Uganda Airlines on Wednesday announced new services to Abuja, Lusaka and Harare in a bid to increase revenue, improve fleet utilisation and position itself for further market expansion.The Abuja service, operating two times a week, will be launched on September 12, 2024, with Lusaka and Harare to follow two weeks later.The latter two, operating four […]
Questions over Uganda’s extra diesel cargo in Mombasa
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 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 […]
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 […]
Uganda, South Korea sign $500m infrastructure loan deal
Uganda has signed an agreement with South Korea for a $500 million loan to help finance infrastructure building in the country, Uganda’s Finance Ministry said on Thursday. South Korea’s Exim Bank will provide the loan, the ministry said in a post on X. It didn’t provide details on what kind of infrastructure the money would […]
Uganda lenders wishing for more fixed deposits
Stiff monetary policy moves, stringent financial compliance ratios, and low customer deposit growth have pushed Ugandan lenders into choosing fixed deposits. This development promises higher returns for local fund managers and higher customer borrowing costs. The Central Bank Rate (CBR) was raised to 10 percent in February, amid sharp depreciation of the shilling against the […]
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