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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By Samuel Edem Maitum The saying “if it is not broken, do not fix it” is sound advice for the timing of interventions in life, business, and finance. As a philosophy, it is about efficiency. I was thinking about the simplicity of this maxim, and how it could have saved many a dream from eventual ruin while looking back at several applications for loans that I have reviewed over the last 15 years. In over 40% of these cases very little thought was put into why the borrowing was needed or why it is the best option at the time…
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The Uganda Development Bank Ltd (UDB), the country’s national Development Finance institution, approved projects worth Shs926 Billion of which a total of Shs589 Billion has so been disbursed into the Ugandan economy to support businesses during the Covid-19 pandemic period (August 2020, to date). The revelation has been made by Ms Patricia Ojangole, the Managing Director UDB during a press conference in Lira City on Friday. This disbursement represents the largest investment in the post-COVID recovery effort in the country where the government through UDB is prioritizing growth through localized value addition, production and import replacement in alignment to the…
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Sumin Namaganda Musinguzi has been appointed the new Manager Corporate Affairs at Uganda Development Bank (UDB). “In her new role, Sumin will be accountable for the Bank’s communication function,” UDB says, adding: “She will lead the design and implementation of a vast array of interventions to enhance the Bank’s visibility and brand health whilst also ensuring active engagement with key stakeholders and the public.” She joins UDB from Airtel Uganda where she has been the Public Relations and Corporate Social Responsibility Lead. While at Airtel Uganda, her role entailed maintaining a solid reputation for Airtel Uganda through comprehensive and strategic…
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By Patricia Ojangole The second wave of the COVID pandemic has led to record infections and an increasing number of deaths. In response the government has instituted new restrictions on movement and gatherings and urged Ugandans to follow the recommended procedures to break the chain of infections. It is unclear when these measures will take full effect. Uganda Development Bank urges its customers, clients, partners, and the public to choose to vaccinate and follow the Standard Operating Procedures put in place by the Ministry of Health. The Economy: Outlook and Projections. In the Financial Year (FY) 2020/21 the Ugandan economy…
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The National Social Security Fund (NSSF) has won the Gold Award at the 10th edition of the Financial Reporting (FiRe) Awards, beating 84 organisations which submitted their 2019 financial reports for evaluation. The Fund has won their second Gold Award, having previously won Gold in 2018. The FiRe Awards were held on 4 November 2020 at the Skyz Hotel in Kampala and broadcast live via the Zoom platform and Facebook. Organized by the Institute of Certified Public Accountants of Uganda (ICPAU), in partnership with the Capital Markets Authority (CMA), the Uganda Securities Exchange (USE) and the Vision Group, the FiRe…
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As part of its Covid-19 response program, Uganda Development Bank (UDB) has just issued a call for applications for priority lending to selected sectors at not more than 12 percent interest. These include: food & beverages, textiles, clothing, leather & footwear (hides & skin), paper and publishing, packaging and wrapping materials, chemical & industrial products, timber, woodworks & furniture manufacturing, construction materials, pharmaceutical products, human & animal drugs manufacture and electricals. In this interview with CEO East Africa Magazine, Patricia Adong Ojangole, the Bank’s Managing Director shares more details on who qualifies and how to apply for the facility.
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An employee whose loan is guaranteed by the employer to be recovered from their salary but is wrongfully dismissed from their job, is not liable to pay the loan, the court has ruled.The Court of Appeal upheld an earlier ruling by the Industrial Court in the case of Florence Mufumba vs Uganda Development Bank that one is entitled to relief of the loan that was supposed to be recovered from their salary up to the time of their retirement.Mufumba ran to the Industrial Court over wrongful dismissal from Uganda Development Bank in 2011 where she was working as the Principal…
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President Yoweri Museveni has said that UGX1 trillion of the UGX1.9 trillion loan obtained from the International Monetary Fund (IMF) will be injected in the Uganda Development Bank (UDB), to enhance the country’s production capacity. Museveni said Uganda has enough raw materials to feed industries for production of commodities rather than continue relying heavily on imports, which he said were unsettling the economy, especially during crisis, like the covid-19 pandemic and UDB would finance this value-adding process. Early in May, the IMF approved USD419.5 (UGX1.9 trillion) for Uganda under the Rapid Credit Facility to address the ‘urgent balance of payments…
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