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BDF was started by the late Hon. Caesar Joseph Magara in 1964, on a small piece of land in Kitoba village, Hoima district. Caesar Magara was a Member of Parliament in the 1980s. When he passed on, the family inherited the business with John Fitzgerald Magara, as the Managing Director. The other children are also involved in the running of the business as directors. The family expanded the farm and continued selling unprocessed milk. Later on, BDF diversified into the manufacturing of Extra Neutral Alcohol (ethanol)- an important base for spirits and alcoholic beverages, within the food and beverage industry,…
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At a time when post-Covid-19 private sector credit growth remains constrained with mild growth in a select few sectors, Uganda Development Bank (UDB) has reported a 52% gross loan portfolio growth from UGX851 billion in December 2021 to UGX1,298 billion in December 2022. This was, on the back of a 40% growth in the value of new loan applications approved to receive funding that grew from UGX635 billion to UGX894 billion and an 81% growth in total disbursements from UGX428 billion to UGX776.6 billion in the same period. The industry sector (comprising of manufacturing and agro-industry) received the highest number…
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Justice Richard Wejuli Wabwire, of the Commercial Court, has found that Uganda Development Bank (UDB), unlawfully sold the property of their client, Mubende Parents School; illegally appointed Kabiito Karamagi and Joshua Ogwal of Ligomarc Advocates as receivers/managers, to recover a debt that did not exist. Their unlawful appointment aside, the two receiver/managers, according to court, also went ahead to unlawfully attach monies on the school’s bank accounts as well as unlawfully dispose of the remaining properties of the school and as if that was not enough, they misused and failed to properly account for the funds ‘grabbed’ from Mubende Parents…
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