The multilateral lender has resumed normal operations Kampala, Uganda | RONALD MUSOKE | On Jan.20, the African Development Bank Group (AfDB) said it had successfully resolved the 80-day stand-off with the Ethiopian Government, marking the end of a challenging period resulting from a “serious diplomatic incident.” The Ethiopian security authorities on …
Read More »Ghanaian president commissions Chinese-built oil refinery
TEMA, Ghana | Xinhua | Ghanaian President Nana Addo Dankwa Akufo-Addo on Friday commissioned the completion of the first phase of a Chinese-built oil refinery in Tema, a port city in southern Ghana. The Sentuo Oil Refinery, which was built by a private Chinese company, is expected to provide thousands …
Read More »Absa Bank Uganda Director tips HR practitioners on organisational culture, work ethic
Kampala, Uganda | THE INDEPENDENT | The Absa Bank Uganda Human Capital Director Sylvia Mulomi has tipped Human Resource (HR) practitioners about the organisational culture and work ethic as key to shaping a thriving workplace, which ultimately results in the company’s success, including higher revenues. She was speaking during the …
Read More »BoU, DPF pay off EFC microfinance depositors
Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda and the Deposit Protection Fund (DPF) issued a roadmap for the payment of depositors at microfinance company EFC Uganda, now under liquidation. According to the plan, and the laws, DPF will pay the protected depositors, or those with deposits not more …
Read More »DPP takes over Bitature prosecution in Vantage $26m saga
Kampala, Uganda | THE INDEPENDENT | The state has this week taken over criminal proceedings against businessman Patrick Bitature and his wife Carol Bitature in a $26m commercial dispute with South African money lender Vantage Mezzanine Fund 11 Partnership. The intervention by the Director of Public Prosecutions (DPP) comes after Kirunda …
Read More »Kenyan shilling sustains free fall against global currencies
NAIROBI, KENYA | Xinhua | The Kenyan shilling traded at a new low of 161.4 against the U.S. dollar on Tuesday, the Central Bank of Kenya (CBK) said on Tuesday, as it continued with its free fall against major global currencies. The local currency crossed the psychological 160 mark against …
Read More »UAE firm to develop $5 billion Uganda oil refinery
Alpha MBM Investments LLC enters refinery negotiation with Uganda Kampala, Uganda | THE INDEPENDENT | Alpha MBM Investments LLC, a UAE-based company has entered negotiations with Uganda over investing in their refinery project. The company is said to be an investment arm of a prominent member of the Royal family of …
Read More »Harnessing SACCOs for insurance expansion
Africa has a combined SACCO membership of more than 43 million, holding about USD 24.5 billion in assets Kampala, Uganda | ISAAC KHISA | In an ever-evolving financial landscape, Savings and Credit Cooperative Societies (SACCOs) are emerging as impactful entities, harnessing influence grounded in community trust and convenience to bring about …
Read More »“Kampala real estate sees surge in rental rates
Commuter towns on the outskirts of the city are gaining traction, as more people opt for a quieter, calmer, and more suburban living Kampala, Uganda | THE INDEPENDENT | Rental rates in Kampala have increased by up to 12% across various property segments, reflecting increased demand attributed to improved economic activities, …
Read More »Finance Trust Bank to sell 80% stake to a Nigerian Bank
Kampala, Uganda | THE INDEPENDENT | Finance Trust Bank (FTB) has opted to sell an 80% stake to Access Bank PLC, a prominent Nigerian lender operating across more than 20 countries, following the Bank of Uganda’s decision to raise minimal capital requirements for financial institutions. The move, subject to regulatory approvals …
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