Uganda Airlines, the country’s flagship carrier and one of the government’s most ambitious public investments in recent years, has been placed under formal investigation by the State House Anti-Corruption Unit…
Uganda Electricity Distribution Company Limited (UEDCL) has secured a five-year financing facility worth USD 50 million (about UGX 190 billion) from Absa Bank Uganda to fund urgent upgrades to the…
The Ministry of Energy and Mineral Development has instructed the Board of the Uganda Electricity Distribution Company Limited (UEDCL) to carry out a comprehensive investigation into the performance and conduct…
A subtle but consequential confrontation is unfolding between the Engineers Registration Board (ERB) and the Kampala Capital City Authority (KCCA) over the ongoing redevelopment of the Nakivubo Channel, one of…
The Uganda Revenue Authority (URA) has firmly defended its acquisition of additional office space at Pearl Tower on Yusuf Lule Road, Kampala, framing the decision as a strategic necessity driven…
The National Social Security Fund (NSSF), Uganda’s national savings scheme, has hit UGX 20 trillion in Assets Under Management (AUM), one and a half years ahead of schedule. The Fund had until the end of FY2024/25 (end of June 2025) to hit the UGX20 trillion targets, but as of February 29, 2024, the Fund’s assets under management stood at UGX20.018 trillion. In 2015, the Fund launched the 2015-2025 Strategic Plan, with a key strategic objective to grow the Fund’s Assets Under Management to UGX 20 trillion by 2025. The other strategic objectives were the improvement in business processes to pay…
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To do or not to do an oil refinery for Uganda, over and above the pipeline, has been a major question for the country, but more importantly for the Uganda…
Permanent Secretaries and other accounting officers appearing before parliament to answer queries audit queries by the Auditor General should be treated with respect and fairness, Pius Bigirimana, Secretary to Judiciary has told MPs. He made the call during a Monday, February 19, 2024, preparatory meeting held between MPs on the Public Accounts Committee (PAC)-Central Government and the Accounting Officers from various MDAs ahead of the Committee’s scrutiny of the December 2023 Auditor General’s report. The meeting was convened by the incoming PAC chairperson, Muhammad Muwanga Kivumbi of Butambala County (NUP). “In the past, the experience hasn’t been good. I have…
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President Museveni, will on February 09th 2024 inaugurate the Judiciary’s twin-tower office block. Construction of the seven-storey twin appellate courts buildings with two basement floor parking for 226 vehicles, started in November 2019. Construction was done by Seyani Brothers & Co Limited for UGX63.9 billion and was fully funded by the Government of Uganda. The office complex hosts customised courthouses with modern courtrooms, chambers for the justices, a gym and a restaurant, among other amenities. The idea of building the Appellate courts was first mooted in 1999 but did not start until 2019 under Permanent Secretary, Pius Bigirimana’s reign. It…
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Steven Alor, an economist at the Civil Society Budget Advocacy Group (CSBAG) has said that if government continues allocating Shs217 billion to clear its domestic arrears annually, it would take up to 35 years for all its creditors to be paid. Alor, who was meeting MPs on the Budget Committee, said the unchecked accumulation of domestic arrears by government was stifling the growth of the private sector. By June 2023, domestic arrears stood at Shs 8 trillion. Jeff Wadulo, also from CSBAG told MPs that the rate at which the arrears have accumulated is worrisome and reflects little or no…
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The Uganda Electricity Generation Company Limited (UEGCL) is staring at UGX 5 trillion outstanding loan obligations from Karuma and Isimba Hydro Power Projects. The loan obligations arise from UGX 1.3 trillion construction costs for the 183.2 Megawatts and UGX 3.8 trillion to the 600 Megawatts Karuma Hydro Power Project, according to the Auditor General’s report attached to the 2023 UEGCL annual performance report. The Auditor General, John Muwanga while assessing UEGCL’s financial statements noted that the company has so far accumulated interest amounting to UGX 447 billion on the Karuma Power Project loan, arising from the power plant’s inability to…
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Nyombi Thembo, a shrewd politician and an economist is no stranger to the corporate corridors at Uganda Communications Commission headquarters in Bugolobi, an affluent Kampala suburb. Before his appointment as new executive director, Nyombi has been serving as Director of the Uganda Communications Universal Service and Access Fund (UCUSAF) since January 2017 under the close watch of his predecessor and former boss, Ms Irene Kaggwa Ssewankambo. Ms Kaggwa continues in her substantive role as Director of Engineering and Communications Infrastructure. Ms Kaggwa took over from Godfrey Mutabazi in February 2020, and her tenure in an acting capacity lasted for nearly…
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George William Nyombi Thembo was born in 1964, just two years after Uganda’s independence to the late Erisa Somongu- a political activist and a Kabaka Yekka die-hard, Eseza Nanyonga Ziribasanga in Kasanda Country, present-day Mubende District. In his words, he was born “in a very humble family where the only thing we had that was relevant and a big asset was religion and the fear of God”. “We had a few goats, which I remember we used to share the house with, and a few cows; about three,” he recently recounted to Flavia Tumusiime on Capital FM’s Desert Island Disc…
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Josephine Okui Okwakol Ossiya CPA, FCCA, MBA, has been appointed as the next Chief Executive Officer of Uganda’s Capital Markets Authority (CMA). She replaces Keith Kalyegira who has been the CMA Chief Executive since December 2013 and his two-term office has elapsed. Established in 1996 under the Capital Markets Authority Act (Cap 84), the CMA promotes, develops and regulates Uganda’s capital markets industry. One of Uganda’s most respected and trusted finance professionals and business leaders, Josephine Ossiya brings to CMA a 27-year finance career and a wealth of management, finance and accounting as well as project management skills. As a…
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U.S. – Uganda bilateral relations took a nosedive at the end of October when U.S. President Joe Biden issued a statement that seeks to terminate Uganda’s membership under the Africa Growth and Opportunity Act (AGOA)with another three countries effective January 1, 2024. Biden wrote that he took the step after determining that the Central African Republic, Gabon, Niger, and Uganda did not meet the eligibility requirements of section 104 of the AGOA. In a specific reference to the Uganda government, Biden noted that East Africa’s third-largest economy had engaged in gross violations of internationally recognised human rights. President Museveni…
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