Business News
Court Remands Elderly City Lawyer Matovu For Defrauding UGX 4 Billions
The State House Anti Corruption Unit alongside Uganda Police have arraigned Mr. Matovu John, an advocate with Ms Matovu & Matovu Advocates before the Anti-Corruption Court on charges of theft by an agent and conspiracy to defraud govt of over UGX 4Billion. The accused while entrusted as one of the advocates for Busoga Growers Cooperative…
Scandal: MPs Ask Kagina To Renegotiate 691Bn Masaka-Mutukula Road Projects Citing Dubious Deals
The Uganda National Roads Authority (UNRÀ) led by Allen Kagina will have to renegotiate a contract with Chongqing International Construction Corporation (CICO) for the reconstruction of Masaka-Mutukula Road and rehabilitation of several roads in Masaka District, Parliament has guided. The legislators want the China Export & Credit Insurance Corporation (Sinosure) insurance component worth Shs 38.86…
MPs Task Energy Ministry To Improve Access To Electricity In Rural Areas To Spur Agriculture –
Members of Parliament have called on government through ministry of energy and mineral resources to improve access to electricity in rural areas across the country to boost value-addition in the agriculture sector. They made the call while debating a report by the Committee on Agriculture, Animal Industry and Fisheries on the status of implementation of…
Exposed: How Col Dick Lutaaya, DPC Katwe Planned The Grabbing Of Land In Makindye,Used Brig Lukwaamu’s Office
The plan started way ago when COL Lutaaya acquired akibanja next to the late Bukenya’s home who also had a kibanja along Namasoole road in Makindye. Sheikh Bukenya had acquired that kibanja around 1990 and even registered it in Mengo under number BLB/01/9213 in 1994. Around 2011 COL Lutaaya also acquired a kibanja behind him…
MP Sseggona Begs Police To Intensify Operations To Curb Rampant Crime Rates In Wakiso
The Member of Parliament for Busiro East in Wakiso district, Medard Lubega Sseggona, has urged the Ministry of Internal Affairs to reinstate village police posts in the area to reduce the increasing criminal activities. MP Sseggona said the disbanded police posts that had been established in the community were instrumental in maintaining safety, deterring criminal…
Business
Broke BoU To Borrow USD500M For Recapitalization
The President of Uganda Gen. Yoweri Kaguta Museveni has endorsed a request by the Ministry of Finance to borrow up to USD500M to recapitalize Bank of Uganda (BoU) and Uganda Development Bank (UDB), following the effects of Coronavirus (COVID-19) on Uganda’s economy. The money, according to credible sources, will come from the International Monetary Fund…
Broke Uganda Govt In 4.4 Trillion Trade Deficit After Rwanda Border Tensions
Government has listed priority areas to energise the economy in financial year 2020/2021 against the backdrop of widening trade deficits and local revenue gaps. In its report on the Budget Framework Paper presented by the Committee on Budget, MPs warned of a growing trade deficit. The report blames the decline on trade wars with Kenya…
BUBU: Minister Gume Ngobi Launches New Mango Line At Soroti Fruits Factory
The Minister in Charge of Cooperatives in the Ministry of Trade, Industries and Cooperatives, Fredrick Ngobi Gume has said that Soroti Fruit Factory, the manufacturers of Teju Juice in the eastern district of Soroti is a dream come true. Gume was yesterday commissioning the new mango line at the factory when he said: “For every…
Budget Committee Strikes! Rejects Shs15.8 Billion Supplementary Expenditure Request
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…
Buganda Land Board Officials Resort To Blackmail After Court Halts Cancellation Of Ham’s Kigo Land Titles
There are unscrupulous individuals at the Buganda Land Board (BLB) who have resorted to blackmail and mudslinging after the Court of Appeal stopped the cancellation of tycoon Hamis Kiggundu’s titles for land he bought in Kigo, off Entebbe Road. It should noted that the Uganda Land Commission in September this year cancelled Ham’s titles for…
Buganda’s Lukiiko Approves UGX109.7Bn Budget
Buganda’s Lukiiko has approved a budget of Shillings 109.7 billion to support different Kingdom activities in the 2020/2021 financial year. The budget presented on Monday afternoon by the Kingdom Finance Minister, Robert Waggwa Nsibirwa is Shillings 13 billion less compared to the current financial year budget. According to Nsibirwa, they considered a lower budget since…