Initial oil production in Uganda will begin in 2021 – Irene Muloni

muloni

Energy and minerals minister Irene Muloni says Uganda is more than ready to pump Uganda’s first oil  come 2021/22. The minister has assured a ministerial and stakeholders forum at the Africa oil week in Cape Town South Africa, that government is expediting the front engineering designs processes for the refinery and that the pipeline once complete will help set off production.

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KASEKENDE, BAGYENDA SOLD 3 BANKS TO GHOST COMPANIES

kasekende

Everything extra-ordinary will always be found in the banana republic of Uganda, Now the latest on the acquisition of seven defunct banks indicates that Nile River Acquisition a company that is said to have bought Green Land Bank, ICB, Co-operative Bank at 93 sweetheart Percent discount over their actual Value was actually a ghost company. For starters, Greenland bank closed in 1999 belonged to Suleiman Kigundu and until his death; he said that his 7 year old bank was closed not for financial reasons. International Credit Bank (ICB) closure in…

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BUDUDA RELIEF: State house official delivers President’s pledge

bududa

State house has delivered on President Museveni’s pledge of 400 million shillings for those affected by the mudslides in Bududa district in October. State House Comptroller Lucy Nakyobe delivered the money. It should be remembered that earlier in October Landslides left more than 36 people dead. Hundreds lost homes and livestock after torrential rains caused the River Suume to burst its banks, triggering landslides that devastated two villages in the mountainous eastern district of Bududa. Upon receiving the sad news about the floods in Bududa, President Yoweri Museveni  tweeted: “I…

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Farmers abandon maize due to low prices

maize

In the last two years that Uganda has registered a bumper harvest of maize followed by low prices on the market, farmers in mid western Uganda are shifting to sugarcane growing as a way of making ends meet. It should be remembered that Frederick Ngobi Gume, the State Minister for Cooperatives, advised farmers to form groups and sell their maize in an association rather than do so individually. This shields them against exploitative middlemen, he said. “We are encouraging these farmers to embrace the warehouse receipt system. This is where…

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Justine Bagyenda dropped from FIA board

bagyenda

The former executive director Bank of Uganda (BoU) in charge of supervision, Justine Bagyenda has been excluded from the new board of the Financial Intelligence Authority (FIA), Bagyenda’s exclusion from the list follows her recent snubbing of Parliament’s Appointments Committee where she was supposed to appear for vetting. It should be remembered that earlier on Finance Minister Matia Kasaija had included Bagyenda’s name on the list of FIA board members to be re-appointed but he came under fire for naming a public official who was subject of investigation by the…

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