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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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MTN in 2024 delivered yet another solid year, cementing its place as Uganda’s most profitable and actively traded listed company. With double-digit revenue growth and record earnings, the telecom giant showcased operational strength and investor confidence. Yet, looming over this strong performance is a strategic pivot that has analysts sounding the alarm: the planned spin-off of its fintech arm—MoMo—could significantly alter the company’s growth trajectory and valuation dynamics. Fintech Fuelled, But For How Long? MTN Uganda’s total revenue surged by 18.87% to UGX 3.17 trillion ($857.49 million) in FY2024, up from UGX 2.67 trillion in FY2023. Of this, fintech services…
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Uganda Airlines’ expansion plan to dominate the aviation industry has been met with financial hurdles after a new Auditor General’s report unearthed the Airlines’ performance for the Financial Year 2023/24 showing a net loss of UGX 238 billion, which is a 26 percent% drop from the UGX 325 billion loss incurred in 2023. The sustained losses according to the Auditor General threatens financial sustainability and shareholder value for the airline. The national carrier also disclosed contingent liabilities of UGX.12 billion (USD 3.15 million), primarily relating to pending court cases which is likely to expose the company to significant legal costs,…
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