While Uganda’s banking sector recorded strong financial results for 2021, the Development Finance Company of Uganda (DFCU) Bank continues to reel from its acquisition of Crane Bank in 2017 and the fallout from the Covid-19 pandemic. The third-largest domestic bank in Uganda in terms of assets recorded a 46% drop in profit to USh9.3bn ($2.6m)…
Officials of West Nile Rural Electrification Company (WENRECO), the company that was contracted by government to supply power in West Nile, have blamed the power outages and intermittent supply in the sub-region on Nyagak’s failure to generate the 3.5 Megawatts due to the seasonal dry spell and Electromaxx severe fuel shortages to generate the thermal…
African farmers have been growing cannabis in Africa for centuries. Nevertheless, consumption of the plant for either medical or recreational purposes is banned almost everywhere on the continent. Recently, however, the growing global demand for medical cannabis has caused several African countries to rethink their cannabis cultivation laws. Indeed, as more and more countries worldwide legalize marijuana…
In February this year, business magnate Sudhir Ruparelia left Bank of Uganda (BoU) nursing wounds after slaughtering it in a 5yr court battle which ended in his favor. Now, due to readers’ demand, we summerize for you the entire saga and what ignited this battle that has seen economic pundits ranking BoU as most fraudulent…
August 15th is etched in the books of history as the glorious day that India attained Independence. As the Asian nation ushered in its 75th Independence Day, I&M Bank Uganda joined the Lohana community of Kampala and Indian Association Uganda in the momentous celebrations to commemorate the day that were held on Saturday, August 13,…
You were one of the Daily Monitor’s first advertisers, with an advert of Red Fox Bureau in the paper. Who approached you to place that advert? Mr Wafula Oguttu approached me to advertise with The Monitor. I had met him while he was still at the Weekly Topic which was leftist and seen as anti-government…
Uganda’s Minister for internal affairs Maj Gen (rtd) Kahinda Otafiire has said he is determined to take drastic measures to ensure that citizens going for external labour in Asia are protected from illegal extraction of their internal organs. Otafiire, who was responding to Uganda Radio Network’s enquiry why of all hospitals in the country he…
What you need to know: He drove a taxi and worked multiple ‘kyeyo’ jobs as he pursued studies in London saving up USD25,000, which he has used to build a business empire now employing over 6,000 people in Uganda, Jobs and Careers. We exclusively speak to Dr. Sudhir Ruparelia on his journey to a successful…
City businessman Sudhir Ruparelia, who is the proprietor of Ruparelia Group of Companies, is having the last laugh after court ruled Bank of Uganda erred in closing and selling Crane Bank to dfcu bank, after flouting all the regulations of winding up a company and putting it under receivership. Besides that victory, court had ruled…
When DFCU Bank controversially bought Crane Bank Limited (CBL) in January 2017, it immediately became one of the most profitable banks in Uganda as the former owners of CBL cried for the loss of their bank. Dfcu’s boosted its profitability in 2017 following the acquisition with net profit nearly tripling to Shs127 billion, up from…
