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The Uganda Chamber of Mines & Petroleum (UCMP) at a recent Annual General Meeting (AGM) elected new leaders to its Board of Trustees and Governing Council. The new leaders serve for the next two years. Mr. Patrick Mweheire, the Standard Bank Group Regional Chief Executive for East Africa, and Mr. Nicholas Ecimu, a Partner at S&L Advocates are among the new members who were elevated to the Board of Trustees. Mr. Mweheire previously served as the Chairman of the Governing Council for three years, while Mr. Ecimu served as a Council Member for eight years. The full membership of UCMP’s…
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Since reaching FID in February 2022, Uganda has kicked off a massive oil drilling campaign with four oil rigs⏤ three of them at the TotalEnergies-operated USD4-5 billionTilenga Project in Buliisa and Nwoya districts, and one rig at the CNOOC-run USD2-3 billionKingfisher Project in Kikuube in the Albertine Graben. As of June 2024, TotalEnergies had made considerable progress in drilling over 35 oil wells with a projection of drilling 98 wells by the end of 2024. Seven oil wells had so far been drilled at the KingFisher Project alongside other engineering, procurement, and construction (EPC) works. Construction works for the USD5…
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Following our publication of Uganda’s leading corporate and commercial law firms, CEO East Africa Magazine has gone further to boil it down to the leading individual lawyers. The CEO East Africa’s 2023 Guide to Uganda’s 75 Highly Regarded Business Lawyers list has been distilled from the 2022 Chambers & Partners ratings for Uganda, as well as the International Financial Law Review (IFLR) 1000 and The Legal 500. CEO East Africa Magazine, also consulted some respected names in the legal services industry, for their own insights on who else they thought was worth adding to the list, based on their knowledge…
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British American Tobacco Uganda Limited (BAT Uganda) has announced the unaudited financial results for the six months ended 30 June 2022 registering positive performance. Nicholas Ecimu – the Company Secretary revealed that the gross revenue increased by 12% to UGX50.7 billion while Excise Duty and Value Added Tax (VAT) increased by 10% to UGX25.6 billion, “largely driven by higher sales volume and an improved product mix.” Consequently, net revenue increased by 14% to UGX25 billion. “Total cost of operations increased by 16% to Ushs 19.6 billion, in line with higher sales volume and an inflationary increase in product costs driven…
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On 8th November 2021, Orient Bank rebranded to I&M Bank Uganda following the completion of the acquisition of 90 per cent shareholding of the Orient Bank by I&M Group Plc. I&M Bank Uganda builds on a foundation and legacy of trust acquired over the last 28 years and most importantly now taps into I&M Group Plc’s 48-year legacy that has seen the group rise to over USD3.6 billion (UGX12.5 trillion) in assets as of December 2021. I&M Group currently operates in 5 countries- Kenya, Tanzania, Rwanda, Uganda and Mauritius as Bank One- a joint venture between I&M Group Plc and…
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British American Tobacco Uganda (BATU) Limited has said the first half of the year was characterised by a challenging operating environment occasioned by the Covid-19 pandemic as well illicit trade of tax-evaded cigarettes. “The COVID-19 pandemic continued to adversely impact the business due to restrictions and the general decline of consumer disposable incomes,” says the company statement by Company Secretary Nicholas Ecimu. Gross revenue reduced by 41% to UGX 45.2 billion, driven by a decline in sales volume. This is compared to UGX75.9 billion realized during the same period last year. “Following the implementation of Tobacco Control Regulations, 2019 (TCR),…
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