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BankingCompaniesEconomy

Bank of Uganda shuts down EFC Uganda, takes control

Bank of Uganda shut down the microfinance institution on Friday, citing failure to meet minimum capital requirements and 'poor corporate governance'
An EFC Uganda Ltd branch. The microfinance deposit-taking institution was closed by the Bank of Uganda on 19 January 2024 for failing to meet minimum capital requirements and for what the regulator called “poor corporate governance.”
CompaniesEnergy, Oil & GasMarkets

Umeme issues profit warning, blames assets writedown

Accounting charge relates to the writedown of the utility's non-current intangible assets over the shorter of the remaining term of its distribution concession or their useful life
Umeme's service centre in Jinja town, on Lubas Road
Food & Beverage

Coca-Cola in Africa: a long history of shrewd marketing and political alliances

Coke's history in Africa is deeply and often surprisingly intertwined with key moments, including the emergence of postcolonial nations and the end of Apartheid in South Africa
Billboard in Kampala advertising Coca-Cola. While Africa is largely absent from books on Coca-Cola, the company’s imprint on the continent is enormous. It is present in every nation. The story of Coke's arrival in Africa in the early 1900s is deeply, and often surprisingly, intertwined with key moments in African history. These include the end of Apartheid in South Africa and the emergence of postcolonial African nations. Coca-Cola is also what it is in Africa today because it became local, bending to the will of Africans in everything from sports to music to healthcare.
CompaniesDigital EconomyTechnology sector

Jumia to close food delivery business

In a bid to cut losses, Jumia is downsizing, cutting costs, and shutting down its unprofitable food delivery business
A Jumia delivery motorcylist on his way to deliver an order. The ecommerce group with operations across Africa announced on 13 December that it would close its unprofitable food delivery business by the close of 2023 and focus on the delivery of physical goods and its digital wallet. It said it had determined that Jumia Food was not suited to “the current operating environment and macroeconomic conditions in its markets” and would be shut down in all seven countries where it is offered. Jumia Pay has failed to turn a profit since its launch in 2013, the company said.
CompaniesMovers & Shakers

Stanbic Holdings names Francis Karuhanga next chief executive

Stanbic Uganda Holdings appointed Francis Karuhanga as its next chief executive and executive director on its board
Stanbic Uganda Holdings appointed Francis Karuhanga as its next chief executive and executive director on its board. Mr Karuhanga will take the role on 1 January. He joins from the parent company, Standard Bank Group, where he was group chief auditor.
CompaniesEnergy, Oil & GasMergers & Acquisitions

Ionic Rare Earths increases stake in Makuutu project to 94%, says deal will ease financing negotiations

Mine expected to start production in first quarter next year, albeit small scale and for potential customers and off-takers
Ionic Rare Earths Limited workers at the Makuutu Rare Earths Project in Eastern Uganda. Ionic Rare Earths Limited, the Australian mining company, has acquired an additional 34 per cent interest in Rwenzori Rare Metals Limited, the owner of the Makuutu Rare Earths Project, bringing its majority interest in the project to 94 per cent, as it prepares for small-scale production in a few months' time.
CompaniesEnergy, Oil & Gas

Careful management of market uncertainties required to maximise returns from oil and gas

Uganda's oil and gas industry needs a minimum global crude oil price of $63 (Shs237,893) per barrel for maximum profitability
Workers at the Kingfisher Oil Field in Kikuube, Uganda, on 24 January, 2023. Ugandan President Yoweri Museveni launched the drilling process at the Kingfisher Oil Field, operated by the Chinese oil giant China National Offshore Oil Corporation Cnooc.
CompaniesMovers & Shakers

Stanbic Bank names new CFO

Ronald Makata is the bank's new chief finance and value management officer
Ronald Makata, Stanbic Bank Uganda's new chief finance and value management officer, at a bank event. Prior to his appointment, Makata was the bank's head of treasury and capital management. He has 17 years' experience in finance, 13 of which have been with Stanbic. His other roles at the bank include head of banking, client solutions, financial controller, and manager in charge of financial reporting.
Food & BeverageMergers & Acquisitions

8 Miles sells Biyinzika Poultry to investor consortium as it winds down operations

8 Miles, the UK-based fund, has sold its entire stake in Biyinzika Poultry International Ltd to a consortium that includes an American company and a regional industry executive
A lorry owned by Biyinzika Poultry International Limited, which was has been sold by its owner, 8 Miles LLP, a UK-based private equity fund, to a consortium that includes an American company and a “regional industry executive.” Established in 1990 as a poultry breeder, Biyinzika is one of Uganda’s leading suppliers of day-old chicks, poultry feeds, broilers and dressed chicken. Its brands include Pearl Chicken and Biyinzika Feeds.
Digital EconomyInfrastructurePolitics & PolicyTechnology sector

Uganda seeks $146mn Chinese loan for national fibre-optic project

China also funded the first three phases of the national fibre-optic backbone infrastructure project
Servers in a data centre
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