President Yoweri Museveni has ordered the controversial Uganda Retirement Benefits Regulatory Authority (URBRA) to get off workers’ savings in the National Social Security Fund (NSSF). Museveni made the directive during a meeting with stake holders of the NSSF fund at State House Entebbe on Tuesday. The meeting was attended by among others, the Prime Minister…
In January 2017, Crane Bank was acquired by DFCU Bank at a cost of Shs200 billion ($52.8 million) on grounds that it was undercapitalized as declared by the regulator Bank of Uganda. Crane Bank whose proprietor is businessman Sudhir Reparelia remained open under statutory management until most of its assets and liabilities would be transferred…
It is the Supreme Court that will determine the costs to be paid to city businessman Sudhir Ruparelia by Bank of Uganda (BOU) in the long-running legal battle between the tycoon and his Meera Investments Ltd and the central bank, resulting from the closure of Crane Bank Ltd. Both the High Court and the Court…
According to a couple of letters seen by this website, the Ministry of Finance, Planning and Economic Development (MoFPED) finally came to a conclusion of transferring government’s 25% shares held in the Commonwealth Resort, Munyonyo to Uganda Development Corporation (UDC). For our first time readers, the Government, through MoFPED, holds 25 percent of the shares…
Former Simbamannyo building has been officially changed to Gender & Labour House-our sources have disclosed. The multibillion building that is under the management of Meera Investments Ltd also a real estate arm of tycoon’s Ruparelia Group, houses the Ministry of Labor, Gender, and Social Development thus the new name. According to our sources, the final…
The Parliament of Uganda through Igara East Member of Parliament, Hon Michael Mawanda is working on a, ‘Constitution (Amendment) Bill, that seeks to, among others, remove the Governor and Deputy Governor of Bank of Uganda from being Chairperson and Vice Chairperson respectively of the Central Bank. According to Hon. Mawanda, the decision making authority is…
The Permanent Secretary in the Ministry of Finance, Planning and Economic Development (MoFPED) Mr Ramathan Ggoobi has clarified to Parliament on the status of Government’s 25% shares held in the Commonwealth Resort, Munyonyo. In a detailed letter to the Clerk to Parliament Parliament, Mr Ggoobi also a leading economist noted that Finance Ministry is at…
Speke Apartments Wampewo today hosted Uganda’s first cake mixing ceremony at La Cabana restaurant in Kampala. The much-attended event took place at the Restaurant’s poolside lounge kicking off at 4 pm, East African time. Cake mixing is an activity that follows a definite process of putting the elaborate cake ingredients together, mixing them and then…
Businessman Sudhir Ruparelia has filed his response to Parliament regarding the government shares in Munyonyo Commonwealth Resort Limited. Parliament had summoned Sudhir to explain the status of government shares in the 5-star facility. “The committee has noted with concern that Uganda Development Corporation (UDC) as an investment arm of Government, has not been availed an…
President Yoweri Museveni has commended Germany for its donation of 5.5million doses of Johnson and Johnson one-dose COVID-19 vaccines and called for support through sharing reagents to enable Uganda produce its own vaccines and avoid vaccine dependency in the future. The President was yesterday speaking during a meeting with a high-powered investors delegation from the…
