Uganda’s bid to supply low-cost fuel got off to a messy start last week with Kenya charging millions of dollars in bond fees, just 12 hours after the first batch of petroleum products for Uganda National Oil Company (Unoc) landed in Mombasa.Ahead of Unoc’s long-awaited arrival of first fuel imports on July 2, government officials […]
Uganda central bank starts buying locally-produced gold to support forex reserves
Uganda’s central bank has begun buying locally-produced gold to bolster its depleted foreign reserves and tackle emerging challenges in international financial markets. The move could lower the country’s growing gold exports, whose shipments brought in $2.3 billion last year from $201 million in the previous year. “The BoU (Bank of Uganda), in consultation with relevant key stakeholders, […]
Uganda oil imports land, end Kenyan firms’ fuel transit business
The first oil shipment destined for Uganda docked at the port of Mombasa on Wednesday, marking an end of Kenyan oil market companies fuel transit business to the neighbouring country. MT Navig8 Matines, sailing under the Liberian flag docked at the new Kipevu Oil Terminal 2 (KOT2) at 7.15 am (GMT +3) carrying about 60,000 metric […]
Airtel Uganda’s parent to offload extra 9.1pc stake
Airtel Uganda’s majority shareholder Airtel Africa is set to sell additional shares amounting to a 9.11 percent stake in a secondary offer to comply with a requirement to offload a minimum ownership of 20 percent to minority investors trading on the Uganda Securities Exchange (USE). The multinational in November 2023 managed to sell 4.35 billion […]
Uganda President Museveni to receive global award for Covid-19 fight
Uganda President Yoweri Museveni is expected to receive a global award next month in Canada for his “distinguished leadership and dedication” in the fight against the Covid-19 pandemic. The award will be given at the First International Post-Covid Conference in Toronto, Canada. About 11 government officials, scientists and businesspersons are also expected to be recognised […]
First batch of Uganda oil imports near Mombasa port, ends Kenya monopoly
Two tankers carrying the maiden consignment of petroleum products directly imported by Uganda will dock at the Mombasa port next week, marking an end to the monopoly long enjoyed by Kenya oil marketers. The imports are part of a negotiated deal between Uganda National Oil Company (Unoc) and Vitol Bahrain that targets to lower pump […]
Uganda Airlines allocates $95m to promote local purchases
Uganda Airlines plans to spend $95 million on procurement during 2024/25 fiscal year and is exploring ways of supporting local suppliers to earn a bigger slice of that spend. The money will be split among supplies, services and works. The national carrier also expects to hit the 700,000-passenger milestone at the end of 2024, on […]
Uganda census shows population now at 45.9m people, Ubos says
Uganda’s population stands at 45.9 million people, up from 34.6 million counted in 2014, according to new figures of the preliminary 2024 national census results released by Uganda Bureau of Statistics (Ubos) on Thursday. According to Ubos, this means that the population increased by 11.3 million people in the last 10 years, reflecting a 2.9 […]
Uganda central bank closes undercapitalised Mercantile Credit Bank
Uganda’s central bank on Tuesday suspended the operations, Mercantile Credit Bank Limited (MCBL), one of the country’s biggest microfinance institutions, saying the bank was undercapitalised, posing a risk to customer deposits. The bank is one of five licensed microfinance credit institutions supervised by the central Bank of Uganda. The Bank of Uganda took action because […]
Uganda state oil firm signs fuel sales deals with 80 marketers
As it recovers from the hiccups linked to the route in Kenya – which threatened its fuel supply monopoly – Uganda National Oil Company (Unoc) on Tuesday signed sales and purchase agreements (SPAs) with the market’s biggest fuel dealers, in contracts that will tie over 80 oil marketers in Uganda to the State-owned firm for […]
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