The Central Bank has confirmed that Dr. Charles Kasedde a former head of treasury at Bank of Uganda Mbale was fired due to theft. The confirmation comes a day after our Story reporting of how Kasedde was arrested and is being probed by the Directorate of Criminal Investigation and Crime Intelligence (CID) Kireka. As noted…
Lake Victoria’s water levels have surged to their highest level in more than half a century after about eight months of relentless downpours, posing a threat to Uganda’s hydropower plants, the country said on Friday. The east African country relies almost entirely on four hydroelectric power dams on the River Nile, which is fed by…
Members of the Budget Committee of Parliament have rejected a fresh government supplementary request of 15.8 billion Shillings. The Committee received the request on Thursday from Gabriel Ajedra, the Minister of State of Finance in charge of General Duties. According to Ajedra, part of the money about 10 billion Shillings is to facilitate the Uganda…
The Bank Of Uganda has fired over Seven directors in an ongoing investigation which established that some of them were involved in fraud, mismanagement of office, and embezzlement of funds with the Ex -Deputy Governor Dr. Louis Kasekende and Ex Executive Director of Operations Justine Bagyenda. In an internal memo linked to this website, we’ve…
A local company named Kampala Salt will start making salt when its manufacturing plant being developed in Lugazi Town, Buikwe District is completed, Evelyn Anite, the State Minister of Finance for Investment and Privatization, said in a statement. The minister said the initiative will help “boost local production” as well as “significantly” reduce the import…
The Managing Director National Enterprise Corporation (NEC) Lt Gen James Mugira has inspected the construction of Uzima mineral water Factory at Kakiri .He was impressed by progress of the ongoing construction works of a Second modern fully automated mineral water production plant. on going construction of the water plant NEC Uzima Ltd is one of…
Parliament has passed the Excise Duty (Amendment) Bill, 2020 with amendments which will see an increase in the taxes levied on petrol and diesel effective 01 July 2020. The tax on petrol has been increased from Shs1,200 per litre to Shs 1,350 per litre and that of diesel from Shs 880 to Shs 1,030 reflecting…
Total and Tullow have entered into an Agreement, through which Total shall acquire Tullow’s entire interests in Uganda Lake Albert development project including the East African Crude Oil Pipeline. The overall consideration paid by Total to Tullow will be $575M, with an initial payment of $500M at closing and $75M when the partners take the…
Bank Of Uganda and Finance Ministry have defied High Court orders blocking Parliamentary Commission from releasing the Shs 10bn to MPs until the hearing of the application challenging such. Reliable sources have confirmed to this website that a section of members of parliament have already secretly received Shs 20m covid-19 bonanza on their accounts. “Let…
As a way of mitigating the disastrous effects of the Coronavirus (COVID-19) lockdown on the economy and several business ventures, the Bank of Uganda has directed all commercial banks and supervised financial institutions to suspend repayment of loans for 12 months. The Central Bank announced credit relief measures to help mitigate the adverse effects of…
