Skip to content

MinBane

I write what I like.

MinBane

Tag: Prof. Gordon Wavamunno

Uganda: MP Ruhunda – Name the Powerful Officials implicated in Snatching Compensations Money (Audio)

Share this:

  • Tweet
  • Share on Tumblr

Like this:

Like Loading...
Author nilspeacePosted on November 23, 2016November 24, 2016Categories Africa, Business, Civil Service, Development, Economic Measures, Economy, Ethics, Governance, Government, Law, Leadership, PoliticsTags #Scambailouts, African Financial Services Company, Agricultural Business, Ahmed Zzivwa, Albertine Region, Albertine Region Sustainable Development Project, Allen Kagina, Amama Mbabazi, Anglo Fabric (Bolton), Atlas Mara, B.M. Steel, Bail-Out, Bank of Uganda, Barclays Bank Africa Group, Bassajalaba, BM Steel, Bob Diamond, Borrowers, BOU, Cairo International Bank, CBL, Christine B. Alupo, Commercial Bank, Commercial Bank License, Consumer Goods, Corporate Governance, Crane Bank, Crane Bank Limited, Crane Bank Ltd, Debt, DFCU Bank, Diamond Trust Bank, East Africa, Economic Monitoring Desk, Edward Katimbo Mugwanya, EIB, Elite, EMD, Emmanuel Tumusiime-Mutebile, European Investment Bank, EXIM Bank, Exim Bank Uganda, FIA, FIA 2004, Financial Services Company, Food, Frank Ssonko, Freedom City Mall, Gen Salim Saleh, Gen. Salim Selah, Godfrey Binaisa, Godfrey Binaisa Lukongwa, GoU, Government of Uganda, Graft, Grapes Construction, Grapes Group, H. E. Yoweri Kaguta Museveni, H.E. Yoweri Museveni, Hon. Amama Mbabazi, Hon. Matia Kasaija, Hon. Sam Kuteesa, Hon. Sam Kutesa, IMF, Imperial Bank Limited, Imperial Bank Uganda, International Monetary Fund, IPO, Isimba Hydro Power, Job Coffee, Joe Oloka Onyango, John Ssebalamu, Joseph Barigye, JPAM, Kabale, Kabale District, Kapeeka, Karuma Hydroelectricity Power Project, Keith Muhakanizi, Kenya, Krone Uganda Limited, Loans, Lt. Gen. Yoweri Kaguta Museveni., Lucy Nakyobe, Management Expertise, Matia Kasaija, Matia Kasija, Mwebesa, Nakaseke, Nakumatt, Nakumatt Corporation, Nakumatt Holdings, Namanve, Namunkekera Agro Processing Industries Ltd, NAPIL, National Bank of Commerce, National Resistance Movement, National Social Security Fund, NBC, Non-Food, North Eastern Road-Corridor Asset Management Project, NRM, NRM Cronies, NRM House, NRM Regime, NRM-Elite, NRM-O, NSSF, Ownership, Patrick Bitature, President Museveni, Presidential Campaign Money, Prof Emmanuel Tumusiime-Mutebile, Prof. Gordon Wavamunno, Prof. Joe Oloka Onyango, Protea Hotels Kampala, PSST, Recycled Steel, Registered Owner, Rich, Roofing Steel Mines, Salim Selah, Sam Kuteesa, Shoprite, Shoprite Limited, Shoprite Ltd, Shumuk Aluminium, Shumuk Group, Sikander Lalani, Simba Group, Simba Telecom, Sojovalo Hotel, South Africa, Stanbic Bank, State House, Steven Mukasa, Sudhir Ruparelia, Supermarket, Tropical Bank, Tungsten, Tycoon, Tycoons, UBA, Uchumi, Uganda, Uganda Investment Authority, Uganda Revenue Authority, Uganda State House, Uganda Stock Exchange, Ugandan Government, UIA, UMEME, UNGA, United Bank of Africa, URA, Value Added Tax, VAT, WBS TV, WBS TV Uganda, Wolfram, World Bank, Yoweri Kaguta Museveni, Yoweri MuseveniLeave a comment on Uganda: MP Ruhunda – Name the Powerful Officials implicated in Snatching Compensations Money (Audio)

Ugandan finances are struggling and the evidence of the recent acts are showing it…

Matia Kasaija

“We are struggling, the situation is not as easy, but we are not desperate and the situation is under control. For us [government] we are ready to listen and to learn” (…) “The economy is not receding, the disposable income for drinking may not be there but we are not in recession” (…) “To avoid having arrears, we have to budget appropriately and the money budgeted for has to be absorbed” said Finance Minister Matia Kasajja earlier today (Oketch, 2016).

Nakumatt Holdings is apparently struggling as evident today of their Corporate Statement, that they have to even state it to the Nation, even after the takeover of Shoprite Supermarket Limited; they are still not financial stable. This news is coming days after the Crane Bank got into Administration by the Bank of Uganda (BoU). That after the bank tried to subdue the public together with the BoU in September, telling that the Bank we’re not looking for new owners. This is happening while the troubling times for Cairo International Bank and United Bank of Africa (UBA) Uganda… this is known as the Prof. Emmanuel Tumusiime-Mutebile of BoU said they we’re under notice.

Just as this is known in March 2016 the Exim Bank Uganda, that is a subsidiary of the Exim Bank of Tanzania. That bank took over Imperial Bank of Uganda and also Imperial Bank of Kenya. This is banks licenced by the BoU.  So there have already been issues for the banks in Uganda, just more silent movement as the Investors of Exim Bank wanted it to die down.

Karuma Dam Project

Cancelled funding from Exim Bank:     

“The major funder of Karuma and Isimba dams has withheld money for the country’s two biggest hydro-power projects until the legal disputes in Ugandan courts about the two ventures are resolved. The Export-Import Bank of China has written to Uganda’s Ministry of Finance, asking the Secretary to the Treasury, Mr Keith Muhakanizi, to explain why the ministry submitted to them documents of due diligence on the two dams and confirming the tendering process had been properly concluded yet the power projects are now a subject of litigation in court” (…) “Mr Muhakanizi was in State House yesterday for a meeting with President Museveni, but after consulting him, Ministry of finance spokesperson Jim Mugunga said: “It is true that the Export Import Bank of China like any other responsible party, expressed concern about the court case by a concerned Ugandan citizen which listed the bank among defendants. The Government of Uganda, through the Attorney General, secured a court order dismissing the case against the Exim Bank. The bank, therefore, is no longer party to the suit and the PSST Mr Keith Muhakanizi this week communicated the same to the bank.” (…) “Mr YuMeng expressed concerns that the outcome of the case in question would affect the commercial contracts related to Karuma Hydropower Dam and Associated Transmission Lines Works and Sub Stations Project, the 183MW Isimba Hydropower Project and the Isimba-Bujagali Interconnection project under Preferential Buyer Credit facility” (Mugerwa, 2016).

This is new that the Exim Bank is answering with postponing the building of the dam. Something that is the Markie and big Infrastructure projects that the Movement needs to shine a light into the dim situation of the Government. Certainly this answer from them could not be anticipated by President Museveni and his friend in the State House.

This is not the first blow this year as Uganda National Roads Authority (UNRA) has been under fire all year ever since first response from World Bank on the 8th January 2016:

“Following the cancellation on December 21, 2015 of the World Bank-supported Uganda Transport Sector Development Project, overseen by the Uganda National Roads Authority (UNRA), the World Bank has suspended the disbursement of funds for civil works in two other projects in Uganda. Those projects, overseen by the UNRA, are the North Eastern Road-Corridor Asset Management Project and the Albertine Region Sustainable Development Project which are suspended pending a review and strengthening of the capacity of UNRA to adhere to the required  environmental and social standards” (World Bank, 08.01.2016).

URA WBS Statement P1

If you though it wasn’t demeaning enough the World Bank continued later in the year with this statement: “UGANDA, September 13, 2016 –The World Bank Group took a decision to withhold new lending to Uganda effective August 22, 2016 while reviewing the country’s portfolio in consultation with the Government of Uganda.  We continue to actively work with the Ugandan authorities to address the outstanding performance issues in the portfolio, including delays in project effectiveness, weaknesses in safeguards monitoring and enforcement, and low disbursement” (World Bank, 13.09.2016).

This is now evident that they used all the months from December 2015 to September 2016, that means the suspended funds for the projects been delayed for 10 months already, which is a close to year. Certainly that must hurt the UNRA and Government of Uganda really, really hard. The World Bank has because of this made the UNRA change how their work, as the Director and staff has sacked at a point. Now in October the agreement made between UNRA on behalf of GoU has been looked over and seen that some has been fraudulent and not made with due-diligence.

And your know there is issues in the finance market when even the states own National Social Security Fund (NSSF) have to explain where they invests their funds after social media spreads rumours of buying a mall in Nigeria and borrowing heavy funds from the Banking Sector of Uganda. This is happening as there 3 banks under fire and struggling already and if you forgotten they are Crane, Cairo International and United Bank of Africa. So the citizens and costumers of Uganda are already worried, they have been there before with the Greenland Bank and other who has lost confidence and gotten into receivership.

Yesterday even the IMF has answered the financial issues of the republic under the Movement:

“The mission notes the difficult environment for fiscal policy in FY15/16. While revenue collection increased as a share of GDP, it fell short of program expectations, reflecting lower than projected nominal GDP growth. At the same time, current spending was higher than anticipated. Taken together, the overall deficit target was missed by 0.4 percent of GDP, and the government partly relied on BoU advances for its financing needs. The execution of externally financed projects lagged behind target” (…) “the financial sector remains well capitalized, though non-performing loans have edged up. This has prompted a tightening of lending standards and a slowdown in credit to the private sector. The third largest domestic bank had become undercapitalized, and the BoU appropriately took over its management to protect deposits and safeguard financial sector stability. As a next step, the financial position of the bank needs to be established, and BoU will look for a strategic investor” (IMF, 2016).

M7 SACCO Pay

If you see all of this and wonder how can this be, that one government has all of this just months after a General Election, than you know something isn’t as it supposed to be. The Government of Uganda are not running a steady ship when a bank is trailing, 3rd biggest commercial in the nation by 19th October into Administration, Cairo and UBA under the watch-list of the BoU; World Bank suspending loans for the Infrastructure Projects that is needed. While the BoU are fixing some financial stability it is not helped by the giving ways of the President Museveni and his dropping funds like a Walking ATM.

“Prof Joe Oloka Onyango said every crisis in this country is being solved by way of brown envelopes, a scenario he described as being sad and far below the rule of law in the country” (…) “In early 1980s, when this country was under the leadership of Godfrey Binaisa Lukongwa, State House was like a market place. Today, State House has been converted into an ATM,” he said amid cheers” (Wesaka & Adengo, 2016).

So for the once that do forget, the ATM Museveni is the cause of the issues that are now; this is his fiscal responsibility and Monetary Policies that made this happen. This is the reactions to the overdue and overspending of the Presidential Campaigns. These reactions should also lead to higher Inflations that it has done before after the elections. Therefore the Finance Minister Kasajja and Executive director Tumusiime-Mutebile have made some progress from previous elections in the Republic. Though the aftermath is now vivid for the citizens who are costumers at Cairo, UBA and Crane… there visible proof and the evidence are in the reaction of the Campaigning as the fraudulent and maladministration of the Banking Sector. This comes into mind as the State House had this message after February:

“As parliament’s budget committee tussled with an avalanche of supplementary budget requests late last week, which totalled Shs 1.04 trillion, some officials confessed that they emptied their initial budget allocations in order to sustain President Museveni’s campaign expenditure. State House comptroller, Lucy Nakyobe, whose office tabled a supplementary budget request of Shs 49.7 billion, told the parliamentary budget committee on April 1 that her coffers were depleted by the so many inland travels of President Museveni, who addressed four campaign rallies daily on average for the campaign period” (Namuloki & Oluka, 2016).

So the debt has to repay and taken from somewhere as the Central-Government, Banks and Multi-National Organizations are stepping off from the Ugandan Government, the Movement are running in circles taking care of their own while the citizens is now trailing and falling off. That is why businesses are giving in.

Salim Selah NAPIL

Just as people might have forgotten the paying of businesses connected to the family and General Salim Selah: “Prominent businesses in the country might soon run out of business if a decision that could see the use of Shs1.3 trillion taxpayers’ money to bailout companies in distress is not taken in their favour” (…) “Talking to Daily Monitor on condition of anonymity, a source privy to the talks revealed that “there is concern that bailing out companies without correcting the economic situation in the country will not resolve the problem.” (…) “The economy is not growing fast enough to generate activity for these companies to perform at full capacity. A bailout will not deal with the core problem. That is the argument being fronted by several government technocrats against the bailout,” the source said” (Muhumuza & Adengo, 2016).

So with this in mind, there are some sound imbalance about the bailouts months before one of the great banks put into Administration, NSSF has to answer for Social Media outbursts, two more Banks on a stroll, State House being broke months ago, UNRA projects suspended by the World Bank, IMF are seeing that infrastructure projects are lagging behind, Exim Bank suspended pay to the two dam projects and the strange bailout. There are too many evidence of lacking financial sound practises…  Even Nakumatt the Supermarket are having troubles. There just more pawns on the set ready to move, but how they fall only the kings knows; because the Kings stay King. Peace.

Reference:

IMF Communication Department – ‘IMF Staff Concludes Review Mission to Uganda’ (26.10.2016) link: http://www.imf.org/en/News/Articles/2016/10/26/PR16462-Uganda-IMF-Staff-Completes-Review-Mission

Mugerwa, Yasiin – ‘Chinese bank holds back Karuma funds’ (27.10.2016) link: http://www.monitor.co.ug/News/National/Chinese-bank-holds-back-Karuma-funds/688334-3431376-qxr194/index.html

Muhumuza, Keith & Adengo, Jonathan – ‘FULL LIST: 65 loan-stressed firms line up for Shs1 trillion taxpayer bailout’ (22.07.2016) link: http://www.monitor.co.ug/Business/65-loan-stressed-firms-line-up-for-Shs1-trillion-tax/688322-3305166-d6h193/index.html

Namuloki, Josephine & Oluka, Benon Herbert – ‘State House broke after spending on Museveni campaign’ (09.04.2016) link: http://www.observer.ug/news-headlines/43556-state-house-broke-after-spending-on-museveni-campaign

Oketch, Martin Luther – ‘Economy is struggling – Minister Kasaija’ (27.10.2016) link: http://www.monitor.co.ug/News/National/Economy-is-struggling—Minister-Kasaija/688334-3432534-t8dv3c/index.html

Wesaka, Anthony & Adengo, Jonathan – ‘State House turning into ATM, says Mak don’ (11.10.2016) Link: http://www.monitor.co.ug/News/National/State-House—ATM–Mak-don-/688334-3411968-1155d8t/index.html

Share this:

  • Tweet
  • Share on Tumblr

Like this:

Like Loading...
Author nilspeacePosted on October 27, 2016October 28, 2016Categories Africa, Budget, Business, Civil Service, Development, Economic Measures, Economy, Election, Ethics, Governance, Government, Law, Leadership, Politics, Tax, TradeTags #Scambailouts, African Financial Services Company, Agricultural Business, Ahmed Zzivwa, Albertine Region, Albertine Region Sustainable Development Project, Allen Kagina, Amama Mbabazi, Anglo Fabric (Bolton), Atlas Mara, B.M. Steel, Bail-Out, Bank of Uganda, Barclays Bank Africa Group, Bassajalaba, BM Steel, Bob Diamond, Borrowers, BOU, Cairo International Bank, CBL, Christine B. Alupo, Commercial Bank, Commercial Bank License, Consumer Goods, Corporate Governance, Crane Bank, Crane Bank Limited, Crane Bank Ltd, Debt, DFCU Bank, Diamond Trust Bank, East Africa, Economic Monitoring Desk, Edward Katimbo Mugwanya, EIB, Elite, EMD, Emmanuel Tumusiime-Mutebile, European Investment Bank, EXIM Bank, Exim Bank Uganda, FIA, FIA 2004, Financial Services Company, Food, Frank Ssonko, Freedom City Mall, Gen Salim Saleh, Gen. Salim Selah, Godfrey Binaisa, Godfrey Binaisa Lukongwa, GoU, Government of Uganda, Graft, Grapes Construction, Grapes Group, H. E. Yoweri Kaguta Museveni, H.E. Yoweri Museveni, Hon. Amama Mbabazi, Hon. Matia Kasaija, Hon. Sam Kuteesa, Hon. Sam Kutesa, IMF, Imperial Bank Limited, Imperial Bank Uganda, International Monetary Fund, IPO, Isimba Hydro Power, Job Coffee, Joe Oloka Onyango, John Ssebalamu, Joseph Barigye, JPAM, Kabale, Kabale District, Kapeeka, Karuma Hydroelectricity Power Project, Keith Muhakanizi, Kenya, Krone Uganda Limited, Loans, Lt. Gen. Yoweri Kaguta Museveni., Lucy Nakyobe, Management Expertise, Matia Kasaija, Matia Kasija, Mwebesa, Nakaseke, Nakumatt, Nakumatt Corporation, Nakumatt Holdings, Namanve, Namunkekera Agro Processing Industries Ltd, NAPIL, National Bank of Commerce, National Resistance Movement, National Social Security Fund, NBC, Non-Food, North Eastern Road-Corridor Asset Management Project, NRM, NRM Cronies, NRM House, NRM Regime, NRM-Elite, NRM-O, NSSF, Ownership, Patrick Bitature, President Museveni, Presidential Campaign Money, Prof Emmanuel Tumusiime-Mutebile, Prof. Gordon Wavamunno, Prof. Joe Oloka Onyango, Protea Hotels Kampala, PSST, Recycled Steel, Registered Owner, Rich, Roofing Steel Mines, Salim Selah, Sam Kuteesa, Shoprite, Shoprite Limited, Shoprite Ltd, Shumuk Aluminium, Shumuk Group, Sikander Lalani, Simba Group, Simba Telecom, Sojovalo Hotel, South Africa, Stanbic Bank, State House, Steven Mukasa, Sudhir Ruparelia, Supermarket, Tropical Bank, Tungsten, Tycoon, Tycoons, UBA, Uchumi, Uganda, Uganda Investment Authority, Uganda Revenue Authority, Uganda State House, Uganda Stock Exchange, Ugandan Government, UIA, UMEME, UNGA, United Bank of Africa, URA, Value Added Tax, VAT, WBS TV, WBS TV Uganda, Wolfram, World Bank, Yoweri Kaguta Museveni, Yoweri MuseveniLeave a comment on Ugandan finances are struggling and the evidence of the recent acts are showing it…

The New Posts

  • Opinion: Does Gebeyehu know who Museveni is?
  • RDC: Alternance pour la Republique “AR” – Declaration Politique de l’Alternance pour la Republique en Reaction a la Mise au Point de ses Deputes Nationaux (27.02.2021)
  • Burma: Assistance Association for Political Prisoners (AAPP) – Daily Briefing in Relation to the Military Coup (27.02.2021)
  • Opinion: It’s not revolutionary to kidnap or abduct civilians who oppose your leadership
  • Nigeria: Atiku Support Organisation (ASO) – Press Statement (27.02.2021)
  • RDC: Mise au Point de la Direction Nationale du Protocole d’Etat, sur le Voyage de l’Ambassadeur d’Italie pour Goma et Bukavu (27.02.2021)
  • Guinee: Front National pour la Defense de la Constitution (FNDC) – Communique No. 163 (27.02.2021)
  • Ethiopia: The authorities arrests translators as the international media gets “access” to Tigray
  • Opinion: Gen. Museveni needs the army and that’s why its never leaving the hallow halls of Parliament
  • Kenya Christian Professonals Forum: Press Statement on the Building Bridges Initiative (BBI), Economy and the Political Intolerance in the Country (27.02.2021)
  • CARICOM: Statement by the Caribbean Community on Haiti (25.02.2021)
  • RDC: Ministere de l’Interieur, Securite et Affairs Columieres – Comunique Officiel No. 001 (26.02.2021)
  • RDC: Mise au Point des Deputes Nationaux de l’Alternance pour la Republique (26.02.2021)
  • Burma: Myanmar – Statement by Ambassador Kyaw Moe Tun, Permanent Representative of the Republic of the Union of Myanmar to the United Nations at the Informal briefing by Special Envoy of the Secretary-General on Myanmar to the United Nations General Assembly (26.02.2021)
  • RDC: Le Presidium de LAMUKA – Communique Final de la Reunion du Presidium (26.02.2021)

Follow me on Twitter

My Tweets

Archives

  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • RSS - Posts
  • RSS - Comments

If you want to follow this blog - add your mail here.

Blogroll

  • Acholi Times
  • All Africa
  • Ann Therese
  • Bergen Anglicans
  • Bistandsaktuelt
  • Daily Monitor UG
  • Derrida the Constructionist
  • Eirik Soldal
  • Faith C.
  • Focus Uganda
  • Green Ubuntu – Lars Thore Fadnes blogg
  • Gretha's Univers
  • Joylyuki
  • Katolikken
  • Laget
  • SARA PIHL. NÆRE PÅ.
  • Semuwemba
  • THE #LJfiles
  • Twino Speaks!
  • Vakre Fullmåne
MinBane Website Powered by WordPress.com.
Cancel

 
Loading Comments...
Comment
    ×
    %d bloggers like this: