NSSF Smartlife Flexi Surpasses Shs 5 Billion in Savings Within Three Months
NSSF Smartlife Flexi, the flagship voluntary savings product by the National Social Security Fund (NSSF), has surpassed Shs 5 billion in savings just three months after its launch. This milestone has been largely driven by informal sector micro savers. Praised for its flexibility, Smartlife Flexi primarily targets workers in the
Gov’t Moves to Waive Shs 607.9 million in Unrecoverable Taxes for Fresh Cuts Ltd
The Ministry of Finance is seeking Parliament’s approval to waive taxes amounting to Shs 607,931,933 owed by Fresh Cuts (U) Limited. This follows an admission by the Uganda Revenue Authority (URA) that the taxes in question are not recoverable. The request was tabled by the Minister of State for Finance,
TotalEnergies signs lucrative hydrogen deal
French energy giant, TotalEnergies and Germany’s RWE have signed an agreement for the procurement of green hydrogen over a period of 15 years. Under the agreement, TotalEnergies, which also operates in Uganda, will purchase around 30,000 tonnes of green hydrogen per year from RWE for its refinery in Leuna, Germany
Court orders Standard Chartered Bank to pay retrenched workers
The Court of Appeal dismissed its challenge against a ruling requiring the bank to compensate retrenched workers for their pension claims. The decision upholds an earlier ruling by the Retirement Benefits Appeal Tribunal, marking a major victory for former employees who had been fighting for their rightful benefits. The case,
Absa Group Reports 10% Increase in 2024 Earnings
Absa Group reported a 10% increase in earnings for 2024, driven by a strong recovery in the second half of the year. This improvement follows a challenging first half, highlighting the Group’s ability to adapt and execute strategic initiatives effectively. Earnings growth was supported by both a more favorable operating
Uganda joins Afreximbank’s FEDA as 21st Member State
The quest to broaden the scope of interventions by the Fund for Export-Development in Africa (FEDA), African Export-Import Bank’s [Afreximbank] development impact investment arm, into all corners of the continent reached a major milestone today with the signing of the Fund’s Establishment Agreement by Uganda. With Uganda’s accession, FEDA expands
Uganda Chamber of Energy and Minerals Advocates for Stronger Private Sector Role in Enhancing Local Content
The Uganda Chamber of Energy and Minerals (UCEM) has reiterated its commitment to strengthening private sector participation in East Africa’s petroleum industry through local content development, skills enhancement, and policy advocacy. Speaking at the 11th East African Petroleum Conference & Exhibition (EAPCE) in Dar es Salaam, UCEM CEO Humphrey Asiimwe
Uganda Shilling strengthens amid commodity inflows
The Ugandan shilling demonstrated relative strength in the first week of the month, opening between Shs 3,675 and Shs 3,685 and strengthening to Shs 3,665 / 3,675 by Friday morning. The improvement was primarily driven by portfolio flows, commodity inflows, and remittances, which outweighed corporate demand. The local currency is
African National Oil Companies (NOC) Drive Exploration and Production Through IOC Collaboration
Africa’s national oil companies (NOC) are moving beyond operating as state-representatives by transforming themselves into competitive upstream players. By strengthening their balance-sheets through partial privatization, transferring their regulatory roles to independent entities and acquiring more assets, NOCs are emerging as strong partners for foreign firms. Boosting Production Major oil producers
ARISE IIP secures $450M Afreximbank facility for industrial parks, Special Economic Zones development in Africa
In a significant move aimed at boosting industrial development across Africa, African Export-Import Bank (Afreximbank) signed a US$450 million global credit facility with ARISE IIP, the leading pan-African developer and operator of world-class industrial parks. This financing will support the development of industrial parks and Special Economic Zones (SEZ), while
