Umeme Limited, once the crown jewel of Uganda’s stock market, has left shareholders bewildered and disappointed following a turbulent 2024 marked by a record loss, an unexpected dividend freeze, regulatory…
Umeme Limited has officially declared a dispute with the government of Uganda over the buyout amount, signaling a potential legal proceeding, if the issue is not resolved within 30 days. Government and Umeme have 30 days – from 11 April, 2025 – within which they must resolve the dispute, failure of which the matter will head into arbitration in London. The Concession Agreement, under which Umeme had distributed electricity in Uganda until 31st March, 2025, provides for arbitration in the event that government and Umeme fail to agree on the final buyout amount. Thus, the public notice issued on Monday,…
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The Uganda Electricity Distribution Company Limited (UEDCL) has officially taken over the distribution network from Umeme Limited, marking the end of a 20-year concession period that began in 2004. This…
Corporate reputation is an aggregate of public perceptions about an organisation’s social, political, ethical and business behaviour and how people engage with that organisation based on these perceptions. Ultimately, this…
Central to these discussions are Uganda’s plans to wean herself off from being over-dependent on private foreign companies in managing the electricity sub-sector. In this case, a post-Umeme/Eskom- concession management strategy has been developed that seeks to guide the Ministry of Energy on the way forward. The CEO East Africa Magazine’s Paul Murungi sat down with Ms Irene Pauline Batebe, the Permanent Secretary at the Ministry of Energy and Mineral Development, in a wide-ranging interview that sought to explore Uganda’s electricity ambitions for the next 20 years. 20 years ago, the government leased out power concessions to Eskom and Umeme….
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Florence Nakimbugwe Nsubuga, the long-serving Umeme Limited Chief Operating Officer, is leaving the the power distributor for a Country CEO role at Berkeley Energy Uganda Limited, CEO East Africa Magazine, can exclusively reveal. She assumes the role in February 2024. Berkeley Energy is a renewable energy and power engineering, construction, and investment company that focuses on developing markets. In Africa, it runs the Africa Renewable Energy Fund (AREF) which invests in small hydro, geothermal, solar, and biomass projects across Sub-Saharan Africa, excluding South Africa. Through Maji Power Limited, a wholly-owned Ugandan subsidiary, Berkeley Energy is invested in the 16 MW…
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Increased economic activity thus increased power demand, translating into increased customer connections combined to spur a 19.9% growth in Umeme Limited’s gross revenues for H1 2023, the energy distribution company has reported. In results published today, 21st August 2023, Umeme said during the first 6 months of 2023, it connected an additional 72,411 customers to its network, compared to 56,547 in 2022 representing a 28% growth. This increased the company’s customer base to 1.8 million. The company also said it witnessed an 8%, 9%, 9% and 11% growth in electricity sales to its domestic households, and commercial, medium industrial and…
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The National Social Security Fund (NSSF) has won their fourth Gold Award in Financial Reporting, beating 108 organisations which submitted their annual reports for evaluation in the 2022 Financial Reporting (FiRe) Awards competition. In second position came Stanbic Uganda Holdings Limited, taking the Silver Award, while Centenary Rural Development Group Limited came third with the Bronze Award. While presenting the Award to the Fund, the Chairperson of the FiRe Awards Committee, CPA Stephen Ineget noted that the organisation provided a clear and detailed explanation of its value-creation process, highlighting the key inputs, business activities, outputs, and outcomes. NSSF also won…
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Power utility company Umeme Limited has come out to reassure its investors about its business ongoings in Uganda. This follows media reports that the utility firm is set to exit Uganda in 2025, which reports Umeme notes are likely to impact the trading on its shares or likely have a bearing on investment decisions. In a statement, Umeme indeed affirms that its concession expires in March 2025, and the position remains unchanged. “As disclosed in its Prospectus at the Initial Public Offering, subsequent Annual Reports and public disclosures, Umeme holds a 20-year Concession from the Government of Uganda, whose natural…
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Power utility firm, Umeme has said that processes have been finalised to ensure that Kiruddu Hospital gets a dedicated power line. “Cable has been procured and delivered to stores, service contract awarded to Power Distribution Technologies Limited (PODITECH), materials being issued, site works commenced mid October 2022,” Peter Kaujju, Umeme Head of Communication & Marketing says. The utility firm notes that Referral hospitals have critical facilities that need stable and quality electricity supply “All Referral Hospitals except Mulago National Referral Hospital are all supplied from distribution feeders as any other domestic, commercial, or industrial customer. Referral Hospitals have critical facilities…
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