Stanbic Bank Uganda – Public Notice: “Corporate Re-Organization of Stanbic Bank Uganda Limited” (19.02.2018)
I write what I like.
Bank of Uganda’s late Annual Supervision Report of 2016 is finally out. Instead of mid-year, it was released in September. It must be reasons for that, since this is in the year two banks lost their balance and one was traded to another. The Crane Bank sale-off and losses have started most people, as also the expensive pens of the Bank. Therefore, with the procurement of pens must be the reason why the months from July to September to see the Annual report. The 2016 spreadsheet isn’t a fun read, it is dire and says something about the financial institutions, as well as the economy in general.
This report are telling stories of bad performing loans and the quality of them. When looking into that, you know that this is banking practice that supposed to be profitable. To loan money away that people save in the bank and gain interests. So, when the numbers are this crunching. When the state of affairs are so dire. When Government Securities and shortfall is what they are. Then you know there are failing prospects. As this the year after campaigns and elections. It is usually painful after the heavy spending and brown envelopes to anyone who support Mzee. That is why the costs and the non-performing loans are growing. But where that money went, is only known by the elite and the NRM. Take a look!
“The analysis of default by the banks’ three largest borrowers and an increase in NPLs by 200 percent revealed large potential losses. It showed that if each bank’s three largest borrowers were to default, with a loan loss of 100 percent, 13 banks would become under-capitalised with an aggregate capital shortfall of USh.513.86 billion. If NPLs were to increase by 200 percent, assuming the increase is in the loss category which requires full provisioning, 9 banks would become under-capitalised with an aggregate capital shortfall of Ush.247.39 billion. A decrease in interest income from government securities would not require any additional capital from the banks” (BoU, P: 4-5, 2017).
“The banking sector’s overall asset quality continued to decline in 2016. The ratio of non–performing loans to total gross loans increased from 5.3 percent in December 2015 to 10.5 percent in December 2016. The increase in the NPL ratio was mainly on account of bad loans which more than doubled from USh.573.4 billion in December 2015 to USh.1,203.2 billion in December 2016” (BoU, P: 15, 2017)
Earnings and Profitability:
“There was a drop in profitability of the banking sector in 2016. Annual after tax profits reduced by 44.2 percent or USh.239.1 billion from Ush.541.2 billion in 2015 to USh.302.1 billion in 2016. Average return on total equity (ROE) dropped from 16.0 percent to 8.3 percent while return on assets (ROA) halved to 1.3 percent during that period. Total expenses grew by 9.3 percent, mostly in the form of interest expense on deposits. Increased provisioning for bad debts also reduced the banking sector’s earnings for the year under review. Provisions rose by more than 100 percent, by USh.419.4 billion to reach USh.637.2 billion in 2016” (BoU, P: 16, 2017).
So this growth isn’t making the economy more healthy. It is more bad loans and losses of profits. The bankers are not benefit ting and the costumers will pay for the shortfall in the long run. The assets and the basic needs will not be covered. The dangerous levels of NPL can even kill of more banks. As the reports not spelling out the names, but saying 9 banks could be under-capitalised, that means the government has to come in with security to put the bank on its feet or trade it off. Like it did with the Crane Bank recently.
Therefore, there are warning signs of continuing to borrow without security for repayment on the debt. That gives way for non-performing loans. This is the whole idea and reason for the problems the 9 banks have. As the costumers and corporations borrowing funds, without capacity to repay. That means the planned interest, the planned profits and repaid funds disappear. So, the more borrowed funds to try to catch the losses, is creating a evil spiral of losses. Instead of generating the profits and interests as anticipated.
Clearly, the banking sector needs a revamp and the system needs a push to make sure they are run smooth. As the consequence of continuing like nothing, is that further banks will default and costumers will lose savings and the state has to cough-up funds to save the scraps of a bank. Peace.
Bank of Uganda – ‘ANNUAL SUPERVISION REPORT’ (December 2016) Volume 7 (06.09.2017)
I hate to say it, but the magical pens from the Bank of Uganda (BoU) wasn’t a fairy-tale as expected. It was a cheap corporate pen, that was bought for astronomical sums. They are not so expensive after all. It is Cross Rolling Ball Pen Nor Onyx AT0155-1, the price of this not as high as the Bank paid for it. Unless, they wanted to pay of their importers major profits, however, the Bank must have connections with the traders who sold it to them. If not, why did they pay so much for Cross Ball Pen in the first place.
First, the social commentary from earlier this month:
“Hey, Bank of Uganda, the glorious BoU, if you ever need any sort office equipment. I can sell it to you and at lesser cost. It will be fraction of the 357,000 Uganda Shillings per Pens or 125m shillings for 350 pens. At the dollar-rate, you paid $105 United States Dollar for each pen, they must be magnificent and the best pens ever made for the mankind” (Minbane – ‘ Opinion: Bank of Uganda must have bought magical pens!’ 16.08.2017 link: https://minbane.wordpress.com/2017/08/16/httpwp-mep1xtjg-5gh/ ).
Than, by the price of $105 USD for every single Cross Ball Pen, which was made in China. These Ball Pens are really overpriced. On the American Amazon.com price are $36.62. The Amazon product explanation: “Onyx black resin finish with polished chrome appointments – Click off cap accented by a wide chrome band and a sophisticated perforated clip design – Includes one black gel ink rollerball refill (#8523) in pen – Cross Rollerball pens can be converted into a ballpoint pen or creamy porous felt-tip pen by changing the refill to desired type of tip (Refills sold separately) – Presented in a gift box” (Amazon – ‘Cross Aventura Onyx Black Rollerball Pen (AT0155-1)’ link: https://www.amazon.com/Cross-Aventura-Black-Rollerball-AT0155-1/dp/B0017UGOZC).
So if the Bank of Uganda are importing the pens, than the price would go up. Both most like not cost more than maybe around $60 USD a pop. Clearly, the BoU are liking the idea of the overpaying the pen. The Bank might have bought it from places like Corporate Gifts Pens, there they would get discounted for amounts of pens they would by. That is like if they buy over 100 pens, around $24,79, so the price of pens would be cheaper. Even engraved pens cost added on that page $5 each, that means the price would be around $29,79.
Still, with that the price difference are $70-75, which has to paid extra to the providers or suppliers. The government and the Bank of Uganda must be really proud of who they bought it from. If not, the Chairman or the leadership of the BoU really know the family or written-off the profits to paid their mortgage.
This here was not about quality or unique pen. Just a very ordinary pen. Not even in the quality of the Parker Pens. The BoU has really scammed the people and the Bank doesn’t care about the misuse of state funds. Peace.
Hey, Bank of Uganda, the glorious BoU, if you ever need any sort office equipment. I can sell it to you and at lesser cost. It will be fraction of the 357,000 Uganda Shillings per Pens or 125m shillings for 350 pens. At the dollar-rate, you paid $105 United States Dollar for each pen, they must be magnificent and the best pens ever made for the mankind.
Bank of Uganda, I understand the scrutiny you are under and as people are mocking this transaction, how you suddenly needed these expensive pens. I am sure they write the perfect lines and makes the others look like broke-back understudies without proper ink. The pens you bought must be most genuine Parker Pens, which brings the words so flawlessly on paper. When these pens touch the paper, they make such romance, so the ink flowers the paper and even smells better.
I have a feeling that the providers of these pen engraved them too each of the employees, so they have unique pen with their initials or even their nicknames. Therefore, they are all feeling unique and look well after.
“According to BOU, #BOUPens were “Cross” branded and meant to be sold as was the case with commemorative coins and notes in previous years” (NTV Uganda, 15.08.2017). So they were special and unique, they were designed in a way to make them feel special. Still someone who procured them really made a decent profit of the trade. Since pens usually doesn’t cost that much, even when your initially making them special too.
I am sure they bring back the good old times, sprint the words of Milton Obote and Idi Amin, even bring back Yusuf Lule, if lucky the grandest project of the all, the marvelous escape of the NRA. Certainly, the pens of the BoU must possess some sort of special powers. Since, they cost so much. All the things the pens has of value, so they can be used as collateral and even be pawned like jewels. Since they have such value and estimated cost.
So please Bank of Uganda, I got pens that can write in thin-air, spill the ink on the paper and give you the smell of roses. They will cost half of what you used to buy the Cross Pens, and they will look amazing. They will bring joy and happiness, maybe even be more within reason of cost. Since all paperwork and paper-trial of your clients, will smell like a bed of roses? It must be a dream and a dream worth living for, that you want to achieve in your lifetime.
Certainly, Bank of Uganda should consider some reasonable pens for their enterprise, as a state institution, but they are the ones keeping the inflation and the monetary policies at bay. Therefore, they need to be rewarded, not all can get Presidential Handshakes. Some just have to get pens, which are more valued than other people’s rents. That is their dumb luck, not the cashier at BoU. Peace.
There are running battles between the shadows of the Movement and the Forum for Democratic Change has been going on for a while. This has happen as Secretary General Nathan Nandala-Mafabi wrote this in the EALA Nomination letter to the 10th Parliament wrote: “These clearly spell out the positions of the Ruling Party and the Official Opposition Party in the multiparty democracy. In regard to numerical strength. EAC Treaty is also clear on multiparty democracy”.
So now that the FDC is the official opposition party and not the winner of the General Election 2016, even though the rigging master Eng. Dr. Badru M. Kiggundu of the Electoral Commission and the deputy chief justice Stephen Kavuma had to ban the campaign of defiance, that was the Presidential Candidate Dr. Kizza Besigye who run hard against the ruling party and the ruling regime of President Yoweri Kaguta Museveni and his National Resistance Movement.
So with that in context, the months after has been smeared with irregularities and malfunctions as the NRM and their Police has targeted FDC with full force. This they did with detaining members and leaders without court order, house-arrests, blocking of the headquarters and all sorts of other injustices done with an ordinary fashion of contempt of the constitution and law. These have been done as the 10th Parliament was sworn-in and the President was busy having dignitaries from Turkey and South Korea.
Now that 2017 has arrived and ever since December 2016 the Independent Magazine editor and founder Andrew Mwenda has gone all wild on social media. At the same time TVO has disgraced him and his magazine. The graceful attempts have not been there as the words have addressed each other in fashions that would be in bars and not all in public. So Mwenda are using all tricks with his connections as he even seemingly has traded his popularity and his work ethic for goods from the ruling regime. Because he has gone from being a fierce critic of the Movement and now he defends them.
With this in mind Mwenda has attracted and attacked with more and more staunch words, even as he becoming a laughing stock and a wild-card. Even if he would have pieces of truth, the spin and the propaganda fashion of it all is spoiling facts that might be there. Just like Uganda Media Centre and Hon. Ofwono Opondo spills the beans and defends the Movement with all means. Though his entitled way of sounding more like a NRM Spokesperson than a man who is government spokesperson is showing the transgression of the party itself; just like the NRM inner party election for the EALA done over two days there.
This is still not an issue in nation of Uganda and under the rule President Museveni, which want to be legitimate by every mean possible. Therefore he uses the media and false stories on NTV Uganda where the Party Constitution of FDC is in question. As NTV Uganda wrote yesterday:
“A plan to amend the constitution of Uganda’s main opposition party, the Forum for Democratic Change could cause a huge rift among its members if it goes through. The plan is to change clauses in the constitution to allow former FDC leaders another go at the helm of the party. According to the movers, many of FDC’s past leaders have been rendered useless to the party and yet they still have a lot to offer.” (NTV Uganda, 08.02.2017). However, as the story unfolded the FDC leadership debunked the story, Besigye said he would never run as a candidate under that or heard about it. TVO came out saying it was Mwenda who was the source and Hon. Francis Mwijukye wrote this about the farce:
“ Am told that there was a confusing story on NTV last evening about ammending the FDC constitution. Will be hosted on NTV Uganda 8.00 to 8.30am today morning. Let me go and make it clear. I think I was misquoted” (…) ”We were asked about the future of former FDC leaders and party founders. All I said was that I would support an inclusion in the party constitution of a party organ to deal with a council of Elders whose sole role would be to advise where necessary and for institutional memory. There was nothing like allowing former leaders to compete for top FDC positions in the party asked to me. Otherwise I can’t support that amendment” (Mwijukye, 08.02.2017).
When the higher echelons from the FDC are addressing the matter nearly simultaneously with the clip of the story aired, there are clear indications of malpractices in the standard. The NTV surely did this for political purposes. Just as there we’re reports that NTVs Sheila Nduhukire did directly celebrate with the NRM Party when they had done their EALA Primary Elections at the State House. Certainly the media and media houses are getting to close to the ruling regime.
We can just expect that government fuel illegitimate stories in their portrayal to demoralize and legitimize their own existence in power. Because they cannot do it by their own merit anymore, that gravy train left the station long time ago. They will use all means to establish and make the blatant ignorance of Mwenda and use their connections in NTV Uganda to portray the FDC as wolfs or even better wolf in sheep’s clothing.
The NRM and the Movement cannot sell the truth at this point, because that will undress their own existence and their own established fanfare of just cause. The probable cause that has left long time ago, the decades of bribes, thieving and misgivings has now caught up with them. The rigging and ill-forced ways are now what entitles people and therefore EALA elections are ugly instead of silent shows of democratic balloting. The NRM has to use the media and spin to make their biggest threat FDC into a shambolic affair of political charade. Since they have the ability themselves to make itself look unwise.
So the spins and the lies of deception will continue to fluster from the NRM and their media hawks, but still the truth will shine in the end. Peace.
Today I read and not in aw that the Uganda Police Force have not allowed the Forum for Democratic Change have separate Luuka celebration or celebration or possessions on the Independence day and in the Independence week. So initially the only ones independent and free is the ones following allegiance to the ruling regime and National Resistance Movement. As the others has to follow their program and effort, bow in silence and with relief of their limited liberty.
The ashes and razors of the Movement are now clear. The dusts of past glories are now overshadowing the marginalization’s of the open multi-party democracy that President Yoweri Kaguta Museveni never really wanted or in-accurately really wanted to usher in. As the double unknown ballots and elections got it in. Still, the well rigged machinery and securing control of selected men has continued as the skeleton of free democracy has been there, but none in the sense that people really elected the men and woman to rule the nation. Because that we’re chosen from the National Executive Committee of the Movement or from the head itself.
In clarity I am tired of the charades of courtship when there ones taken there are for show or for the reason of making it look like rule of law. When the reality seems more following orders, than following laws and the institutions of justice; the elections are more fragile fully fledged money hungry politicians who ask for favours than trying to come with real policies or political framework to change Uganda. The few who do is very few and the Electoral Commission leaves very little circumstance as they cook the ballots to fit the program of President Museveni and by no-chance in burning hell leave the Parliament to other parties than his beloved Movement.
The initial tiredness today is not only because of the House-Arrest of Dr. Kizza Besigye, the knowledge of many FDC Youths lingering in jail, FDC members and leaders with the same faith, Democratic Party Youth and Leaders detained and political activists waiting trial and detained at random. That is just vicious effect of the political space and thin air of judgement from the master on top that want to have total control of monies, power and trying to capture respect.
President Museveni, do yourself a favour, I am tired and those who see what you do is tired. Not as the recess of Parliament is until 14th November, after a lousy-goosy month of September when the Parliament even we’re closed-up for while many MPs travelled to United States on Seminar. No the tired Mr. President comes from one thing, the impunity and the accessibility of liberty and freedom for other than the Movement. It is so limited for the rest like a parade.
Museveni, the Parade, see what I got, see what I got: I got the Democratic Party, Uganda People’s Congress and so on; though he won’t be proud of FDC and the other defiance chapter of Multi-Party democracy he wished in his heart that everybody we’re as soft as Hon. Beti Kamya of Uganda Federal Alliance or Hon. Jimmy Akena of the Uganda People’s Congress.
So when the Police Force is continuing to disallow a political party to act, to be apart or have their own. They are struggling just to be allowed to have consultation meetings before the Campaign trial of General Election 2016. This is the proof of the little wish the Police Force and the Movement wants them to co-exist. They only let the ones co-exists if they are no threat or just for show. There are times the Democratic Party have been taken by local Police by just campaigning at night, while President Museveni had a car and lights into the late evening on his trail. It’s just a façade of rule of law and multi-party democracy.
And when it is sham, a charade and a façade, because that is what it is at this point. With the main contender, the power-broker behind bars in his own humble home in Kasangati. Besigye is the one that cannot be contained behind his gate and President Museveni knows this. He is creating havocs on his own with the force of his security organizations called the Police.
President Museveni your games should stop. Your nonsense and your misbehaving should stop and you should just close the gates. Something you really never wanted to open. You are not a democrat and never wanted to act as one. This is your only way to rise to power we’re through a Bush-War and devious killings of close allies and enemies to settle score to stay in power.
You can use all kind of laws to settle the score, to keep them at bay and silence them. That is why the oppressive behaviour and the continuation of deliberate acts impunity and taking away freedom and justice for the ones who allegiance to other than the Movement. This is the proof of the recent act of Luuka preparations. As the FDC did comply with Public Order Management Act to file in the request for a public political event; as they did so the Police ordered it unlawful as they often do.
There we’re rare luck that the FDC and even Go-Forward at some point in recent months could without any consideration act as free parties, they had to comply with the law; while the NRM and their henchmen could file in the last minute and still be allowed. They nearly did it to save face, not because they really needed it; it was on order from the President to have meetings and celebrations at Kololo Independence Grounds or anywhere else for that matter. But if somebody else where to have something going on, than they had to apply and by luck get allowed to have meeting of their party!
This is something that remains a factor and not a relief this continuation and pro-longed fake democracy and fake ballot-stuffing piece of nonsense that keeps the Parliament and the Local Government in the control of the President; nobody else vision matter, they never have that is why he helped overthrow the other and became a rebel. For President Museveni nobody else’s vision for Uganda matters only his. President Museveni doesn’t even trust enough in his heir of Brig. Muhoozi or Maj. Gen. Muhoozi to be able to rule over anything else then the Special Force Command.
At this point of time the Movement and their President isn’t really caring about liberty, freedom or justice; if so the FDC wouldn’t be in trouble over a having a citizen travelling back to the homeland. If the Movement and the ruling regime cared for democracy than they would let the FDC and their members be free to congregate and do party work; instead the Movement uses the Police to siege the home of Besigye, treason charge on Hon. Michael Kabaziguruka, besieging the FDC Headquarters of Najjankumbi and all the other Political Activists who are behind bars.
They are all in the Courts, Detained at the Police Posts and the ones awaiting trial for being part of the wrong party at the wrong time. That is not democracy or justice that is the vision and the will of the President who built this system and fragile institutions that cannot even be able to fight corruption; unless they report directly to him so he can fix it. That is 30 years of concrete planning and marginalize the institutions and procedures so they have to go by the President if they ever where to become something or help somebody.
The Movement right now is the only Party and Institution who are allowed to co-exist with the Government. Well, it is the Government and runs the Government so that Ofwono Opondo can spell-out his lies and deceit still getting paid by hour. That is the wishes of this gracious king, sorry His Excellency President Museveni.
So please, please President Museveni does yourself a favour this façade and charade is too old for the world, for your cow-farming and for your tricks of old. Its time relax; continue to thieving of government funds while getting NGOs to feed the starving refugees as you have had. This while foreign donors get to take land for their business and your citizens get into PoC camps. There is time to silence the critics and be your true self. That is being the anti-democratic person who only believes in his own vision. The vision of your own power and rule is the only one that matters; the rest is rubbish and nonsense. Peace.
“Police is not going to allow any activity that is going to disrupt normal activity in the city. FDC didn’t communicate changes regarding Kizza Besigye’s return. We expected him on September 29,” police spokesperson Andrew Felix Kaweesi on FDC’s planned procession to welcome the leading opposition figure” (NBS TV Uganda,2016).
It’s ironic that the Police Spokesman and that the Authorities has questions towards normal activity as of just hours ago the Kampala we’re busy with the KCCA sponsored Carneval where Dr. Jennifer Musisi drove a expensive Mercedes and the different sponsors had tents and concerts while the Kampala we’re decorated for festivities and other acts that the Police accepted, but that FDC and Besigye planning something is “disrupting normal activity” which means disrupting the embezzlement and power of the people like the regime does daily. Well, here is my reports and quotes from what happen on this day!
Just as the roads to the Entebbe International Airport we’re closed with roadblocks to close off the Airport as the Kenya Airways containing Besigye we’re arriving this morning. The Journalists wishing to attend and see the arrival we’re blocked from doing so. The Pro-Change Youth who wanted to decorate roads around Entebbe we’re arrested the numbers we’re up to 26 people alone there.
While at FDC Headquarters Najjankumbi we’re besieged by the Police Command of the area and there we’re even a military helicopter flying over. While 200 supporters and FDC leadership we’re stuck inside as the Police Officers and such kept the Political Party of Besigye under siege yet again.
As the Airplane arrived and opened for the people to disembark the security outfit, somebody claims the Flying Squad aka Special Force Command that is under Museveni’s son Brig. Muhoozi. That they we’re going into the plane with Civil Aviation Authority clothes and kidnapped him one the spot as they whisked him into a CAA vehicle on the ground. They just took him without his passport and his luggage as he was taken away without knowing his final destination. Nobody knew but the captors.
In the early morning the FDC officials and FDC VIPs like FDC MPs we’re not allowed by Airport Security to even be at the VIP Lounge to congregate and make festivities for the arriving Besigye, as they didn’t know at that point that he would be kidnapped by CAA people or people we’re CAA clothes.
There we’re roadblocks between Kampala and Wakiso, to be correct into Kasangati where Besigye resides and famously known as Kasangati Statehouse. That we’re blocked and there we’re mambas and Anti-Demonstrations vehicles all around the roads as the fear of the government as the Political Party leader of FDC we’re coming home.
As in Kampala the Clock Tower we’re sealed off, there are even reports of tear-gassing the public on Jinja Road. While the Police Officers and Police Cars we’re everywhere taking civilians into jail or whisking them away.
“Moses Walugembe (NBS reporter): “We’ve been told journalists aren’t allowed to proceed to the airport. We have asked the officers why we are being blocked and an officer told us they are under orders. Access to the airport is limited to passengers” (NBS TV Uganda, 2016)
At Kitubulu on Entebbe road from the packed Kajjansi Police Post the traffic corresponding the area, all of them we’re checked by the Police Officers before being allowed to continue to pass towards Entebbe. The same Police even stopped a man for going with Matooke on the side of the road and took it from the man.
Doreen Nyanjura statement today:
“Here at Entebbe police station, Police goons have come with stones, sticks and pangas! They want the activists to take photos With the stones, sticks and Pangas! Fortunately they are defying and I have joined them in the defiance. We have chased the camera man away. What nonsense is this! This is not the first time these goons are doing this!” (Nyanjura, 2016).
The Supporters ready to greet Besigye in Kampala with Blue Colours and gear we’re either whisked away or detained as the regime don’t want to look weak as the People’s President we’re arriving home.
Kizza Besigye: ”What happened today is a clear demonstration that I am the people’s president. I got here with a whole convoy of police cars, all with sirens, bringing the president back. I have not come back officially. My passport is not stamped. My luggage is still at the airport. Some police officers went to claim my luggage, a thing Kenya Airways refused to do” (NBS TV Uganda, 2016).
At Makerere University Pro-Change students who we’re preparing for activity today we’re also detained as they we’re not allowed to celebrate the return of Besigye.
There we’re so much un-necessary behaviour of the Police, but this is the proud men of IGP Kale Kayihura and Mzee, they cannot do otherwise. The planned meeting and the regiment of Police earlier days ago we’re not transparent as they had to violently and with brutal misconception of freedom take him away from the airport.
The NRM regime is weak when they fear the man this much and does this to civilian without an army or a guerrilla. They do this to man who wants accountability and transparency, a government governed by the people. He is flogged and stolen away his freedoms for the cause of them. President Museveni and his elite is weak unit when they cannot muster a gentler force and better will power than this.
The FDC and Dr. Kizza Besigye knows that this cannot go on indefinite as the use of resources and time will trickle on the power and their reputation as the news of their unneeded activity towards the opposition like today. The repressive and oppressive behaviour that I hope leads into more Organizations and more Multi-Nationals like World Bank and AIG pulls out their support of funds towards the NRM regime and their eating of the poverty of their citizens while the voices of the citizens struggle to live and have freedom. Peace.