TLG Capital (TLG), an investment holding company, has announced that it has purchased 49% of Opportunity Bank Uganda Ltd (OBUL), a tier 1 financial institution (commercial bank) with 23 branches and 22 ATM points across Uganda. OBUL is licenced and regulated by the Central Bank of Uganda and offers tailor-made products and services for individuals, micro-businesses, and small-and-medium sized enterprises (SMEs). The bank was originally a microfinance institution founded in 1995. The transaction makes TLG the largest shareholder of OBUL. Remaining shareholders (all NGOs) include Opportunity International Group (43%), Faulu Uganda (7%), and Food for the Hungry (1%). TLG’s investment…
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By Phillip Karugaba During the 2019 Wetlands Day Celebrations, President Yoweri Museveni, in a speech delivered by Prime Minister Ruhakana Rugunda, cautioned Ugandans against degrading wetlands and forests and called for protection of the environment to avoid the effects of climate change, saying, “We need to secure boundaries of our wetlands and also strictly gazette and protect those that provide critical functions that avert climate change impacts. We need to explore setting up environment courts that effectively deal with impunity, and at the same time establish a separate law for wetlands”. He also emphasised the need to restore wetlands and…
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By Celia Becker and Phillip Karugaba The recent ruling of the Tax Appeals Tribunal (“TAT”) in the case of Century Bottling Company v Uganda Revenue Authority (“URA”), has brought the discretion of the Commissioner-General of the URA sharply in focus. It is absolutely necessary and indeed important that in the exercise of their functions, public authorities exercise discretion. It is equally important that such discretion is properly exercised taking into account only the relevant considerations and for the proper reasons. The citizen has recourse to court to check the excesses of executive discretion. A public official is therefore not like the cultural…
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By Phillip Karugaba, Rehema Nakirya Ssemyalo and Tracy Kakongi Ten years ago, Uganda’s National Disaster Preparedness and Management Policy predicted that “an influenza pandemic may occur when a new influenza virus appears against which the human population has no immunity. With the increase in global transport, as well as urbanization and overcrowded conditions in some areas, epidemics due to a new influenza virus are likely to take hold around the world, and become a pandemic faster than before”. COVID-19, also known as the Coronavirus, is an infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) that was declared…
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As the country grapples with Covid-19, various directives are being issued by different authorities. It is incumbent on the authorities that the measures are issued within the law. Enterprises that endeavour to observe these measures or wish to take their own measures also need to ensure that their actions are within the law. There are many legal issues to bear in mind. We set out key issues below. The Public Health Act (Cap. 281) (download) Under this Act, the Minister of Health is empowered to take measures to combat the spread of an infectious disease. So far, four statutory instruments…
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Opportunity Bank Uganda Limited (OBUL) on 25th September 2019 was awarded a Commercial Banking license by Bank of Uganda, becoming Uganda’s 26th Commercial Bank. This follows a lengthy vetting process after the bank applied for a license on January 28th, 2019. “Bank of Uganda hereby grants Opportunity Bank Limited approval for a Commercial Bank License (class 1); to transform from a Credit Institution to a Commercial Bank,” wrote Kenneth Egesa, the Acting Executive Director, Supervision at Bank of Uganda. As the 25th bank, OBUL, enters a top-heavy and tightly competitive banking industry, largely dominated by the top 5 commercial banks….
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