A consortium of commercial banks has initiated proceedings to auction off several prime properties belonging to the late billionaire businessman, Apollo Nyegamehe, popularly known as Aponye, in a sweeping debt recovery effort targeting loan arrears exceeding UGX 15 billion. According to sources close to the matter, dfcu Bank and the Uganda Development Bank (UDB) are among the financial institutions actively pursuing recovery of non-performing loans that were extended to Aponye’s business empire, primarily through his flagship company, Aponye (U) Limited. The debt portfolio, which has grown due to interest accumulation and prolonged non-repayment, is reportedly higher than initially estimated, with…
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In Uganda’s fast-evolving digital financial landscape, two telecom titans—MTN MoMo and Airtel Money—are locked in a high-stakes, trillion-shilling duel. Their battlefield? Mobile money. Their weapons? Revenue, reach, profitability, and performance….
The National Social Security Fund (NSSF) is projecting robust performance at the close of the Financial Year 2024/25, with income expected to reach UGX 3 trillion and assets under management forecasted to grow to UGX 25 trillion—marking a continued upward trajectory for Uganda’s largest retirement benefits scheme. This projection represents significant year-on-year growth, building on the UGX 2.53 trillion in income and UGX 22.13 trillion in assets that the Fund recorded at the close of the Financial Year ended June 30, 2024. In light of the strong financial performance, NSSF is expected to declare a competitive interest rate to members…
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As Uganda Electricity Distribution Company (UEDCL) formally takes over the power distribution function, it will be months or even years before Ugandans move on from the days of Umeme. Yes, it will be long, or it might never happen again for Umeme to be part of Uganda’s electricity sub-sector, for which it had been part of for at least 20 years. In 2022, government decided not to renew Umeme’s concession at the natural end of the 20-year agreement under which the power distributor managed assets leased from UEDCL. Thus, the assets on Monday, formally reverted to UEDCL, which has over…
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MTN is expected to complete the separation of its financial technology (Fintech) business from its listed company under MTN Uganda in the first half of this year. The separation, which MTN Group chief executive officer Ralph Mupita told Bloomberg is part of the requirements for a reorganization in preparation for a $200 million (UGX 732.2 billion) capital investment by Mastercard in the company’s Fintech business, is more advanced in Uganda and Ghana, but remains behind schedule in Nigeria due to a complex regulatory landscape that requires additional processes before the separation is finalised. In July last year, MTN Uganda, in…
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At least 201 companies have been liquidated in the five years to June 2024, data from Uganda Registration Services Bureau (URSB) indicates. However, new business registration has equally grown, with at least a combined 117,369 new companies registered in the same period. Details contained in the URSB annual reports for the last five years indicate that the number of liquidated companies has been growing, signaling an increasingly tough operating environment that has been characterised by dampened economic activity and a technological shift. Business liquidations have grown exponentially, increasing by an annual average of 86.6% in each of the five years…
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The Uganda Electricity Transmission Company (UETCL) has been ranked as the most profitable public company with a profit of UGX 82.3 billion earned through energy sales in the Financial Year (FY) ending June, 2024. UETCL was closely followed by Uganda Electricity Generation Company (UEGCL) at 54.2 billion and Uganda Civil Aviation Authority at UGX 32 billion. The three top public corporations raked in a combined UGX 168 billion in annual profits outperforming other 17 sister corporations and state enterprises, according to details from the latest Auditor General’s report. However, UETCL’s profitability decreased by 13 percent from UGX 94 billion in…
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London-based Standard Chartered Group is exploring the potential sale of its Wealth & Retail Banking (WRB) businesses in Botswana, Uganda and Zambia. The Group, in a published statement today said, it will concentrate its resources in these markets on serving the cross-border needs of global corporate and financial institution clients. The Bank said, this is the first in a small number of potential business exits to fund incremental investment in its leading wealth management business, which aligns with the refreshed strategic priorities shared in the Group’s third quarter 2024 (Q3’24) results, aimed at accelerating income growth and returns. Group Chief…
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By Damallie Nalukwago What is little understood generally is the importance of operations in brand building. The perception seems to be that brand building is about logos and fancy advertising. That is only part of the story. The components of a brand are building awareness, creating favorable associations and ensuring positive customer experience. When these are done well and consistently, brand loyalty is built, leading to more sales, through repeat engagement and customer referrals. The company’s marketing and communications function ensure the first two – building awareness and creating favorable associations, but it is Operations function’s day-to-day interactions with customers…
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