Shilling Strengthens Amid Robust Currency Inflows, Market Eyes US Tariff Impact
The shilling demonstrated strength throughout the week, supported by robust inflows of hard currency, despite subdued corporate demand. At the start of the month, the exchange rate stood at 3660/3670. By mid-week, it appreciated to a yearly high of 3640/3650, attracting buyers from the energy and offshore sectors before closing
African Oil Giants Advance IPO Plans to Attract Investment
In a bid to bolster investment and competitiveness within Africa’s oil and gas sector, national oil companies (NOCs) in Nigeria and Angola are progressing with long-anticipated initial public offerings (IPOs). These IPOs are poised to attract significant global investment, providing much-needed capital to enhance production capabilities, improve infrastructure and foster
Private sector performance continues to improve in March
Strong demand conditions drove growth in input buying, as firms stocked up amid anticipation of more upturns in activity later in the year, slightly lifting the monthly Stanbic Purchasing Managers’ Index (PMI). The headline Stanbic PMI rose to 52.9 during March, up from 52.6 in February. The latest data indicated
Absa Bank Uganda appoints Keith Kalyegira as Board Chairperson
Absa Uganda’s Board of Directors has appointed of Keith Kalyegira as the new Chairman of the Board, effective 1 March 2025. Keith is a highly respected and seasoned advisor on strategy, investments, and capital markets, with a wealth of experience cutting across both the public and private sectors. Keith previously
URA to Collect Record Revenue as Budget Allocation Rises
The Uganda Revenue Authority (URA) has been tasked with collecting over Shs 36.71 trillion in the 2025/26 financial year to finance government activities. This target surpasses the Shs 31.369 trillion set for the current financial year, 2024/25. The announcement was made by Henry Musasizi, Minister of State for Finance, during
Uganda Breweries Contributes Shs 100m towards 100th Rotary District 9213 Conference
Uganda Breweries Limited (UBL), has contributed Shs 100 million towards the 100th Rotary Uganda District 9213 Conference, slated to take place from 9th to 12th April 2025 at Civil Service College in Jinja. Speaking at the event to announce the sponsorship package, the Uganda Breweries Managing Director, Andrew Kilonzo, said
Ugandans Gain Advanced Welding Skills Through EACOP’s Orbital Training
Uganda’s oil sector is expected to create up to 160,000 jobs, with a significant portion requiring specialised technical skills. In line with this demand, the East African Crude Oil Pipeline (EACOP) recently launched an advanced orbital welding training program to equip local engineers and welders with the expertise needed for
Africa Energy Bank Gains Momentum with Capital Contributions from Nigeria, Angola and Ghana
In a significant development for Africa’s energy sector, Nigeria, Angola and Ghana have fulfilled their capital commitments toward establishing the Africa Energy Bank (AEB). This milestone represents 44% of the minimum required funding from African Petroleum Producers Organization (APPO) members to initiate the bank’s operations. Dr. Omar Farouk Ibrahim, Secretary
Byabashaija Hails Stanbic for Unmatched Financial Solutions to Prison Officers
The Commissioner General of Prisons, Can. Dr. Johnson Byabashaija, recently hosted a delegation from Stanbic Bank, a member of the Standard Bank Group led by Kevin Wingfield, Head of Personal and Private Banking (PPB) for East and West African regions. Talks centered on strengthening partnerships, enhancing financial solutions, and rolling
Uganda Securities Exchange suspends UMEME after handover UEDCL
The Uganda Securities Exchange (USE) has suspended UMEME following the expiry of electricity distribution concession agreement and subsequent handover to Uganda Electricity Distribution Company Limited (UEDCL). Yesterday, government paid US$118 million (Shs 432.677 billion) to UMEME following the expiry of concession agreement. “USE hereby informs all investors and the general public that
