TPS Eastern Africa PLC, the operator of Serena Hotels, has issued a profit warning for the financial year ending 31 December 2025 after slipping into a half-year loss, marking a sharp reversal from the strong earnings momentum recorded in the previous year. The Group, which operates some of East Africa’s most prominent luxury and upscale lodges and city hotels, reported a loss after tax of KShs 16 million (UGX 448 million) for the first half of 2025, compared to a profit of KShs 696 million (UGX 19.49 billion) in the same period last year. The announcement, made in compliance with…
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In Uganda’s fast-evolving insurance market, questions of trust, innovation, and growth remain central. The insurance industry has been expanding, attracting bigger regional players and new products, but challenges of low penetration and uptake continue to shape the everyday business. We spoke to Ambrose Kibuuka, Chief Executive Officer of ICEA Lion General, about where the market is headed, what is driving competition, and how insurers can grow by serving the largely uninsured majority. Below are excerpts. Beyond the CEO title, who are you? What values or habits define Ambrose Kibuuka as a person? I am proudly Ugandan, born and bred here….
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Less than a year after Standard Chartered announced its plan to exit its Wealth and Retail Business (WRB) segment, the long-anticipated transfer to Absa Uganda has entered a decisive phase. On 24 October, Absa confirmed that it would acquire Standard Chartered’s entire WRB portfolio, including clients, staff, deposits, and assets. It is one of the most significant realignments in Uganda’s banking sector in recent years. The deal has now moved to the COMESA Competition Commission (CCC), which on 18 November issued a formal Notice of Inquiry. The inquiry will evaluate whether the transaction could reduce competition in the COMESA region…
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Uganda’s petroleum sector has recorded a major milestone with new assessments showing a rise in recoverable oil resources from 1.4 billion to 1.65 billion barrels. The announcement was made by…
Uganda Revenue Authority (URA) has launched a sweeping enforcement campaign requiring all Ugandan tax residents with foreign bank accounts, property, or investments to immediately declare their worldwide income and assets, according to a new Tax Alert on Global Income Declaration issued by Grant Thornton. The development follows Uganda’s implementation of the Convention on Mutual Administrative Assistance in Tax Matters (MAAC), which now allows URA to automatically receive financial data on Ugandan residents from more than 125 countries. These jurisdictions include Mauritius, the Cayman Islands, Jersey, US, UK and India. With this global information-sharing system in place, Ugandans with undisclosed…
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Tatenda Nigel Chinodakufa is often described as “the man helping Africa’s fintechs grow without stepping on regulatory landmines.” As Regional Business Development Director at Sumsub, a technology firm specializing in…
The Public Procurement and Disposal of Public Assets (PPDA) Appeals Tribunal has overturned a multi-billion-shilling contract award issued by Uganda Electricity Transmission Company Limited (UETCL). It did so after finding…
When Uganda’s capital city floods, it is often framed as a natural disaster. The skies open up in fury, the drains overflow, and Kampala drowns under its own chaos. But the truth, stark and uncomfortable, is that our floods are man-made. They are not the wrath of the heavens; they are the consequence of greed, negligence, and broken governance. And at the centre of it all stand institutions we once believed were different, Uganda’s banks. As political will falters and environmental enforcement collapses under the weight of corruption and patronage, banks have become crucial. They are the last institutions still…
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In an economy navigating shifting macroeconomic tides, NMB Bank Plc continues to tower above its peers as Tanzania’s most profitable and resilient financial institution. The lender’s 2025 third-quarter Interim Financial…
The Industrial Court has ordered Uganda Airlines to pay its former Chief Executive Officer, Cornwell Muleya, more than UGX455 million following a ruling that found his dismissal illegal. In a detailed judgment delivered on October 24, 2025, by Justice Anthony Wabwire Musana, court held that Muleya’s suspension and eventual termination violated the Employment Act. Additionally, it contravened Uganda Airlines’ Human Resource Manual, particularly for failing to accord him a fair hearing before dismissal The award comes after a long legal battle that began when Muleya challenged his 2022 dismissal, arguing that he had been unfairly removed without due process. Court…
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