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Masaka Road: Eight Passengers Perish In Jaguar Bus Accident
Eight people have died on the spot, and more than 40 have been left in very critical conditions due to a head-on collision accident along the Kampala-Masaka highway. The accident happened in the wee hours of the morning on September 1, 2024, in Kabale-Bugonzi village in Masaka city along the Kampala-Masaka highway due to a…
Minister Kasolo Orders Police To Apprehend Two PDM Officials Over Extortion, Misappropriation of Funds
The Minister of State for Microfinance and Small Enterprises, Hon. Haruna Kasolo, has ordered the Kyotera District Police Commander (DPC) Hassan Musooba to arrest the former PDM Community District Officer (CDO) of Kyotera district, identified as Lutaya, and Secretary of the PDM Sacco in Nkenge parish, Emmanuel Kayondo, for extortion of money, bribery, and misappropriation…
Museveni Names Dr.Crispus Kiyonga As New Chancellor Of Makerere University
President Yoweri Kaguta Museveni has appointed Dr. Crispus Kiyonga as the new Chancellor of Makerere University. Professor Barnabas Nawangwe the Vice Chancellor, Makerere University confirmed his appointment on X. “His Excellency the President of Uganda has appointed Dr. Crispus Kiyonga as the new Chancellor of Makerere University. On behalf of Makerere University Council, I extend…
Gen Kainerugaba To Grace Late Gen Aronda Memorial Lecture
General Muhoozi Kainerugaba,the Chief of Defence Forces chaired an implementation committee meeting on Wednesday afternoon to prepare for ‘The Hon Gen Aronda Nyakairima Memorial Events’. The events, slated to take place from September 10th to 12th at Commonwealth Resort Munyonyo, will include the first-ever Kampala Defence and Security Expo, a Memorial Lecture where the President…
Deadly: Abandoned Explosive Blasts, Critically Injures Four Ugandans
Police in Moyo District are investigating an incident where four juveniles were injured by an abandoned explosive at Ariya Village in Moyo Sub-county, Moyo District. Speaking on Thursday, August 29, 2024, at the Moyo Police Station, Ignatius Dragudu, the North West Nile region police spokesperson, said the incident critically injured 18-year-old Joseph Apina, along with…
Business
BoU Report To Museveni – “Simbamanyo Estate Was Auctioned In Accordance With Provisions Of The Mortgage Act & the Mortgage Regulations To The highest Bidders”
Bank of Uganda has defended the decision by Equity Bank to auction Simbamanyo House and Afrique Suits saying the transaction was done under the law. BoU says Simbamanyo and Mr. Kamya failed to respect their loan obligation when they (Kamya) failed to payback the loan as agreed by parties as he continued receiving money from…
BoU Sets Pace For Raising Interest Rates
Bank of Uganda has for the first time in the last two years raised the central bank rate by 1% percentage point to 7.5% to tame inflation, setting the pace for commercial banks to raise interest rates. The country’s commercial banks had in the previous months owed to coronavirus pandemic and slow-down in the economy…
BoU To Appeal In Supreme Court Over Trashed Crane Bank Case
The Bank of Uganda (BOU) has said it will be petitioning the Supreme Court against the dismissal of the UGX.397BN Crane Bank case, by the Court of Appeal claiming the judgement of this case has a crucial precedent that affects its powers. The Court of Appeal last week dismissed an appeal filed by Bank of…
BoU To Cough Billions In Costs After Withdrawing Appeal Against Sudhir
In an unexpected turn of events, Bank of Uganda (BoU) on 15th September announced it was withdrawing Civil Appeal No. 7of 2020 which they (via Crane Bank Limited (in receivership) has logged in the Supreme Court against businessman Dr Sudhir Ruparelia and Meera Investments Limited. In the same spirit, Bank of Uganda stated that it will…
BoU Warns Against Cyber Fraud As NSSF Launches Smart Card
The Bank of Uganda has tasked the National Social Security Fund-NSSF to ensure there are no cases of cyber fraud as the fund launches a three-in-one social security smart card. With the card, the fund’s qualified members will be able to directly withdraw their NSSF savings, deposit and withdraw money from their bank accounts, pay…
BOU Winds Up Mercantile Credit Bank Due To Insolvency
The Bank of Uganda has taken action to place Mercantile Credit Bank Limited under liquidation, revoked its license, and ordered the winding up of its affairs due to issues such as insolvency, under-capitalization and poor corporate governance. In a statement released by the Deputy Governor of the Bank of Uganda, Michael Atingi-Ego, in exercise of…