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Ugandan Businessman Arrested with 105,000 USD in Nimule

Ugandan Businessman Arrested with 105,000 USD in Nimule

Business, FEATURED, NEWS
A Ugandan national is being held by South Sudanese security authorities at the border town of Nimule in Eastern Equatoria State, for carrying 105,000 United States dollars in cash and allegedly operating a money transfer business illegally. “It was five days ago back when a Ugandan working in the field of money changing and mobile money transfer was arrested,” Colonel John Achiek, the immigration chief at Nimule border told reporters on Tuesday. “The money was taken by the economic affairs officers who are working with security, they are the ones now in charge of the case. He is a Ugandan, I don’t know his name but of course, security has taken him. For us, we are just working with the people, they say it is 100,000 dollars, but I don’t know how much money exactly,” he added. Maj...
Uganda tax deal paves way for Tullow sale to Total

Uganda tax deal paves way for Tullow sale to Total

Business, FEATURED, Latest News, Oil & Gas
Tullow Oil has reached a binding tax agreement with Uganda, which should allow it to close a sale to Total shortly. Tullow Oil has reached a binding tax agreement with Uganda, which should allow it to close a sale to Total shortly. The Minister of Energy and Mineral Development has also approved the transfer of the equity, and the operatorship, in Block 2 to the French company. The government and the Ugandan Revenue Authority have approved the tax agreement. All governmental conditions have now been met, Tullow said. As such, the transaction should close “in the coming days” after certain customary steps have been completed. Total will pay Tullow $500 million on closing. The French company will then pay $75mn when it reaches a final investment decision (FID). Oil price movemen...
Ruparelia Group Announces Attractive Offers To Tenants Amidst COVID-19 Pandemic

Ruparelia Group Announces Attractive Offers To Tenants Amidst COVID-19 Pandemic

Business, FEATURED
By Keefa Nuwahereza City tycoon Sudhir Ruparelia has announced unbelievable offers for tenants at several of his buildings owned under the Ruparelia Group of Companies and Crane Management Services. According to our sources at Crane Management Services Ltd,  the Ruparelia has rolled out a campaign aimed at fostering the development of Uganda’s economy despite the COVID-19 challenges. In a bid to further their resolve to promote economic development, Rajiv Ruparelia, the Managing Director of the Ruparelia Group of Services, has announced a free 3-months rent offer to tenants who seek to secure offices at  four of their buildings which include; Hardware City, Hardware Plaza, Market Plaza and Electrical Plaza. Kingdom Hall Kampala is owned by tycoon Dr. Sudhir Ruparelia...
Uganda’s Central bank says that no License is Needed for Foreign Lending

Uganda’s Central bank says that no License is Needed for Foreign Lending

Business, FEATURED, NEWS
 Uganda’s central bank said on Wednesday foreign-based banks do not need its license to lend funds originating abroad, reassuring an industry jolted by a court ruling last week that declared some syndicated loans involving foreign banks illegal. The loans affected by the Commercial Court ruling represent at least $1.5 billion worth of debt, according to an industry body. The Bank of Uganda said it did not regulate lending that involved “using funds obtained from foreign banks that do not take deposits from the public in Uganda.” “Foreign banks lending deposits held in jurisdictions other than Uganda are regulated and supervised by their home authorities,” it said in a statement. “It is not mandatory for a foreign bank to establish a representative office in Uganda in order t...
Rwanda to start Growing Cannabis, what it means to her Economy.

Rwanda to start Growing Cannabis, what it means to her Economy.

Business, FEATURED, NEWS, Rwanda
Some know it as cannabis, while others know it as marijuana or weed, especially because it has been trendy in pop-culture music and because it has been immortalized in western films. Whatever you call it, cannabis is the world’s most popular drug and is the highest value therapeutic crop known at the moment, despite being illegal in many parts of the world. It wasn’t until Monday, October 12, that a cabinet meeting approved guidelines that allow the growing of cannabis in Rwanda, which drew mixed opinions from people. Cannabis is a multi-billion dollar industry and it’s believed to be the world’s most valuable cash crop from the absolute value perspective. One study, which analysed data from the UN Food and Agriculture Organisation as well as UN World Drug reports, estimat...
High court halts Payment of sh120b to Ham Enterprises by DTB.

High court halts Payment of sh120b to Ham Enterprises by DTB.

Business, FEATURED, Latest News
The commercial division of the Hight court has halted the execution of the orders issued by the head of Commercial court justice Henry Peter Adonyo in a case involving businessman Hamis Kiggundu, Diamond Trust Bank (DTB)-Uganda and DTB-Kenya.    Principal judge, Dr Flavian Zeija issued the interim orders on Tuesday in the presence of the bank's lawyer Kiryowa Kiwanuka and Usama Sebuufu. Kiggundu’s lawyer who has since been served wasn’t present in the court. "An interim order for stay of execution of the decree in high court civil suit number 43 of 2020 and MA number 654 of 2020 doth issue pending the determination of the main application for stay of execution", reads the order in part. According to the order, the costs of the suit will be determined in the main app...
Why DR Congo is Worth Investing in?

Why DR Congo is Worth Investing in?

Business, FEATURED, Latest News, Politics
The willingness of the Government of Uganda and President Museveni in particular to construct roads and other infrastructures to DR Congo shows the zeal by Government to transform these political relations into economic gains. Uganda can enjoy a trade surplus even without digging deep into its vast natural resources. Uganda has limitless potential for exporting an array of locally produced products and services — from horticulture to construction and engineering. Uganda is home to some top-quality products that can compete in any market around the world. This is fact! The major drawback affecting exports has been the failure by local companies to aggressively capture regional markets and leveraging on the country’s geographical location, which comes with few logistical hea...
“Syndicated Loan is Illegal” declares Justice Henry Peter Adonyo

“Syndicated Loan is Illegal” declares Justice Henry Peter Adonyo

Business, FEATURED, NEWS
The Ugandan High Court on Wednesday ruled that a loan granted to a local company was illegal in a shock judgment that has banks fearing a spike in debt defaults. The case relates to a loan Diamond Trust Bank Kenya Ltd. provided to a Kampala-based firm with interests spanning real estate to agriculture, using its Ugandan subsidiary as the agent. Lenders in the East African nation were taken by surprise when Judge Henry Peter Adonyo said the transaction was illegal because the Kenyan bank didn’t have a domestic license to conduct such business in Uganda. The judgment enables the applicants, Ham Enterprises Ltd., Kiggs International Ltd. and Hamis Kiggundu, to recover more than $32 million from the bank, according to a copy of the judgment seen by Bloomberg. Diamond Trust Bank disag...
Ivan Kakooza of Nexus Bar Najjera has Died.

Ivan Kakooza of Nexus Bar Najjera has Died.

Business, FEATURED, Health, NEWS
The owner of a popular hung out in one of the Kampala Suburbs of Najjera, Ivan Kakooza has died owing to Cororna Virus this morning at Mulago Referal Hospital. Affect seeking for medical attention after getting difficulty in breathing that he was told by doctors at Mulago that his lungs were inffected due to Covid -19; close friends to Ivan have told this website  “Yes, it is true, Ivan is gone,” Kaitesti told reporters early Friday morning. The cause of death is still unknown. However, Kaitetsi said Ivan had been unwell lately. “He has not been coming to work for the last two weeks. He was not doing fine,” Kaitetsi added. Kakooza, who was in his early 40s, is said to have passed on at Mulago National Referral Hospital. His body is currently in th...
Mobile Money Hacker are still in the Country, still Hunted by Police.

Mobile Money Hacker are still in the Country, still Hunted by Police.

Business, FEATURED, NEWS
Uganda’s police are searching for hackers who accessed the systems of a third party that processes phone-based transactions, with companies affected including MTN Group and Standard Bank Group’s local units. The fraudsters got into the mobile-money systems and stole funds, according to Charles Twine, spokesman for the Criminal Investigation Department. Investigations will help identify how the systems were hacked, the people involved and the amount of money stolen, he said. The “system incident” at the third party “impacted bank-to-mobile money transactions,” MTN Uganda, Stanbic Bank Uganda and Airtel Africa’s local unit said in a joint statement. Mobile money, as it’s known, is popular in Africa for making payments for everything from groceries to utility bills, with options...