Nigeria’s central bank has fined four leading banks a combined sum of $16m (£12.3m) after they were accused of helping the country’s largest mobile phone operator, MTN, to illegally transfer $8bn abroad, BBC reports. The banks and MTN have been ordered to refund the money. The banks under fire are
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Uganda’s state-controlled pension fund, the National Social Security Fund (NSSF) offered China Railway Group Ltd. a $110 million (Shs413.8bn) deal to construct a 32-story office tower in the capital, Kampala, Bloomberg reports. Construction will begin next month and will be finished in two to three years, National Social Security Fund
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Ailing Mityana Municipality MP, Francis Zaake has reportedly been blocked at Entebbe International Airport from traveling abroad to seek better medical treatment. The embattled lawmaker was brutally beaten along with Kyadondo East MP, Robert Kyagulanyi Ssentamu aka Bobi Wine and others on the eve of the recently concluded Arua Municipality
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By Felix Oketcho Patrick Bitature, a respected businessman has urged Ugandans to pay taxes in an effort aimed at supporting government raise revenue needed for infrastructure developments like roads, hospitals and electricity provision. Bitature, who ranks among the top country’s richest men says this is the only way government will
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Two Fortebet clients over the weekend became millionaires instantly after winning a combined Shs490m. Willy Bizimungu (in featured photo), a builder residing in Kajjansi won Shs210 million after staking only Shs10, 000, while another client, a resident of Kisenyi in Kampala won Shs280 million with a stake of only Shs1,000.
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MTN Group Ltd. is facing pressure to list its unit in Uganda as Africa’s largest mobile-phone company seeks to renew a license in the country, reports Bloomberg. While selling shares on the local bourse isn’t a pre-condition for the granting of a new 10-year contract, the East African nation wants
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By Reuters Facebook is rolling out its Watch video service globally one year after it launched in the United States with original entertainment news and sports content to compete with platforms like Alphabet Inc’s YouTube. Facebook’s Head of Video Fidji Simo said Watch was gaining real momentum in a crowded
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Kenya Airways (KQ) narrowed its net losses by 28.8 per cent to KSh4 billion (UShs149.7bn) in the half year ended June on the back of cost-cutting measures and revenue growth, the Daily Nation reports. KQ, as the airline is known by its international code, made a net loss of KSh5.6
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Kenyan President Uhuru Kenyatta has tried to prove his corruption busting credentials by insisting that the current anti-graft drive could include members of his family. "We have begun to tackle corruption regardless of who you are... even if you're my own family member," Mr Kenyatta told the BBC's HardTalk programme.
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Kassiano Ezati Wadri has revealed how it’s painful to be outside Forum For Democratic Change (FDC), a party where he is a founder member. He made the remarks today afternoon after taking oath as Arua Municipality Member of Parliament in Deputy Speaker Jacob Oulanyah's board room at Parliament. “I am
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