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Ugandan business leaders have expressed unequivocal support for the East African Crude Oil Pipeline (EACOP), a project they say will guarantee Uganda’s energy security as well as improve the livelihoods of Ugandans. In a joint statement to the Conference of the Parties (COP) 27, the business leaders said: “As Ugandan private business leaders, we register our support to the Lake Albert Oil & Gas Development project which will secure the supply of Petroleum Products to our domestic market, with the construction of a refinery and the commercialization of Liquefied Petroleum Gas (LPG). The remaining products will be evacuated to the…
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Private Sector Foundation Uganda (PSFU) together with Tanzania Private Sector Foundation (TPSF) in partnership with The Ministry of Foreign Affairs through its Uganda High Commission in Tanzania will convene a Tanzania- Uganda Oil & Gas symposium on 25th November, 2021 in Dar-es-Salaam. The symposium will be held under the theme “Enhancing Private Sector Participation in the Oil & Gas Sector.” Tanzania and Uganda enjoy a long-standing diplomatic and economic relationship that has been strengthened by recent developments in the oil & gas industry, principally the East African Crude Oil Pipeline (EACOP) project. It is estimated that during just the construction…
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Shareholders of British American Tobacco Uganda Limited (BAT Uganda) have ratified UGX19.9 billion (UGX 406 per share) as a first and final dividend for the year ended 31st December 2020. This was during the Company’s 21st Annual General Meeting (AGM) held today by electronic means. The dividend, which will be paid net of withholding tax on 21st June 2021, is in line with the Company’s 100% dividend pay-out policy. BAT Uganda Managing Director, Kirunda Magoola said: “BAT Uganda remained resilient in 2020 despite a challenging business environment, compounded by impacts of the global COVID-19 pandemic. The Company registered a 1%…
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While the Covid-19 pandemic impacted economies the world over including Uganda, British American Tobacco Uganda Limited (BAT Uganda) navigated the storms and registered a resilient performance for the year ended 31 December 2020. The company recorded gross revenue of UGX162 billion, profit before tax of UGX29 billion, contributions to Government tax revenue of UGX91 billion and Profit after tax of UGX19 billion. Commenting on the results, BAT Uganda’s Managing Director, Kirunda Magoola said: “BAT Uganda’s business continues to show resilience despite the difficult operating environment, largely resulting from the ongoing COVID-19 pandemic, which had adverse effects on the economy and…
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Prominent City lawyer and business man Elly Karuhanga, has been re-elected as dfcu Limited Chairman, the holding company of dfcu Bank, the 5th largest bank by assets. Karuhanga’s re-election was announced during dfcu’s general meeting on August 25, 2020. Among the re-elected Directors includes Kironde Lule while Aminah Zawedde was also appointed Director. As chairman of the group, Karuhanga continues to drive dfcu’s business growth strategy that has seen the company register significant financial performance. During the general meeting, dfcu announced that the company’s assets increased by 1 percent from UGX2.916 billion to UGX2, 958 billion on the back of…
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By Hon. Dr. Elly Karuhanga Private Sector Foundation Uganda (PSFU) has recently held several meetings with Government and development partners in an attempt to devise mitigation measures to contain the effects of COVID 19. These measures have been directly focused on curtailing infections, supporting testing, isolation, and treatment. Uganda has not recorded a single death resulting from this pandemic. The private sector appreciates government efforts in this regard. As PSFU and on behalf of the private sector we pledge to support all initiatives being outlined by both Government and the donor community in a bid to protect Ugandans from the…
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According to a source at the Uganda Securities Exchange (USE), IFU reportedly paid UGX645 per share, meaning they paid UGX48.1 billion for the 74,580,276 shares. The deal values dfcu at UGX482.5 billion.
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The total assets of Uganda’s financial services industry reached UGX.45.81 trillion, or 44.3 percent of Uganda’s GDP, as at end December 2018. The banking sector, dominated 69% of these assets, followed by Pension Funds at 22%, then Funds under Management (6%) and lastly the insurance sector at 3%, according to Bank of Uganda’s Financial Stability Report, June 2019. According to the report, as at end June 2019, the banking sector, continued to flourish with commercial banks accounting for 95.2 percent (UGX30.3 trillion) of the banking sector’s total assets of UGX.31.8 trillion. This was followed by the Microfinance Deposit-taking Institutions (MDIs)…
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Dfcu Bank, had to pay William Sekabembe a 47% salary increment to stop him from crossing to rival KCB Bank, where he had been offered a Managing Director role, we…
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