While many Ugandans are still lingering over setting resolutions for 2018, Airtel Uganda is on cloud nine after achieving theirs three days into the New Year. The telecom giants have surpassed the 10 million happy subscriber mark and that is not a mean feat if you turned those figures into votes for age limit, much better, into internet and data bundle consumption. Good business. In a statement, Airtel Uganda said the tremendous growth has cemented its position as the fastest growing telecom in the country. “We are happy to announce that our customer base has grown to 10 million. This…
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BY JALUUM HERBERTS LUWIZZA Loans, loans, loans! We have all heard these scary things and stories about them. We all have a friend who has advised us never to consider taking one or a friend that has sworn never to ever take one again. Loans are one of quickest sources of capital for business start-up and growth and can go a long way in changing the fortunes of your business if handled well. Yet the stories of pain are like the weather pattern of loan taking. Why? The reason most people never get the most out of loans is because…
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Sudhir Ruparelia will now focus on mediation to settle a multibillion suit Bank of Uganda has filed against him and his company, Meera Investments Ltd. Sudhir, who was speaking to journalists shortly after the Commercial Court kicked out two lawyers the central bank had hired to help in its case against the businessman, however will not leave David Mpanga, of AF Mpanga Advocates, and Timothy Masembe, of MMAKS Advocates, alone; he intends to report their ‘misconduct’ to the law society of England. On July 13, BoU, as Receiver of Crane Bank Limited and regulator of the banking sector announced it…
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BY JACOBS O. SEAMAN The Commercial Court in Kampala has dismissed two lawyers from representing Bank of Uganda in a case against businessman Sudhir Ruparelia, essentially snatching dream pay cheques the central bank was offering them. In its ruling, the court agreed with Sudhir that David Mpanga, of AF Mpanga Advocates, and Timothy Masembe, of MMAKS Advocates, were not legally qualified to represent BoU as lead lawyers due to conflict of interest. The lawyers stand to miss out on the reported Shs5 billion that Bank of Uganda has been dolling out as it draws all daggers out against the tycoon. In…
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BY STEVEN BARYEVUGA Last year was a good year for the banks. The year 2016 saw banks registering huge profits, having decided to concentrate their efforts on recovering Non-Performing Loans…
It appears to be that season for amending ‘constitutions’ and media owners and advertisers in the country will not let Parliament beat them to this melee. Under their umbrellas, Uganda Media Owners Association (UMOA) and Uganda Advertising Association (UAA), the parties have agreed to amend terms of engagement enshrined in a memorandum of understanding five years ago. The development is a culmination of consultations among the parties (and not constituents like it was for MPs) that arrived at a decision the MoU, signed six years ago, needed amendments to check some of the challengers that have since emerged in their…
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BY MUHEREZA KYAMUTETERA On December 9, Uganda joined the rest of the world to mark the International Anti-Corruption Day. The national theme, “Restoring Integrity in Public Service; Regaining Citizens’ Trust in the Fight against Corruption,
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BY STEVEN BARYEVUGA Bank of Uganda has lit the mood of citizens heading for the festive season break as it announced a drop in inflation at the most perfect time imaginable. In its latest Monetary Policy Statement for the last month of 2017, the central bank said there has been a marked decline in the rate of inflation. The annual headline inflation declined to 4.0% in November, down from 4.8% in October. The decline is attributed to fall in food prices with food crops inflation declining to 2.3%, down from 7.9% in October 2017. In a statement signed by Deputy Governor…
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BY STEVEN BARYAVUGA Do not put all your eggs in one basket. You know that age-old adage. You probably see it as too old and boring to dwell on. Not Britam. The insurers are determined to break not only sector bounds but also go far and beyond in their ambition to change the industry status quo. And one area Britam has set its eyes on is real estate. The insurer recently laid bare its intentions to venture into the real estate industry following acquisition of a permanent home in the country. Speaking at the December 7 launch of the company’s…
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