Latest video
Business News
Court Martial Sentences NUP Supporters for Treachery
The General Court Martial in Makindye has sentenced 16 National Unity Platform (NUP) supporters to three months and 22 days in prison on charges of treachery and possession of 13 explosive devices. The convicts were also cautioned for the illegal possession of ammunition. The individuals sentenced are Olivia Lutaaya, Rashid Ssegujja, David Mafabi, Robert Christopher…
Fraud alert: Dr. Sudhir Ruparelia’s Friends Fooled in Big Money Scam
Kampala – In a concerning development, fraudsters have escalated their tactics by impersonating prominent Ugandan businessman Dr. Sudhir Ruparelia, sending fraudulent messages to people within his network. These messages falsely claim that Dr. Sudhir is requesting assistance in purchasing gift cards, leveraging his reputation to deceive potential victims. The scam involves impersonators using Dr. Sudhir’s…
Bomb Proof Designs Delayed Parliament Works-Roko Clarifies NBS TV’s Misinformation
Roko Construction Ltd has completed works on the Ministry of DC Finance building, and will soon hand it over to the client . In a statement issued yesterday , Roko also gave a detailed account on why works on parliamentary chambers have delayed : “Roko is building the Ministry of Finance office building which is…
NRM National Treasurer Ambassador Barbara Nekesa Rallies Busia Religious Leaders To Support Wealth Creation Projects
The National Resistance Movement (NRM) National Treasurer Ambassador Barbara Nekesa,in a strategic move to rally religious leaders in the fight against poverty, has called on the clergy to incorporate messages of wealth creation into their sermons. This initiative was underscored during a courtesy visit from a delegation of religious leaders from Busia District, who met…
Presidents Museveni,Hassan Sheikh Mohamud Sign SOFA Pact To Maintain Peace & Security In Somalia
President Yoweri Kaguta Museveni has committed to continue supporting the Federal Republic of Somalia in her efforts towards total peace and stability. The President made the commitment on Saturday, October 19, 2024, during bilateral talks with H.E. Hassan Sheikh Mohamud of the Federal Republic of Somalia, at State Lodge, Nakasero in Kampala, who is in…
Business
Big Storm: How DFCU Bank Was Dragged Down By Crane Purchase As Other Banks Report Stellar Profits
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)…
Big Story: Bank Of Uganda Withdraws Appeal Against Sudhir In Crane Bank Saga, Accepts To Pay Costs!
The Bank of Uganda (BoU) has decided to withdraw a Supreme Court appeal that was contesting the Court of Appeal’s dismissal of the case it filed on behalf of Crane Bank Ltd (in Receivership) vs. Sudhir Ruparelia and Meera Investments Ltd. In a September 15 notice of withdrawal, the Supreme Court Registrar indicates that BoU…
Big Story: Bank Of Uganda’s Liquidation Of Crane Bank Was Illegal – Supreme Court Rules
The Supreme Court has on Monday October 4, 2021 ruled that liquidation of defunct Crane Bank Limited which was taken over by Bank of Uganda is illegal. According to Supreme Court, Crane bank was closed as a financial institution and placed under receivership and hence after closure, it ceased being a financial institution. The Court…
BIG STORY: Clients, Agents Lose ‘Cash’ As MTN Mobile Money System Go Down In Saturday Major Hack
MTN Uganda has on Saturday March 12 experienced a huge system breakdown, in what industry experts have described as a likely ‘major hack’ on its mobile money system again. During the system breakdown, all digital enabled transfer services including buying internet or voice bundles and other financial transactions completely went down after being slow for…
BIG STORY: COSASE Probes CAA Top Bosses Over Shs10Bn Handshake
The top management team at the Civil Aviation Authority (CAA) is on the spot for hastily sanctioning a Shs10 billion project to expand the passenger terminal at Entebbe Airport, even when the Board had frozen the construction projects. According to the chairperson of Parliament’s Committee on Commissions, Statutory Authorities, and State Enterprises (Cosase), Mr Joel…
Big Story: Equity Bank Sells Simbamanyo House To Tycoon Sudhir After Borrower Defaults On Shs11.5Bn Loan
Kampala mogul Dr. Sudhir Ruparelia is the new landlord of the expansive Simbamanyo House, which is situated on Lumumba Avenue opposite CPS building, after his Meera Company bought the building from Equity Bank. Simbamanyo House originally belonged to city businessman Peter Kamya, who staked it as collateral security to Equity Bank in 2017 for a…