The bodyguard of former Bank of Uganda (BoU) Executive Director in charge of Supervision, Justine Bagyenda has revealed that lawyer Timothy Kanyerezi Masembe of MMAKs Advocates was present on the day they sneaked out documents from the Central Bank. Juliet Adikolet (Bagyenda bodyguard) made the remarks on Thursday while appearing
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The former Central Bank Executive Director in charge of Supervision Justine Bagyenda has been accused of usurping the powers of the Legal Department, in her ploy to sell off Crane Bank Limited. The accusation came after reports that Bagyenda engaged external lawyers from MMAKs Advocates to offer financial advisory services
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Bank of Uganda officials have failed to defend the Shs900m paid to MMAKS advocates for external legal advice during Crane Bank sale. BoU officials were Tuesday appearing before Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) in which they were tasked to explain how they hired MMAKS Advocates
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2019 promises to be an exciting year for Uganda’s banking sector as smaller banks aim to take on the ‘big boys’. Banks are set to build on gains registered in 2018 to offer more customer-friendly products and services. According to Bank of Uganda (BoU) private sector credit increased to 12.2%
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Going by official figures from the Bank of Uganda (BoU), the banking sector has overcome the turbulent times that culminated from the 2011 crisis to register an impressive performance in 2018. It should be noted that the 2011 election expenditure saw inflation as well as interest rates cross the 30%
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Just a few years back, the Government had sought to compel banks into forced marriages arguing that the country had too many lenders. It took Parliament to fight off repeated bids by the National Treasury to increase the minimum core capital for banks from Sh1 billion to Sh5 billion by
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The Bank of Uganda Deputy Governor, Dr. Louis Kasekende has asked the Speaker of Parliament, Rebecca Kadaga to find an appropriate punishment for Aruu County MP, Odonga Otto for ‘exposing his wealth’. In his written response to the Speaker, Kasekende described Odonga’s documents as defamatory. “I therefore pray that you
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The Bank of Uganda (BoU) Governor, Prof. Emmanuel Tumusiime-Mutebile has admitted that that there are challenges at the Central Bank that have been exposed during the Parliamentary Committee of Commissions, Statutory Authorities and State Enterprises (COSASE) probing. COSASE has recently been probing BoU officials over the controversial closure and sale
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It is a public secret that all is not well at Bank of Uganda, the regulator of Uganda’s banking sector. The ongoing probing of BoU officials by the Parliamentary Committee of Commissions, Statutory Authorities and State Enterprises (COSASE) over the controversial closure and sale of seven defunct banks has exposed
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How the Bank of Uganda (BoU) spent over Shs478bn in running defunct Crane Bank after taking it over continues to puzzle Ugandans and MPs inclusive. To know exactly how the money was spent, MPs on the Committee of Commissions, Statutory Authorities and State Enterprises (COSASE) on Monday asked the Auditor
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