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NSSF declares 10.75% interest rate to members for FY 2019/20

By
Our Reporter
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NSSF declares 10.75% interest rate

The National Social Security Fund (NSSF) has today declared an interest rate of 10.75 per cent for the financial year 2019/2020. This was announced by the Minister of Finance, Planning and Economic Development, Matia Kasaija, during the Fund’s 8th Annual Members Meeting at Kampala Serena Hotel.

The rate declared translates into a total of UGX1.14 trillion that will be credited to the Fund’s more than two million members’ accounts. This is higher than the UGX933 billion that was paid to members in the previous financial year.

The 10.75 per cent interest rate is a few points lower than last year’s 11 per cent interest majorly due to the economic slowdown occasioned by the COVID-19 pandemic and deferment of dividend payments by Bank of Uganda, among other factors, that affected the Fund’s performance.

“Despite the COVID-19 pandemic that has affected the economy and many businesses, NSSF has remained resilient, meeting its annual business objectives especially in the areas of Assets Under Management that grew by 17 per cent from UGX11.3 trillion to UGX13.3trillion and the total revenue that increased by 17 per cent,” Hon  Kasaija said upon declaring the interest rate.

“I would therefore like to congratulate the NSSF team upon delivering a remarkable performance in the 2019/2020 in spite of the challenging macro environment,” Kasaija added.

Richard Byarugaba, NSSF Managing Director, reechoed the Fund’s resilience in the tough operating environment. “Many businesses both locally and globally are either closing down or seeking solutions for survival rather than expansion. I am happy that the Fund has been able to absorb the shocks as evidenced from our performance.”

The NSSF Chairman, Board of Directors, Patrick Kaberenge reassured members that the Fund was still committed to preserving value for their savings. “Despite a tough investment environment characterized by a strong shilling and depressed equity markets, the return earned has remained stable,” he said.

The 10.75 per cent interest earned is above the 10 year average inflation rate of 5.82.

Performance Highlights

Assets under Management increased by 17% from UGX 11.3 trillion to UGX 13.38 Trillion as at June 30, 2020, mainly driven by increased contributions and interest income.

Total Revenue increased by 17% from UGX 1.25 trillion in 2018/19 to Ugx 1.47 trillion as at June 30, 2020, driven by growth in interest income as a result of exposure to high yielding fixed income investments and rental income.

However, dividend income reduced by 19% from UGX 77 billion as at June 30, 2019 to UGX 62 billion as at June 30, 2020 due to cancellation of dividend payouts by commercial banks.

Member contributions increased by only 5% from UGX 1.22 trillion to UGX 1.28 trillion. The marginal growth is attributed to the amnesty we offered to business that were affected by COVID-19 pandemic. To put into context, the Fund deferred a total of about UGX 22 billion.

The money paid in benefits to qualifying members increased by 8% from UGX 450 billion in 2018/2019 to UGX 486 billion in 2019/20. Again, the marginal growth is as a result of COVID-19 when the country was in lockdown and a significant number of claimants opted to defer their claims.

Cost of Administration improved from 1.28% in 2018/2019 to 1.20% in 2019/2020, while the cost income ratio also improved by 7% from 13.02% to 12.05%. This was due to improved efficiency and cancellation of activities that we did not take place due to COVID-19 pandemic.

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Verification of supporters for nomination of Presidential candidates kicks off

By
Our Reporter
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EC-Voting-ballot-box

The Electoral Commission has kicked off the verification of supporters for nomination of candidates for the 2021 Presidential Elections. The verification team started its work earlier today.

Section 10(b) of the Presidential Elections Act provides that a Presidential candidate’s nomination shall be supported by not less than 100 persons who are registered voters, from not less than ninety-eight (98) districts, which form two thirds of all the districts of Uganda.

As at 25th September 2020, at least 82 aspirants had collected nomination forms and supporter forms.

They include five political parties; Alliance for National Transformation (ANT), Ecological Party Uganda (EPU), National Resistance Movement (NRM), National Unity Platform (NUP) and Revolutionary People’s Party (RPP).

The 77 aspiring independent candidates include nine female aspirants, namely, Amaro Faith, Amolo Pamela, Kabarungi Grace Juliana, Kalembe Nancy Linda, Kataha Janet Komugisha, Katushemererwe Brenda, Kyalya Maureen, Lugudde Katwe Elizabeth and Mirembe Phiona.

Due to the sizeable number of signatures required for nomination as a Presidential candidate, the Commission has advised aspiring candidates to submit the lists of supporters to the Electoral Commission for verification at least two weeks before the nomination dates, that is, at least by 16th October 2020.

Presidential aspirants have been further advised to collect more than 100 signatures from each district/cities, to cater for shortfalls.

Presidential aspirants who attain verified supporters from at least 98 Districts/Cities shall be issued with a Certificate which they will present to the Returning Officer on nomination day.

The aspiring candidates have also been advised to book time in advance on any of the gazetted dates, that is, Monday 2nd and Tuesday 3rd November 2020, in order to ensure a smooth nomination exercise.

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2020/21 UPL kick-off date postponed

By
Our Reporter
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Uganda Premier League logo

The 2020/21 StarTimes Uganda Premier League kick off has been pushed to November at a date yet to be confirmed.

The new campaign was due to kick off on October 17th but it won’t be possible as confirmed by Fufa Vice President Administration, Justus Mugisha.

Mugisha revealed this at the 7th Annual General Meeting of the FSSL at Ridar Hotel, Seeta-Mukono.

With the lockdown on sports lifted only a few days ago but with stringent measures including COVID19 tests on players 72 hours before matches and testing twice in a fortnight, Mugisha said they will engage government on help.

“Because of Covid-19, our activities were severely affected including the competitions. We are happy that President Yoweri Museveni Kaguta has blessed the partial return of sports. As FUFA, we shall continue engaging Government on the safe return including free testing if need be,” Mugisha noted.

Fufa also confirmed that player registration that had ended on September 21 has also been extended by a month.

Meanwhile, the FA also confirmed the promotional play offs for the third team to join the topflight will be played soon at Fufa Technical Centre, Njeru.

Kataka, Kitara, Kiboga Young and Ndejje University will be battling to join UPDF and MYDA as the newcomers ahead of the campaign.

FUFA Big League play offs (2019-20) – Semi-finals:

Kataka Vs Kitara

Kiboga Young Vs Ndejje University

Venue: FUFA Technical Center – Njeru, Dates to be confirmed later.

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CID investigates Stanbic Bank over Shs1b illegal sale of client’s properties

By
Geoffery Serugo
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Stanbic Bank

The Criminal Investigations Directorate (CID) of Police is investigating Stanbic Bank over illegal selling of client’s properties in Luzira.

According to a letter to Police CID, Macdowel limited mortgaged its properties on plot 1, 3, 4, 5 and 6 closes, Luzira to Stanbic Bank Limited as security for a loan advanced in 2017. The company claims that they have since paid off the loan but the bank has declined to release its titles.

“Initially, the bank’s lawyer identified as Andrew Munanura claimed that it had sold the property by public auction after the bank advertised in the monitor and auction took place on December 6, 2019 yet there was no auction” read in part of the letter

The company claims that its properties were grabbed through an insider dealing scheme between the bank and its employees using a front called Myriad Investment Club limited. The shareholders of Myriad Investment Club limited include; Kenneth Kitungulu (Executive and head Global markets Stanbic Bank), Lawrence Kaweesa (Global Business Manager Stanbic Bank), Allan Muhinda (interests dealer Stanbic Bank), Daisy Nitwe (Treasury sales dealer Stanbic Bank).

The others are Emmanuel Rukeeba (head analytics and products Stanbic Bank), Maureen Kembabzi Katwebaze (works with Stanbic IBTC Bank Nigeria) and Thaib Lubega (Formerly Treasury Manager Stanbic Bank).

It was revealed that Kenneth Kitungulu and Daisy Nitwe signed the sale agreement as the buyer’s directors. The sale agreement was drawn by the bank’s legal department, colleagues of the buyers/ directors/ shareholders.

The agreement bears a stamp of head BPP Credit, Stanbic and signature of Denis Lugoloobi, a senior manager Credit evaluation signing for the bank.

According to section 39 (2) and (3) of the mortgage Act, sale of mortgage property by a bank to its employees, is a crime punishable for not less than 24 months in prison.

 “Stanbic conspired with its employees to grab our properties at a low price of Shs1 billion. The bank gave them opportunity and time to obtain credit from DFCU bank to finance the purchase.” Macdowel limited said adding that the agreement indicates a public auction and the sale were concluded during the #Covid-19 lockdown on  March 25, 2020.

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Former Mayor and Presidential Advisor Al-Hajji Ssebaggala Dead

By
Our Reporter
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Form Kampala Mayor and presidential aspirant Al-Hajji Nasser Ntege Ssebaggala is dead. Sebaggala has been a  presidential advisor to President Yoweri Museveni ON political affairs and is also popularly known as ‘Seya.

Ssebaggala was announced dead by health official at International Hospital Kampala where he has been admitted for two weeks.

The late Ssebaggala had recently declined his nomination by the national Unity Party to stand as the flag bearer for the position of Kampala Mayor in the forthcoming 2021 elections.

More details about the his departure will be published in the due course of the day

 

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Police arrests two Bobi Wine bodyguards

By
Ronard Shabomwe
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Police forcing Rashid Kavuma to enter the police truck(Photo by Ronard Shabomwe)

Police have arrested two body guards of Robert Kyagulanyi Sentamu aka Bobi Wine. The two have been identified as Twaha Kavuma and Adam Matovu.

Kavuma was arrested when he was standing near the Court of Appeal at Twed towers waiting for his boss while Matovu was arrested immediately after court proceedings when he was getting out of the court.

The two are currently detained at Wandegeya Police Station on allegations of assault of a police officers.

The alleged officers assaulted are PC Mujuni and Thomas Aip Okello who is seen in one of the videos being punched in the stomach as he tries to apprehend the suspect.

The court summoned Robert Kyagulanyi Sentamu for hearing about the controversies surrounding his National Unity Platform-NUP party. A party he got from Moses Nkonge Kibalama.

According to Shamim Nabakooza who was together with Kavuma, the police came to them and said they should not be where they were standing.

She says that when they were trying to move outside the building, one of the police men called others and they forcefully arrested Kavuma.

Nabakooza adds that they have arrested him like a criminal yet they were moving out peacefully. “They have Kicked him and sprayed red paper in his eyes,” she said.

The two were put on a police truck and ferried away amidst tight security on the truck he was taken in.

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Two arrested for running fake Police social media accounts

By
Our Reporter
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Police has arrested two men who are suspected to have been running parody accounts in the names of the Uganda Police Force.

The two who are being held by Police allegedly opened up twitter and facebook accounts in the names of Uganda Police which they have been using to peddle fake information and ridicule the force.

“Our Electronic counter measures squad arrested two people who have been operating fake police Twitter and Facebook accounts posting all sorts of misinformation to redicule the force’s image,” Police said in a statement.

The two; Mugerwa Calvin and Ochan Allan from Kitebi and Nabweru respectively are being interrogated. They were found in possession of gadgets they have been using to operate these fake accounts.

mugerwa

“We would like to let the public know that the CID has built a formidable electronic counter Measure and Anti-cyber Crimes team whose output will inevitably make the perpetrators endangered species,” Police added.

allan

Social media platforms allow users to open parody accounts of any person or institution as long as they declare in the bio that it’s a fake account so as not to mislead people.

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EAC joins the rest of the world to mark World Tourism Day

By
Our Reporter
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tourist attractions

The East African Community (EAC) joins the rest of the world in celebrating the World Tourism Day, celebrated on the 27th of September every year. Themed ‘Tourism and Rural Development’, the official 2020 celebration will be held on Monday, 28th September in a two-hour virtual session.

Nowhere else in the world is this year’s theme more fitting than the EAC Partner States, as most of the tourism products in the region are mainly nature based and thus found in the rural areas. The EAC region largely depends on national parks and reserves, as well as wildlife conservancies that traverse the entire region.

Home to some of the beautiful wildlife sites in the world, the EAC region hosts a quarter of all protected areas in Africa and some of the greatest global concentrations of large mammals in both protected and non-protected areas. The region is known for the unparalleled phenomenon of wildebeest migration that occurs annually between July and October in the Serengeti and Maasai Mara Ecosystem that traverses Kenya and Tanzania, as well as other world renowned tourist sites such as the Ngorongoro conservation area, Amboseli National Park and Gorilla viewing in Rwanda and Uganda among others.

Besides wildlife, the region boasts of rich cultural diversity that arises from different ethnic groups, each with a unique story to share with the world.

The communities in rural areas especially those living adjacent to the wildlife conservation areas have an opportunity to benefit from the tourism sector along the entire value chain. These include employment opportunities in the hotels and other tourism related establishments, entrepreneurship in the form of sell of artifacts, and most importantly in some community’s benefit from revenue sharing schemes that have been established under the conservation areas.

The EAC has made major strides in putting up infrastructure in the region such as increased road connectivity between and within the Partner States, which has opened up tourism areas and enhanced access to tourist sites.

The EAC Deputy Secretary General in charge of the Productive and Social Sectors Christophe Bazivamo notes that the tourism sector’s contribution to GDP in the region is estimated at 9 per cent, and an average of 20 per cent of export earnings. “As regards employment, the tourism industry contributes an average of 8 per cent to job creation in the Partner States, which is about 4.2 million direct and indirect jobs in absolute terms, with a huge proportion of the jobs being generated in the rural areas,” said Hon. Bazivamo.

“Tourism has important backward linkages to the local economy and therefore contributes to growth and employment in other sectors including agriculture and manufacturing that benefit the local communities,” added the Deputy Secretary General.

The COVID-19 pandemic has brought about unprecedented economic disruptions that have dramatically affected the tourism sector in the region.  This has had far reaching effects especially to the rural communities that depend on tourism through loss of jobs and livelihoods.

However, the EAC recognizes Tourism as one of the most resilient sectors and is therefore prioritizing its recovery. The recovery of the sector is also expected to stimulate the recovery of allied sectors such as agriculture and manufacturing that will also benefit rural communities.

To this end, a number of measures and interventions to revitalize the tourism sector have been proposed. Topping the list is the need to strengthen domestic and regional tourism, which is expected to recover faster than international tourism.

The EAC Partner States are therefore encouraged to undertake aggressive domestic tourism campaigns in order to stimulate demand for tourism goods and services by the domestic market.  In addition, the EAC proposes strengthening market access for small and medium enterprises, local communities, women and youth by enhancing their marketing and promotion skills through digital platforms.

“As we re-think and re-engineer the tourism sector following the Pandemic, we will continue putting a lot emphasis on the local communities to ensure that they optimally benefit from the tourism sector in line with the spirit of the EAC Treaty that puts the EAC Citizens at the centre,” said Bazivamo.

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Ministry of Education: Learners, teachers not allowed to use public transport when schools re-open

By
Our Reporter
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student waiting for a taxi (courtesy photo)

The Ministry of Education and Sports has revealed that learners and teachers will not be allowed to use public transport; taxis and boda-bodas when schools re-open for finalists on October 15.

At a time when the country is seeing an increase in the number of positive cases daily, the authorities note that public transport poses a greater risk of spreading the virus and have decided to regulate it as part of the guidelines.

“Learners who walk to school or are transported by private means to schools may continue to do so, however, they may not use public transport on any occasion, even when they cannot walk or be privately transported to and from school by their parents/guardians,” the guidelines read in parts.

Schools have been advised to dedicate school vans on designated routes of learners and to transport teachers who are not accommodated at school.

“The schools, working with urban authorities, shall organize dedicated vans or buses on designated routes to transport learners, including learners with special needs, who cannot walk or be transported privately to school. Such transport should be within a radius of 5kms and shall observe the standard operating procedures for public transport,” the guidelines add.

The ministry insists that parents should as much as possible identify schools nearest to their homes to enroll their children in the meantime to avoid risks, unnecessary costs and inconveniences of long-distance travel to schools.

“The Ministry of Education also wants the Ministry of Health to test all teachers in areas with high numbers of #Covid-19 cases like Kampala before schools are reopened,” Alex Kakooza, the permanent Secretary for the Ministry of Education revealed while addressing the media on the new timetable and standard operating procedures for schools.

Education institutions will ensure that all members of the school community observe recommended social distancing of at least two metres in the classroom, effective and frequent hand washing and proper use of facial masks that must be worn at all times. Each learner should have a minimum of two face masks.

Other requirements include restriction of members of the public from accessing the schools, provision of adequate security and safety measures, setting up a #Covid-19 committee and guiding and counselling learners against #Covid-19 related stigmatization.

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Prime Minister flags off 10 ambulances to major highways in the country

By
Our Reporter
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Ambulances

The Prime Minister Dr. Ruhakana Rugunda has flagged off ten ambulances procured by Uganda Red Cross Society.

The ambulances will provide emergency services on the highways of Kampala-Masaka-Mbarara- Kabale, Lira-Mbale, Kampala-Gulu, Kampala-Malaba and two will be stationed in the Kampala Metropolitan Area.

Uganda registers about 20,000 road accidents each year, with some 2,000 deaths, making it among the countries with the highest traffic death rates, according to 2019 police statistics. The accidents are attributed to the high rate of road accidents to reckless driving, speeding, human error, drunk driving and overloading.

The ten fully equipped ambulances classified as class B cost Shs2 billion are aimed at improving emergency and accident response along major highways in the country.

“This is a big achievement for our country. This collaboration is crucial because Uganda Red Cross has the capacity. There is already substantial evidence with Bududa and recently when we were faced with the COVID-19 response pandemic,” Rugunda said.

According to Permanent Secretary in the Ministry of Health Dr. Diana Atwine, the project is expected to have a fleet of 20 ambulances for emergency medical services on the major highways.

“It is our dream that in the next three years we shall have a fleet for every region with call centers. We hope that these ambulances are centrally managed,” she said.

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