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News & Trending

Bank of Uganda Closes EFC Uganda Limited

KAMPALA.Bank of Uganda has closed EFC Uganda Limited, a microfinance company due to poor financial standing. The action is based on Sections 72 (1) and 12 (1) (d) & (g) of the Microfinance Deposit-taking Institutions (MDI) Act, 2003 as amended. BOU’s decision which also places EFC Uganda Limited located on Kira Road under liquidation also revoked its license, and ordered the winding up of its affairs effective today, Friday. “Bank of Uganda has determined that the continuation of EFC Uganda Limited’s activities is detrimental to the interests of its depositors due to the institution’s failure to resolve its significant undercapitalization and poor corporate governance,” says BoU Deputy Governor, Michael Atingi-Ego. The regulator says that it will, together with the Deposit Protection Fund of Uganda inform depositors of the arrangements that will be put in place to enable them to access […]

admin January 19, 2024

News & Trending

Bobi Wine escapes from house arrest, demonstrates in city

KAMPALA. Ugandan opposition leader and former presidential candidate Bobi Wine on Friday escaped from his besieged home where police had kept under house arrest. National unity Platform leader Bobi Wine plants a banana on a street in Kampala during a city roads pothole protest, January 19, 2024.He slipped from his home in Magere where heavy deployment is on. Police and the military surrounded his residence and put him "under house arrest" ahead of a planned protest yesterday organised by the opposition politicians against the poor condition of roads in Uganda, which is hosting two global summits this month. Wine whose real name is Robert Kyagulanyi, challenged veteran President Yoweri Museveni in Uganda's last election in 2021, calling for an end to his iron-fisted rule. Former presidential candidate Kizza Besigye of the Forum for Democratic Change opposition party said Thursday that […]

admin January 19, 2024

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business

Kiryandongo leaders throw out CMD Investments for messing sh3.5b project

Kiryandongo District leaders have vowed to decline CMD Investments Limited a company which was contracted to construct the 3.36 billion Kigumba seed secondary school on future projects. The leaders cite inconsistency and failure to adhere to the contract terms evidenced during the construction of both Kitwara and Kigumba seed secondary schools by the same contractor. The leaders made the vow during the site meeting held on January 18,2024 at Kiryandongo District headquarters to discuss the fate of the stalled Kigumba Seed Secondary school. The construction of the 3.36 billion school was launched in May 2023 and expected to be complete by September 2024. However, ever since the launch, the project has been stalled at foundation level which is worrying the leaders. Kiryandongo District leaders have vowed to decline CMD Investments Limited a company which was contracted to construct the 3.36 […]

admin January 19, 2024

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News & Trending

Museveni pardons ex-NSSF boss Jamwa, several defilers

David Chandi Jamwa, the former boss at National Social Security Fund (NSSF), is now a free man after being pardoned by President Yoweri Museveni. Nine other convicts were also pardoned along with Jamwa on various grounds. Jamwa was found guilty of causing Shs3.1 billion financial loss to NSSF in February 2011 by the Anti-Corruption Court on grounds that he prematurely sold treasury bonds to defunct Crane Bank while he was the managing director. In June same year, he appealed and was granted bail. Court of appeal upheld the sentence. Unsatisfied, he filed another appeal before the Supreme Court. In 2019 the Supreme Court cancelled his bail terms, sent him to Luzira pending final verdict. Jamwa had been on bail since 2011. In 2020, The justices of the Supreme Court upheld the 12yr sentence given earlier by the Anti Corruption Court.

admin January 18, 2024

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News & Trending

De Rossi appointed Roma head coach after sacking Mourinho

AS Roma named their former player Daniele De Rossi as their new manager until the end of the season, hours after parting ways with manager Jose Mourinho on Tuesday. Mourinho was sacked earlier in the day with Roma ninth in the league after Sunday's 3-1 loss to AC Milan, and have struggled to overcome the loss of key players due to injury, including striker Paulo Dybala. They are 22 points behind league leaders Inter Milan. "AS Roma are pleased to confirm that Daniele De Rossi has been appointed as head coach until 30 June 2024," the Serie A club said in a statement. "After an 18-year playing career with AS Roma, De Rossi will return home as head coach, with his first game being the club's upcoming Serie A match against Verona on Saturday evening at the Stadio Olimpico." Roma […]

admin January 16, 2024

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News & Trending

Wife admits to hiring hitmen at Shs2.5m to kill Dr Abiriga

Betty Cherotic, the widow of the late Masindi district health officer Dr Jino Abiriga, has reportedly confessed to hiring killers due to personal reasons, including jealousy and a sense of rivalry. Cherotic, who has been in police custody for a week, reportedly revealed that one of the motives behind hiring hitmen was the constant ridicule she faced from her husband for not being as sexually knowledgeable as other women. She initially intended to target Susan Atuhura, the woman that Abiriga was reportedly dating and comparing to her. “I first wanted to kill Susan Atuhura because she is the woman he was dating and compared her to me. We failed to kill the woman through arson and we also missed killing her at a place she frequented. We then turned the mission to my husband,” Cherotic is quoted by detectives. Martin […]

admin January 16, 2024

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News & Trending

Jose Mourinho sacked by Roma

Jose Mourinho has been sacked as Roma manager with the club ninth in Serie A, according to the BBC. The Portuguese, 60, took over in May 2021 and led Roma to the Europa Conference League title a year later and the Europa League final in 2023. But they are five points off Serie A's final Champions League qualifying spot and last week were knocked out of the Coppa Italia by city rivals Lazio. Owners Dan and Ryan Friedkin thanked Mourinho "for the passion and commitment he has shown" as boss. "We will always have great memories of his stewardship, but we believe that, in the best interests of the club, immediate change is necessary," they added in a statement. After the cup loss to Lazio, Mourinho compared himself to Harry Potter, suggesting his profile was "raising expectations" for what Roma […]

admin January 16, 2024

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In Pictures

Police, military deploy heavily ahead of joint opposition presser at Katonga Road

KAMPALA: Security operatives from police and military have been deployed at Forum for Democratic Change (FDC) Katonga Road offices where the FDC Katonga faction and political activists from other opposition parties had planned to hold a joint press conference this morning. According to Kizza Besigye, the leader of the faction at Katonga, "Police has been alternating the barricading and opening of access to our Katonga Rd offices since morning!" "This is an attempt to disrupt a presser by the UNITED FORCES OF CHANGE." He insisted arrangements continue and the presser will take place.

admin January 16, 2024

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News & Trending

Video: Police net notorious phone snatchers in Wandegeya

KAMPALA: The police have arrested several phone snatchers who have been terrorizing passengers and other motorists in areas of Wandegeya. Luke Owoyesigyire, the KMP deputy spokesperson, said they were aided by CCTV cameras to identify, locate and arrests the thugs. Below is the police's full statement: In response to escalating concerns voiced by the public regarding the surge in phone snatching incidents within Lower Nsooba, Upper Nsooba, UEB, Kagugube, and surrounding areas, the Wandegeya Police have undertaken a series of targeted operations against criminal gangs operating in these regions. As a result, seven suspects have been apprehended, with some captured in the act by CCTV cameras while snatching phones from unsuspecting motorists. Notable among those arrested are Ogema Rickson alias Ricky, operating around Shell Mulago and Mawanda, Kakooza Mike alias Aidari (16 years old), Kigozi Marvin (22 years old), Ssekyanzi […]

admin January 15, 2024