganda and even those in the diaspora and they range from purchasing land or incomplete houses to outrightly purchasing multiple units.
For over 50 years now, Housing Finance Bank has continued to provide viable solutions that enable home ownership for all Ugandans. The bank has entered into a number of partnerships with different developmental partners to facilitate the deployment of an affordable housing offer, enabling them to diversify the mortgage loan offer to include low and middle-income population who currently do not have access to an adequate financial offer from most commercial banks.
“An opportunity to give back to the community, especially in the housing segment, is one we couldn’t pass. We will continue to participate in initiatives that deliver decent housing solutions to the vulnerable and marginalized in the communities where we do business,” Kabunga added.
Mr. Robert Otim, the National Director Housing for Humanity said, “Housing is the key to other vital rights-based services such as access to clean and safe water, Hygiene, sanitation, health among others. The logic of housing is not only as a physical structure but as a platform and foundation to access wider development opportunities that contribute to the wellbeing of humanity. This is what the Decent Living Campaign is doing! We are glad to partner with Housing Finance Bank during this time when Uganda’s economy is grappling with the health and lockdown effects of the #Covid-19 pandemic. Our partnership with Housing Finance Bank is timely to not only empower vulnerable communities to have a decent home under the Decent Living campaign but it also provides us with the opportunity to explore and grow the sector immense opportunities to realise access to decent and affordable housing for all income levels of people, acknowledging the fact that our values are so closely aligned with Housing Finance Bank; to eliminate poverty housing in Uganda.”
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Simbamanyo Estate was auctioned in accordance with provisions of the Mortgage Act and the Mortgage Regulations to the highest bidders”-BoU report to Museveni

By
Geoffery Serugo
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Simbamanyo renamed Gender and Labour House

 

Bank of Uganda has defended the decision by Equity Bank to auction Simbamanyo House and Afrique Suits saying the transaction was done under the law.

BoU says Simbamanyo and Mr. Kamya failed to respect their loan obligation when they (Kamya) failed to payback the loan as agreed by parties as he continued receiving money from 2016 until September 2020.

“From 2016 to September 2020,  Kamya continued to receive from the mortgaged properties without considering paying back the loan but instead chose to ignore the agreement as he opted for legal means even with reminders no payment came through”

In detailed reported compiled for President Yoweri Museveni on the events surrounding Simbamanyo Estates Limited and Equity Bank Uganda Limited and Equity Bank Kenya Limited its indicates that between 2012-2014, the estate took a loan in excess of $7.1 million before interest and secured the said facilities by mortgaging LRV 2220 Plot 2 folio Lumumba Avenue (Simbamanyo House) and properties comprised in Kyadondo block 243 Plots 95, 958,2794,17800 and block 237 Plot 95 land at Mutungo (Afrique Suites).

“And by October 8, 2020, Simbamanyo did not deposit the said 30% as ordered by the court. In the absence of any further orders from court stooping the auction, the mortgaged properties were sold after a public auction, in accordance with provisions of the Mortgage Act and the Mortgage Regulations to the highest bidders”

The report says in 2016 Simbamanyo defaulted on those loan facilities and to buy time filed HCCS No.544 of 2016 alleging that its accounts had been wrongly debited and therefore, it refused to make any further payments of its loan obligations. The report further says an independent report was undertaken by Ernest and Young showed that the discrepancy was a total of only $442.

“In mid 2017, Equity Bank Uganda Limited began foreclosure proceedings against Simbamanyo to recover the outstanding loan and Simbamanyo filed Miscellaneous Application No.1159 of 2017 seeking a temporary injunction stopping Equity Bank Uganda Limited from foreclosing and selling the mortgaged property” reads the report from BoU sent to the President.

In October 2017, Justice Billy Kainamura issued his ruling in the Miscellaneous Application No. 1159 of 2017 and, in accordance with the mortgage property Act, ordered Simbamanyo to deposit 30% of the outstanding loan amount otherwise Equity Bank Uganda Limited would be at liberty to sale of the mortgage properties at a public auction after 30 days.

The report explains that in November 2017, Simbamanyo did not appeal against the ruling of Justice Kainamura but instead filed a Constitutional petition No.42 of 2017 Simbamanyo vs Attorney General and Equity bank Uganda Limited before the Constitutional Court challenging the legality of the ruling 13 of the Mortgage Regulations 2013 (The regulation which requires defaulting mortgagors to deposit 30% of the outstanding loan before they can stop a public auction pf the securities.

On November 16, 2017, Simbamanyo wrote to Equity Bank Uganda Limited and Equity Bank Kenya Limited informing them that it had appointed Nisk Capital as its advisors and that it had approached bank One Mauritius (Bank One) to get a two-year loan to refinance the existing loans with Equity Bank Uganda Limited and Equity Bank Kenya Limited and get additional funds to complete Afrique Suites. Bank One had stated however, that it needed Equity Bank Kenya limited to provide a Stand By Letter to Bank One a security for this loan. Equity Bank Uganda did not therefore foreclose on the properties.

On June 4, 2020, Equity Bank Uganda Limited issued a notice of default to Simbamanyo for its failure to service its loan obligations and declared its intention to foreclose and recover the loan obligations. On June 24, 2020, in response to the notice of default, Simbamanyo set down Miscellaneous Application No. 394 of 2021 seeking for a temporary injunction stopping Equity Bank Uganda Limited from foreclosing on the mortgaged properties.

 

The report further discloses that on July 4, 2020, in accordance with the Mortgage Act 2009, Equity Bank Uganda Limited retained an independent valuation firm which carried out an independent valuation of the mortgaged properties confirming that the forced sale value for Simbamanyo House was $4.6 million and Afrique Suites was $4 million.

According to the report, on August 13, 2020, Simbamany then also filed Miscellaneous Applications No.601 2021 seeking for an interim injunction from court to stop the proposed sale by public auction of the mortgaged properties by Equity Bank Uganda Limited but on September 2, 2020, the High Court Registrar issued its ruling in Miscellaneous Application No.601 2021 and granted the application for interim stay on condition that Simbamanyo pays 30% of the outstanding loan amount of $10.5 million ($10,514,501).

In between September 2 and September 7, 2020, Simbamanyo then filed Miscellaneous Application No.678 of 2020 seeking for an interim stay of the orders of the Registrar authorizing the auction and Miscellaneous Application No. 679 of 2020 appealing against the decision of the Registrar. According to the report, on September 7,2020 Miscellaneous Application No. 678 of 2020 came up for hearing the High Court upheld the ruling of the Registrar save that Simbamanyo was ordered to pay the 30% of the outstanding loan amount on or before October 7, 2020. Miscellaneous Application No. 679 of 2020 was adjourned at Simbamanyo’s request.

The report says on September 8, 2020, Equity Bank Uganda Limited through its lawyers in response to a Caveat Emptor advert placed in the New Vision by Simbamany, clarified to the general public that unless Simbamanyo made the court ordered payment, it would proceed to sell the mortgaged properties by public auction on October 8, 2020. On the same day, September 8, 2020, in accordance with the Mortgage Act, Equity Bank Uganda Limited through its auctioneers CL Risk Management Limited advertised the mortgaged properties for sale and informed the general public that the properties would be sold to the highest bidder on October 8, 2021 if Simbamanyo did not deposit the 30% of the outstanding loan amount as ordered by the court.

Simbamanyo then filed Miscellaneous Applications No.719 of 2020 seeking a stay of execution of the orders of the High Court judge in Miscellaneous Application No.678 of 2020 and also filed Miscellaneous Application No. 720 of 2020 seeking for leave to appeal against the ruling of the High Court judge in Miscellaneous Application No.678 of 2020. The two applications were consolidated.

On October 6, 2020, The High Court judge issued his ruling in the consolidate Miscellaneous Application Nos.719 and 720 of 2020 dismissing both applications. “Essentially the judge upheld the ruling of the Registrar that had ordered that Simbamanyo should pay 30% of the outstanding loan amounts within 30 days of the date of his earlier ruling of September 6, 2020 otherwise the mortgaged property would be sold”. And by October 8, 2020, Simbamanyo did not deposit the said 30% as ordered by the court. In the absence of any further orders from court stooping the auction, the mortgaged properties were sold after a public auction, in accordance with provisions of the Mortgage Act and the Mortgage Regulations to the highest bidders. Meera Investments Limited (“Meera”) bought Simbamanyo House for $5 million and LuwaluwaI investment Limited (“Luwaluwa”) bought Afrique Suites for $4.3 million (4,350,000).

“It is important to note that this sale by public auction, as required by the Mortgage Act took place on October 8, 2020 within the six months period after the valuation report was made on July 4, 2020. The properties were also sold at prices above their forced sale value to Meera and Luwaluwa who were then registered on the same properties as the new owners”

The report says that after the sale of the property, on October 20, 2020, Simbamanyo then filed Civil Applications No. 249 and 251 of 2020 in Court of Appeal against the ruling of the High Court judge in Miscellaneous Application Nos 678, 719 and 720 of 2020.

“Simbamanyo and Peter Kamya (“Kamya”) not being satisfied with the sale filed a new suit against Equity Bank Uganda Limited, Meera Luwaluwa and the Commissioner Land Registration (“the Commissioner”) under HCCS No.837 of 2020 alleging among other things that the sale was wrongful, the property was undervalued and praying that the transfer be reversed. Simbamanyo and Kamya also filed Miscellaneous Application seeking for a temporary injunction to reverse the sale of the mortgaged properties pending the hearing of the new suit HCCS No 837 of 2020”.

“On December 17, 2020, High Court issued a ruling dismissing Simbamanyo’s application under Miscellaneous Application No.445 of 2020 which had been seeking to strike out the Written Statement of Defence filed by Equity Bank Uganda Limited and Equity Bank Kenya Limited and ruled that the main suit HCCS nO.198 of 2020 should be heard on its full merit. This original suit, HCCS No. 2020, is still ongoing and is next coming up for hearing in the Commercial Court on September 2021.  On December 20, 2020, High Court issued a ruling refusing to grant Simbamanyo’s request for a temporary injunction under Miscellaneous Application No. of 2020, that the sale, transfer and registration of mortgaged properties into the names of Meera and Luwaluwa be reversed pending the hearing of HCCS No.837 of 2020”.

However, on January 7, 2021, Simbamanyo also filed a notice of Appeal against the ruling of the learned Registrar refusing to reverse the sale and transfer of the mortgaged properties. This appeal is yet to be heard by Court of Appeal. On February 17, 2021, Simbamanyo’s suit against Equity Bank Uganda Limited, Meera, Luwaluwa and the Commissioner, HCCS No.837 of 2020, abated because Simbamanyo did not file summons for direction in time which meant that the suit against Equity Bank Uganda Limited, Meera, Luwaluwa and the Commissioner was dismissed and this was confirmed by an order of signed by the registrar of the High Court.

The report further shows that on February 21, 2021, Simbamanyo and Kamya appealed against this abatement to a judge of the High Court and also appealed for stay of execution pending the hearing of the Appeal but court declined to grant Simbamanyo the stay of execution. “On July 30, 2021, the High Court judge dismissed the appeal that Simbamanyo and Kamya had filed against Abatement with costs and HCCS No.837 of 2020. “The suit against Equity Bank Uganda Limited, Meera, Luwaluwa and the Commissioner therefore, stands abated and dismissed from High Court”.

Having last the above, On August 3, 2021, Simbamanyo and Kamya filed another suit against Equity Bank Uganda Limited, Meera, Luwaluwa and the Commissioner, HCCS No of 2021, on the same facts raising the same issues contained in the previous suit HCCS No. 837 of 2020 challenging the validity of the sale of the mortgaged properties.

On September 3, President Museveni gave an order to Bank of Uganda (BOU) regarding Equity Bank.

He told the Governor BoU, Emmanuel Tumusiime Mutebile to investigate circumstances under which Equity sold property belonging to city businessman Peter Kamya. The property sold includes Simbamanyo House and Afrique Suites.

In his September 3, letter to the BoU Governor, president Museveni said the business man and his wife approached him. They wanted him to intervene due to Equity selling their properties.

“They state that whereas Bank of Uganda directed that there should be no foreclosure of mortgaged properties by banks during the covid-19 pandemic, Equity Bank went ahead and sold their properties at very low prices. That they had even offered to get their own buyers but all their attempts were frustrated,’’ Museveni said.

According to Equity however, after the lock down being imposed in March 2020, Simbamanyo proprietor still received rent in June 2020. But, he failed to service his loan.

Then in August 2020 Equity announced they would be auctioning Mr. Kamya’s properties if he failed to service his loan.

Kamya’s Simbamanyo House got sold to tycoon Sudhir Ruparelia’s Meera Investments at Shs18 billion. His Afrique Suites were sold to Luwaluwa Investments. Mr. Ruparelia has since changed Simbamanyo House’s name to Gender & Labour House.

 

 

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KIU, IUIU partner to collaborate on joint projects and programmes

By
Our Reporter
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KIU, IUIU partner to collaborate on joint projects and programmes

Kampala International University (KIU), and the Islamic University in Uganda (IUIU) have signed a Memorandum of Understanding (MoU) and a Memorandum of Agreement (MoA) for two universities to collaborate on joint projects and programmes.

According to MoA, KIU will train 24 scholars from IUIU under a scholarship scheme set up by the Chairman Board of Trustees, Dr. Haj Hassan Basajjabalaba.

The team from IUIU led by the Rector, Prof. Ismail Gyagenda was received by the Vice-Chancellor, Prof. Dr. Mouhamad Mpezamihigo, and the Deputy Vice-Chancellor Academic Affairs, Dr. Sophia Kazibwe.

The scholarship was initiated by the CBOT to help IUIU develop qualified human capital for their Habib Medical School and proposed Faculty of Engineering.

According to the Vice-Chancellor, “The Chairman has offered 24 sets of scholarships. All of them are Master’s Programmes”. The VC noted that these scholarships will be spread across the Faculty of Medicine, Faculty of Biomedical Sciences and School of Engineering Sciences.

“10 programmes will be offered under Biomedical Sciences – MSc in Anatomy (2), MSc in Biochemistry (2), MSc in Physiology (2), MSc in Microbiology (2), and MSc in Pharmacology (2). Under Engineering Science, the CBOT also sponsored 6 programmes – MSc in Civil Engineering (2), MSc in Electrical/Electronics Engineering (2), and MSc in Mechanical Engineering (2).

“The remaining programmes were under medical sciences MMed in Surgery (2), MMed in Internal Medicine (2), MMed in Obstetrics and Gynecology (2) and MMed in Psychiatry (2).”

As a firm believer in education as a tool for national development, Dr. Haj Hassan Basajjabalaba has been providing scholarship opportunities to students all over Uganda under the KIU Bursary Scheme.

The IUIU Rector thanked the KIU CBOT and the VC for their generous efforts. He also noted that this MoU and MoA is the largest ever between two Ugandan Universities. The elated Rector was full of praise for the CBOT. “No Ugandan national is so much invested in education like Dr. Haj Hassan Basajjabalaba”

The VC informed the IUIU team that KIU has the best School of Engineering in Uganda and the largest private University Teaching Hospital in Uganda. The School has modern learning facilities for Engineering students ranging from Diploma, Bachelor, Masters and PhD. This scholarship comes with tuition waivers. “The Scholarship should be taken up as soon as possible. KIU will provide the research facilities, while IUIU will select the best students for this programme”.

Other members of the IUIU team include  Vice Rector Academic Affairs, Prof. Jamil Serwanga, Director Kampala Campus, Dr. Twaha Kasula, Dean Habib Medical School, Dr. Hakim Sendagiri and Assistant to the Record, Mr. Abdallah Mutyaba.

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Court dismisses electoral petition against Busiro North MP Paul Nsubuga

By
Our Reporter
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MP Paul Nsubuga

Kampala High Court has dismissed the electoral petition challenging the election of Busiro North MP Paul Nsubuga.

In February, Edgar Lubadde, ran to court challenging the election of Nsubuga on grounds that he lacked the requisite academic qualifications to contest for that seat. Lubadde avers that Nsubuga’s real name is Peter Mukalazi and his traceable academic journey ended at Primary Leaving Examinations-PLE.

Appearing before Kampala High Court Judge Winfred Nabisinde, Court fixed the hearing of the petition for 31 August and 1st September to determine the ground of alleged lack of education where a number of witnesses including Paul Nsubuga’s mother Agnes Nabawanuka will be examined among other witnesses.

Justice Nabisinde declined the new evidence that was presented to the court by Edgar Lubadde the loser in the Busiro North Parliamentary elections who accuses Busiro North MP Paul Nsubuga of Identity theft. The judge ruled that the new evidence of forgery of nomination forms was being smuggled into court, yet it was not pleaded anywhere in the petition.

Nsubuga has since said that that he was born and baptized as Peter Mukalazi and at birth, he was described as the son of the late Mathias Kibuuka and Agnes Nabawanuka the same names he used for PLE in the year 2002 at Bukerere St. Charles Lwanga.

However, Nsubuga states that later his mother told him of his true father was the late Charles Mbabali who was a soldier in UPDF and when he was introduced to the family of the late Mbabali, he was named Paul Nsubuga a name he used to re-sit for Primary Leaving Examinations in 2003 at Ssentema Catholic Primary School under the index number 64281/035” all which is supported by an affidavit.

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RDCs warned against employing non commissioned staff

By
Simon Kabayo
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Hajji Yunus Kakande

The Secretary in the Office of the President Hajji Yunus Kakande has made it categorically clear that Resident District Commissioners (RDCs) who have employed non commissioned staff by the Ministry of Presidency may face disciplinary action.

According to a letter addressed to all Resident District Commissioners, City Commissioners and their Deputies dated Sept 23rd 2021 signed by Hajji Kakande, such staff have to be vetted by the Internal Security Organisation to establish if they are fit to be employed in such offices.

Hajji Kakande reminded the RDCs that the issue of retaining non commissioned staff compromises the integrity of their offices and therefore they should stop the practice whatsoever.

He also pointed out that some RDCs have gone further to stop the commissioned staff from working in their offices and said that it was unacceptable because the Minister of Presidency Hon Milly Babalanda recently raised the matter in a meeting she held with the RDCs.

Hajji Kakande therefore said that any RDC who will fail to comply with the directive will face disciplinary action.

The move comes after several members of the general public have raised concern on how some RDCs have recruited people to work in their offices who are not commissioned by the Ministry of Presidency which is in charge of Resident District Commissioners.

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Equity Bank set to explain sale of Simbamanyo House

By
Simon Kabayo
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Simbamanyo house which was acquired by tycoon Sudhir Ruparelia.

Equity Bank has recently identified that the sale of Simbamanyo House is not connected to problems caused by the Covid-19 lock down. However, the clarification came after proprietors had long defaulted on their loan obligations.

On September 3, President Museveni gave an order to Bank of Uganda (BOU) regarding Equity Bank.

He told the Governor BOU, Emmanuel Tumusiime Mutebile to investigate circumstances under which Equity sold property belonging to city businessman Peter Kamya.

The property sold includes Simbamanyo House and Afrique Suites.

However, the bank avers the process was fair and open after the proprietors failed to service a loan. Even after collecting rent during lock down, he still failed.

After losing a Court Appeal that aimed at reversing the sale, the businessman then sought the intervention of president Museveni.

In his September 3 letter to the BOU Governor, president Museveni said the business man and his wife approached him. They wanted him to intervene due to Equity selling their properties.

“They state that whereas Bank of Uganda directed that there should be no foreclosure of mortgaged properties by banks during the covid-19 pandemic, Equity Bank went ahead and sold their properties at very low prices. That they had even offered to get their own buyers but all their attempts were frustrated,’’ Museveni said.

According to Equity however, after the lock down being imposed in March 2020, Simbamanyo proprietor still received rent in June 2020. But, he failed to service his loan.

Then in August 2020 Equity announced they would be auctioning Mr. Kamya’s properties if he failed to service his loan.

Kamya’s Simbamanyo House got sold to tycoon Sudhir Ruparelia’s Meera Investments at UGX 18 billion. His Afrique Suites were sold to Luwaluwa Investments. Mr. Ruparelia has since changed Simbamanyo House’s name to Gender & Labour House.

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Owen Amanya appointed Opportunity Bank Uganda CEO

By
Our Reporter
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Owen Amanya

The Board of Opportunity Bank Uganda Limited has announced the appointment of Owen Amanya as Acting Chief Executive Officer (CEO) and Christine Kyeyune Kawooya to the Board as a Non-Executive Director.

Owen is currently the Chief Financial Officer at Opportunity Bank – a position he has held with the Bank for the last 6 years. He is a Fellow of the Association of Chartered Certified Accountants (ACCA – UK), Fellow of the Africa Board Fellowship, a member of the Institute of Certified Public Accountants of Uganda (ICPAU), a holder a Bachelor of Commerce (Hons) degree from Makerere University and a Master of Business Administration from Heriot Watt University – UK.

He was an audit manager with Pricewaterhouse Coopers where he served clients in various industry sectors including Banking and Capital Markets, Insurance, Oil and Gas, Manufacturing.

The Board representative from Opportunity International Tineyi Mawocha said; “We are looking forward to Owen’s leadership, and are confident that his experience and perspective will further the success the Bank has enjoyed in making lives of people and communities better.

Christine is a Global Corporate Governance Expert with a Master’s degree in Management focusing on Corporate Governance and the sustainability of Financial Institutions in Uganda. She is a Transformational Leader and has been a key pillar in Corporate Governance advancement in Uganda.

She is a banker and well networked with extensive knowledge in Strategic leadership, Advisory services, Business development, Project management and a proven record of Product development and Relationship building.

“We are extremely excited that Christine is joining our team. She has considerable experience in a wide variety of leadership roles will serve as an excellent resource for both the Board and Management of the Bank.” Said Philip Karugaba the Board Chairman Opportunity Bank.

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NSSF assets hit Shs15.5t despite #Covid-19 pandemic

By
Geoffery Serugo
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NSSF Managing Director, Richard Byarugaba.

The Managing Director of the National Social Security Fund (NSSF) Richard Byarugaba has revealed that the Fund’s assets hit Shs15.5 trillion despite #Covid-19 pandemic.

Addressing the media at the release of the Fund’s financial performance, Byarugaba attributed the increase to growth in interest income largely attributed to the increased return on Treasury Bonds in the Fixed Income portfolio, dividend income, and property sales.

He said the performance demonstrates the Fund’s ability to withstand shocks occasioned by a stressed economy and an uncertain business environment in the era of #Covid-19 pandemic.

“The socio-economic effects of the #Covid-19 pandemic are still wreaking havoc on economies across the globe, and most businesses may take several years to shake off the effects of #Covid-19. Nonetheless, our performance shows that the Fund is not only resilient but can absorb such shocks and continue its growth trajectory,” he said.

He said the Fund’s income increased by 25 per cent from Shs1.472 trillion to Shs1.84 trillion.

Results released by the Fund also show that its Assets under Management (AUM) increased by 17 per cent from Shs13.3 trillion to Shs15.5 trillion as of June 30, 2021, mainly driven by increased contributions and interest income despite an increase in Benefits paid out. Member contributions increased by 8 per cent from Shs1.27 trillion to Shs1.37 trillion.

Byarugaba said that despite recorded job losses in some sectors of the economy, many employers show encouraging signs of recovery.

“For instance, we saw recovery of most employers that benefited from the amnesty we offered to businesses that were affected by the #Covid-19 pandemic the previous year,” he said.

The amount of money paid out to qualifying members also increased by 29 per cent from Shs496.4 billion in 2019/20 to Shs642.3 billion in 2020/21. The growth is attributed to an increase in claimants and the introduction of Invalidity Benefit payments for #Covid-19 patients, Byarugaba added.

Byarugaba assured NSSF savers that the Fund is committed to creating value over the long term, while remaining dynamic enough to respond to members’ needs in the medium term, especially with an enabling legal regime upon enactment of the NSSF Amendment Bill.

“Our performance demonstrates that we are creating value for our members even in a very difficult economic environment, and this value will be reflected in the return the Minister of Finance, Planning & Economic Development will announce next week.”

He played down expectations of a very high interest rate but said the Fund will keep its promise to pay a competitive rate, higher than the 10-year average rate of inflation plus 2 percentage points.

Finance Minister Kasaija will announce the new interest rate on members’ savings at the Annual Members Meeting which will take place on September 29, 2021.

Speaking about the NSSF Amendment Bill, Byarugaba said that the Fund is well positioned to implement the new provisions once they become law.

“We have been preparing over the last one year when it became clearer that the bill would be passed. We have solutions for the changes on the horizon, for instance mid-term benefits including mid-term access, expansion of coverage to include the informal sector, and expansion of the voluntary space. We have built a very dynamic institution that can adapt, embrace these changes and thrive,” he said.

Assets under Management increased by 17 per cent from Shs13.3 trillion to Shs15.5 trillion as of June 30,2021, driven by increased contributions and interest income.

Total Comprehensive Income increased by 25 per cent from Shs1.472 trillion to Shs1.84 trillion, driven by growth in interest income attributed to the increase in return on Treasury Bonds in the Fixed Income portfolio, increase in dividend income, and property sales.

Member contributions increased by 8 per cent from Shs1.27 trillion to Shs1.37 trillion. This is better than a marginal percentage growth of 5 per cent recorded the year before. The growth is attributed to the recovery of some employers that have benefited from the Fund Amnesty we offered to businesses that were affected by the #Covid-19 pandemic in the previous year.

Benefits paid to qualifying members increased by 29 per cent from Shs496.4 billion in 2019/2020 to Shs642.3 billion in 2020/21. The growth is attributed to an increase in number of claimants, and introduction of IB payments for the #Covid-19 patients.

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