Banks are lending more freely for now, but are preparing to tighten the taps as election uncertainty builds, and borrowers show signs of strain. Lending conditions in the quarter ending December 2025 were broadly unchanged, though with a gentle bias toward easing. Credit standards eased by 9.2% for enterprises and 18.5% for households, supported by stable inflation, seasonal demand, and targeted support for small businesses and consumers. That supportive stance is expected to shift. Banks anticipate a net tightening of 16.1% in enterprise credit standards by March 2026, marking a clear move from cautious optimism toward more active risk management….
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If there are any Ugandan CEOs in the hot seat, then it is Uganda Airlines’ Jennifer Bamuturaki and Uganda Electricity Distribution Limited’s Paul Mwesigwa. They run two strategic state enterprises, and both are under intense pressure at exactly the moment when politics, performance, and public frustration are converging. Some of the problems they face are inherited. Others stem from decisions made on their watch. But in state enterprises, where accountability is often as political as it is managerial, leaders can be sacrificed, sometimes not because they caused the crisis, but because they are the most visible symbol of it. A…
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MUA Insurance has appointed seasoned insurance executive Nicholas Lutakome as its new Chief Executive Officer, marking a leadership transition aimed at accelerating growth and deepening the company’s footprint in Uganda’s increasingly competitive insurance market. Lutakome, who is currently the Chief Executive Officer of CIC General Insurance, will take over from Latimer Mukasa, who is set to retire on December 31, 2025, after more than eight years at MUA. Lutakome is expected to assume office on January 2, 2026. A trained actuary and transformation-focused leader, Lutakome brings over 18 years’ experience spanning life, non-life, and medical insurance, with deep exposure in…
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The Tax Appeals Tribunal has upheld a $100,000 (UGX357 million) penalty imposed on TotalEnergies EP by Uganda Revenue Authority (URA) for failing to provide transfer pricing information within prescribed timelines during a tax audit. The ruling reinforces URA’s enforcement powers over multinational companies operating in Uganda. In a decision delivered to end almost two years of a legal battle, the Tribunal ruled that URA acted lawfully in penalising the oil and gas company under the Income Tax Act, after finding that key documents requested during a transfer pricing audit remained outstanding for several months despite repeated notices and deadline extensions….
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Vodacom Tanzania has reported strong operational and financial momentum in the first half of 2025/26, underpinned by double-digit revenue growth, expanding cash flows, and accelerating performance in its core digital and mobile money businesses. However, the telecom reported a marginal dip in net profit linked to deliberate, short-term investment decisions. In the six months to September 2025, the telecom’s revenue grew by 24% to TZS 905.3 billion (UGX 1.31 trillion), lifting operating profit by 27.8%, and swung free cash flow into positive territory at TZS 24.9 billion (UGX 35.9 billion). While net profit after tax edged down by 1.2% to…
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If the first four parts of this MadMen, Dreamers and Deal-Makers series were about the machine, how it was built from accidents, battered by economics, bruised by burnout, and handed to a new generation, this part is about something stranger. What happens when the machine learns to think? Not “think” like a creative director pacing in Kololo at 2 am, or a media buyer staring at a GRP spreadsheet. Think in code. In predictions. In prompts. When the tools you once used to execute your ideas start quietly suggesting ideas of their own. For nearly four decades, Uganda’s advertising engine…
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In the days leading to her passing, Miriam Ekirapa Musaali, a distinguished corporate lawyer, governance expert, and one of Uganda’s most respected financial-sector minds, left behind more than a professional legacy. She left behind a profound spiritual testimony. In August 2025, during an intimate online prayer session with friends, Miriam delivered what would become one of the most moving accounts of personal resilience, faith, and unbroken hope ever shared by a Ugandan business leader confronting terminal illness. Her words did not just describe a battle with cancer. They revealed a woman who faced unimaginable pain with clarity, conviction, and a…
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Century Bottling Company Limited walked into the Tax Appeals Tribunal hoping to end a costly dispute before it truly began. The Coca-Cola bottler was facing a fresh set of tax assessments from Uganda Revenue Authority (URA) covering 2013–2019, claims that pushed the disputed bill to roughly UGX 10.2 billion. To Century Bottling Company, the audit felt like a second bite at the same apple. To URA, it was a necessary correction after uncovering new facts. Century Bottling Company’s strategy was built around a procedural knockout. The company argued that URA had come too late. Under tax law, additional assessments are…
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On paper, it looked like a clean regional trade story: a Ugandan manufacturer producing beer for thirsty markets in South Sudan and DR Congo, using local distributors to move product across borders. In reality, it became a high-stakes tax dispute that turned on a single question: who, legally, exported the beer? The business model behind the case was straightforward. Nile Breweries Limited (NBL) has long exported into the region. In 2022, it supplied beer to Kabaco and Ituri, two Uganda-based companies with established export networks outside the country. The beer was clearly marked “for export,” and the arrangement was framed…
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Despite a UGX25 billion shot in the wallet by government, Vision Group, the state majority-owned media house (government owns 53.3%), is still fishing in troubled waters, the just-published Annual Report 2024/25 shows. The capital injection, structured as a preference share investment, was meant to stabilise the business, ease its liquidity pressures, and give the country’s largest multimedia company a fair shot at recovery. Yet even with the sizeable boost and a slate of new investments under CEO Don Wanyama, Vision Group continues to post losses and confront deep structural challenges. The report paints a picture of an organisation that has…
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