Uganda's State Minister for Labour, Herbert Kabafunzaki who is accused of bribery was on Wednesday afternoon granted bail by the country's Anti-Corruption Court in the capital, Kampala. As part of the bail conditions, the minister was ordered to hand over his diplomatic passport and land title to court as one
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Uganda’s Central Bank, The Bank of Uganda (BoU), has reduced the Central Bank Rate (CBR), a benchmark lending rate for commercial banks by 0.5% to 11% in April 2017, down from 11.5% in February 2017. This means that commercial banks are expected to further reduce on their interest rates they
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Housing Finance Bank (HFB), one of the three indigenous banks in Uganda has recorded Shs18bn net profit in 2016, up from Shs14.6bn in 2015. This represents 23.2% growth. According to the bank’s financial results for the year ended December 2016 released on Wednesday, unlike many other banks, Housing Finance saw
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Uganda’s Members of Parliament (MPs) have expressed disappointment in Diana Atwine, the Permanent Secretary (PS) at Ministry of Health, noting that they expected more from her considering her past experience. Kalungu West MP, Joseph Gonzaga Ssewungu told off Atwine that she has since taken a soft stance on health officials
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Fresh shocking details have emerged regarding the Shs6bn presidential handshake indicating that London law firm hired to defend Uganda during the oil tax case against Heritage Oil Company received but never remitted the US$4m (about Shs14.4bn) in costs to the Ugandan Government. This revelation follows the probe into the Shs6bn
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Shell has admitted for the first time it dealt with a convicted money-launderer when negotiating access to a vast oil field in Nigeria. It comes after emails were published showing Shell negotiated with Dan Etete, who was later convicted of money laundering in a separate case. Shell and an Italian
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Small and medium Enterprises (SMEs) are set to benefit from easy access to lending facilities from KCB Bank Uganda after the bank got an extended 10M euros (about Shs38b) loan facility from the European Investment Bank (EIB). The credit line will be available to sectors across all the SMEs with
Read MoreUgandan activist Stella Nyanzi has been charged with cyber harassment over a Facebook post in which she referred to President Yoweri Museveni as "a pair of buttocks", a reference which her official charge sheet has described as "obscene or indecent. Unexpectedly, there is no mention in the official charges of
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The Parliament of Uganda will on Wednesday this week hold the Anti-Counterfeit Expo that is aimed at creating awareness about the adverse effects of counterfeit products on Uganda's economy. Fred Muwema, the Legal Adviser and Corporate Affairs Manager at Anti-Counterfeit Network (ANC) told the press on Monday that the expo
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Uganda’s struggling economy continues to swallow top companies, a move that is likely to make the already bad situation worse. Spencon Services Ltd, Civil engineering and Construction Company is the latest to fall victim of the wobbly economy. The heavily indebted company which is currently under receivership over has literally
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