Uganda’s Energy Ministry Permanent Secretary, Irene Batebe has, in an exclusive interview with the CEO Magazine, revealed that government is on course with Dubai- based Alpha MBM Investments to have agreements signed ‘soon’ for the financing and construction of the oil refinery at Kabalega Industrial Park in Hoima District. The government oil refinery investment deal is under the belt of Uganda National Oil Company (UNOC) which handles the country’s commercial interests in the petroleum sector. Tony Otoa, the UNOC Corporate Affairs Director said the details of the deal will be shared after financial closure, dismissing reports of an online article…
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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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Otoa is now leaving Stanbic Business Incubator Ltd to take up a new Chief Corporate Affairs Officer role at the Uganda National Oil Company (UNOC)⏤ a wholly government of Uganda-owned company that runs the government’s commercial interests in the upstream, midstream, and downstream oil and gas sectors. He joins UNOC just in time- as the country ramps up activities towards first oil, but also amidst a thickening anti-fossils energy transition agenda, itself oiled by climate change. He is however not an outsider in the mainstream oil and gas business, having been, between September 2013 – June 2018, the Public Affairs…
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The Chief Executive of the Stanbic Uganda Holdings Limited (SUHL), Francis Karuhanga has officially flagged off two innovative programs aimed at supporting businesses access finance, fostering economic growth within Uganda’s dynamic SME sector. Dubbed the Stanbic Accelerator Program (SAP) and the Supplier Development Program (SDP), unveiled today, the two are under the implementation of the Stanbic Business Incubator Limited (SBIL), a subsidiary of SUHL. “Each year, we inject about UGX 2 billion into the Incubator. The programs mark a significant milestone in SBIL’s commitment to empowering entrepreneurs and small business owners across the country,” Karuhanga said. He added that the…
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Stanbic Uganda Holdings Limited (SUHL), a franchise of the Standard Bank Group—Africa’s largest commercial lender by assets, has announced a profit after tax of UGX412 billion for the period ending December 2023 representing a 15.2 per cent growth from UGX357 billion earned the previous year. Trading on the Uganda Securities Exchange as Stanbic Uganda Holdings Limited (SUHL), it runs five business units including Stanbic Bank—the anchor subsidiary, Stanbic Properties (in real estate), SBG Securities (in stock brokerage), Stanbic Business Incubator (SME training), as well as FlyHub (in technology solutions) collectively employing nearly 2000 people. SUHL Chief Executive Francis Karuhanga attributed…
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Over 2000 entrepreneurs that participated in various training modules in the Stanbic Accelerator Program, Enterprise Development Program, Micro Enterprise Development Program and Supplier Development Program, have graduated. The training, meant to equip the entrepreneurs with relevant business skills at the Stanbic Business Incubator Limited (SBIL), was held between January 2022 and April 2023. Speaking at the graduation ceremony held at hotel Africana, Stanbic Business Incubator’s Chief Executive Tony Otoa said, “Small and Medium enterprises (SMEs) are universally regarded as key engines of economic growth. Therefore, SBIL is closely supporting SMEs to access the financial services and skills they need to…
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Financial experts have on Wednesday tipped Small and Medium Enterprises (SMEs) on entrepreneurship financing and investment post Covid-19 era. This was during the Prudential Knowledge Series, the first in 2022, on discussing financing and investment for small businesses at Imperial Royale Hotel. The Prudential Knowledge Series are Prudential Uganda’s thought leadership conversations aimed at bringing attention to key issues that influence and affect the well-being of Ugandans. Accordingly, so far, the Knowledge Series have held five editions looking at investing and sustaining small businesses, understanding agri-business, education in the new normal, and how to save for short & long term….
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Stanbic Business Incubator Limited (SBIL) has awarded 700 Small and Medium Enterprises (SMEs) with certificates in enterprise development, this, after three months of training in financial literacy, business planning, contracts and bid management. The participating SMEs were drawn from a wide range of sectors including oil and gas, transport, renewable energy, hospitality, agribusiness, and manufacturing. The SMEs which participated in the training program were selected after a competitive application process that got entries from Kampala and across eight districts from eastern, western and northern Uganda. The training was conducted under the Enterprise Development Program (EDP), which is SBIL’s flagship programme…
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The Uganda Registration Services Bureau (URSB) and the Stanbic Business Incubator (SBIL) have signed a Memorandum of Understanding (MoU) which will see 500 micro, medium and small enterprises (MSMEs) trained and supported to become compliant and sustainable businesses annually for the next five years. The partnership and collaboration will focus on training SMEs about URSB services and enterprise development under SBIL’s Enterprise Development Program. Tony Otoa, the Chief Executive, SBIL, and Mercy K. Kainobwisho, the Registrar General, URSB, signed the Memorandum of Understanding in Kampala. Speaking at the signing yesterday, Mercy K. Kainobwisho said URSB the initiative between URSB and…
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