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Banking Sector Urged To Go Digital To Build Resilience And Sustainable Growth Post Covid-19

Bankers from Sub Saharan Africa and China who attended the Huawei Sub-Saharan Africa Financial Services Industry Online Summit 2020 agree that digitisation of the sector will give it resilience against the current Covid-19 pandemic and enable sustained growth in the post Covid era. 

The pan-African conference themed “Accelerating Digital Transformation, Enable Business Growth Again” was attended by 1200 delegates from across banks, telco operators, fintech and ICT services companies.  

Opening the event, Liao Yong, vice president of Huawei Southern Africa Region, said advances in ICT present unique opportunities for the banking sector, especially when almost 70% of the region’s population don’t have a bank account. 

“All of these ICT advances will be critical enablers to a thriving banking sector in Sub Saharan Africa. As we can see, the merging of these two curves of ICT and banking services is powerful. But how much we can unleash the power, depends on how much and how soon banking sector goes digital.” Liao said. 

There has been a rapid uptake of mobile technologies in the region with strong economic growth in the past 2 decades. According to statistics by GSMA, 4G, mobile broadband technology, adoption will overtake 2G in 2023 and the total of unique subscribers in Sub Saharan Africa will reach 600 million by 2025, representing half the region’s population. 

Speaking at the online event, Brett King, author of Bank 4.0, a New York-based mobile banking startup, said the behavioural changes that come with coronavirus further underpins the needs for digital transformation in banking sector.

“The declining use of physical branches is likely for many customers to remain a permanent feature of their lives. The reality is this is likely to accelerate a multi-decade trend we've already seen towards digitisation. So when we look at the architecture of banking moving forward and the real elements that have been accelerated during the coronavirus period, you can see that that shift to digital is creating much more aligned, some digital experience. This basically brings us to a new model of banking…we moved to this low friction banking embedded in the world around us,” said King. 

In China, bucking the decline in Q1 GDP, the financial sector recorded a 6% year-on-year growth. Analysts attribute this growing to the sector’s years of unremitting efforts in digital transformation.

Chen Kunte, former Chief Information Officer of China Merchants Bank and current Chief Digital Transformation Officer of Global Financial Services in Huawei’s Enterprise Business Group said digitisation will give the banking sector the resilience it needs in the public health crisis. Banking everywhere can’t come true without leveraging cloud, AI and Big Data.

“We need to restructure banks’ ICT platforms from legacy architecture to cloud-based, open architecture by building AI-Powered and Data-Driven platforms to expand the way financial institutions engage and interact with their customers, and accommodate more innovative business models and service scenarios,” Chen said. 

Banks from the region shared some case studies on digitisation in banking services in the region. 

Lucille De Kock, Head of Data Analysis and Product Management at FNB, South Africa, introduced FNB’s fundamental shifts across all dimensions to transform the bank into a helpful, trusted and people centric money manager leveraging digital and data platforms. 

According to Alex Siboe Wekunda, head of DFS, KCB, said 97% of all transactions are done digitally which lead to substantial growth during the pandemic. Luckily enough, we had invested well in our platform, so we're able to handle the traffic that comes through this ecosystem. And Joshua Oigara, CEO and MD, KCB Group PLC, said KCB will continue accelerate that investment beyond just lending platform, which has been very successful. 

Huawei works with over 1,000 financial institutions globally, including 6 of the world’s top 10 banks in the digital transformation voyage. 

Liao concluded, “Our operations of over 20 years in Sub Saharan Africa enables us think global and act local by providing our clients in the region with tailored made solutions to make digitisation process painless and smooth, as if it is a tech company that happens to work in the financial sector rather than as a bank that tries to adapt disruptive technologies.”

 

Prudential Supplements Govt COVID -19 Food Relief Efforts With Shs300m Donation

The ongoing lockdown measures designed to curb the spread of Covid-19 have adversely affected vulnerable communities’ members who survive by accessing urban centres every day for their livelihood, Arjun Mallik, MD, Prudential East Africa, Monday told journalists in Kampala.

He said that while the lockdown measures are being implemented with positive intent, disruption of community member’s routines means some people are going hungry in their home.

And in order to supplement government efforts to provide food relief, and support those most in need, Mallik and Prudential, an insurance firm, announced a donation of Shs300 million towards food relief in the country.

Prudential said the donation will feed the most vulnerable and poor who have been greatly affected by the lockdown, many of whom live on less than a dollar a day and therefore do not have any savings to help them go through this period.

This will be distributed via two organisations: Humanitarian Operations Projects and Emergencies (HOPE) and Heal the Planet Global Organisation (HTP).

Alhaji Kaddunabi Lubega, the CEO, Insurance Regulatory Authority said the outbreak of Covid-19 ‘has highlighted to all of us,’ the need to always be prepared for the unexpected challenges of life.   “I convey my gratitude to Prudential Uganda for standing by Ugandans in this hour of need,” he said.

While receiving the fund on behalf of HOPE, Emmanuel Kashaija, Country Director, appreciated Prudential for supporting the vulnerable slum dwellers in the western region who have been profiled as elderly people, orphan households, pregnant women, street children and the disabled, adding that the food relief will go along way in improving their social and psychological well-being.

Benjamin Kivumbi Earnest, President, HTP, thanked Prudential for the timely response towards helping the slum dwellers around Kampala in the areas of Nsambya, Katwe, Bwaise and Makerere Kivulu, Makindye, Masajja. “These people are in dire need of food and we will work with the local council to make sure food is delivered at their door step,” he said. 

Insurers Goldstar, Prudential Team Up To Offer COVID19 Insurance

Goldstar Insurance and Prudential Uganda have teamed up to offer a new insurance cover to offer life insurance cover to Goldstar’s Workman’s Compensation and Group Personal Accident Policyholders.

The new insurance product called COVID19 Group Life Extension Insurance Cover covers groups of individuals of companies and organizations against devastating COViD19 pandemic. It is underwritten by Prudential.

In the new partnership, Prudential shall offer cover against Natural Death to all Goldstar Workman’s Compensation and Group Personal Accident Policyholders against death due to natural causes.

Goldstar Insurance said this cover is an extension of your existing Workman’s Compensation & Group Personal Accident policy with Goldstar to bridge the gap left out by this class of insurance.

“The death benefit enshrined under the traditional workers' compensation and group personal accident is only payable if death is due to accidental causes and does not include death due to natural causes including Covid19,”

“Because of the above shortcoming, Goldstar Insurance has partnered with Prudential Life to offer cover against natural death to all Goldstar and GPA Policy Holders and death due to Covod19 is hereby covered,” Goldstar has said.

According to Wikipedia, the COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing pandemic of coronavirus disease 2019 (COVID‑19), caused by severe acute respiratory syndrome coronavirus 2 (SARS‑CoV‑2). The outbreak was first identified in Wuhan, China, in December 2019.

The World Health Organization declared the outbreak a Public Health Emergency of International Concern on 30 January, and a pandemic on 11 March.

As of 24 May 2020, more than 5.35 million cases of COVID-19 have been reported in more than 188 countries and territories, resulting in more than 343,000 deaths. More than 2.14 million people have recovered from the virus.

 

Western Union Announces 50% Fee Reduction For Essential Workers Sending Money

COVID19 pandemic front-line responders and essential workers sending money globally using Western Union's digital channels have been offered 50 percent fee reduction for the next two weeks.

Western Union, a leader in cross-border, cross-currency money mover said the promotion ‘is a tribute by the company to these customers for their endless commitment to their local communities.’

Western Union President and CEO Hikmet Ersek said many of the world’s frontline or essential workers are global citizens who trust us with their hard-earned money and regularly send it to their loved ones.

“We want to acknowledge their dedication to keeping remittances moving to the communities and economies around the world that depend on them the most and support them as they continue promoting the health and safety of the communities around them.” Ersek is quoted in a press statement.

 More than 65 percent of global citizens working and living across the world occupy roles as first responders or in essential service industries, according to Western Union’s business intelligence.

These global citizens indexed high in such roles across major countries: 63 percent in the U.S.; 67 percent in the U.K; 68 percent in France; 70 percent in Germany; 62 percent in Australia; 58 percent in the UAE and 71 percent in Saudi Arabia.

In Uganda, Jason Nass, Regional Director, East Africa Western Union said remittances play an extremely important part of the economy. For the community here, remittances are often a lifeline, Nass said.

“The reduction in fees for frontline and essential workers around the world should help receivers locally in Uganda as they face the current pandemic,” he added.

The fee reduction, valid with transfer code THANKS2020, applies to any transaction initiated in the majority of Western Union’s digital-enabled countries at westernunion.com or via the Western Union app and received anywhere Western Union’s Global Network reaches: via bank account or wallet payout in more than 100 countries, as well as retail Agent locations in 200 countries and territories.

The fee reduction will run from now until May 20, 2020, and is available to first responders representing medical, police, and fire department professionals as well as essential workers across food, transport, utility, and other essential industries, including manufacturing and construction.

 

AfDB Welcomes $10m Fund To Diversify Ethiopia's Energy Mix

The African Development Bank has welcomed a decision by the Trust Fund Committee of the Clean Technology Fund, one of two funds within the Climate Investment Funds, to extend a $10 million concessional senior loan for the development of the 50 MW Tulu Moyo Geothermal Power Plant project in Ethiopia.

The CTF approved the loan on 20 April 2020 for the project, which is seen as a critical step to the East African country's drive to harness sustainable and resilient energy resources to support its economy and livelihoods. With this investment, CTF becomes the first progressive geothermal Independent Power Producer (IPP) in Ethiopia.

"We welcome the participation of CTF in this project. This concessional resource will be instrumental in helping the country to diversify its energy mix by facilitating the deployment of renewable energy technologies while supporting Ethiopia in meeting the targets under its National Electrification Plan 2.0," said Anthony Nyong, Director of Climate Change and Green Growth at the Bank.

The project entails the design, construction, commissioning and operation of a 50 MW geothermal power plant under a Build, Own, Operate and Transfer (BOOT) scheme, and marks the first phase of the Ethiopian government's plan to build  cumulative generation capacity of 150 MW by 2024.

The project will include a sub-station and an 11 km transmission line.

Antony Karembu, Principal Investment Officer and Renewable Energy Specialist at the African Development Bank noted that as the first progressive geothermal Independent Power Producer in Ethiopia, CTF will leverage climate finance options in mobilizing private sector operators for the project.

The project is expected to curb greenhouse gas emissions by over 10 million tonnes CO2 equivalent over its lifetime, and will create around 600 jobs, Karembu said.

CTF will catalyze the deployment of renewable energy technologies in Ethiopia and will underpin future investments into the sector as first-mover risks are reduced and compliance requirements are better understood to all market participants, Leandro Azevedo, Principal Climate Finance Officer and CIF coordinator at the African Development Bank, stated.

The CTF funds will be drawn from the Dedicated Private Sector Program III designed to provide risk-appropriate financing for high-impact, large-scale private sector projects in clean technologies.

COVID19 To Increase Cost Of Managing Properties – Rajiv Ruparelia

Real estate developers and property managers will have to spend money on new costs that have arisen during the coronavirus (COVID19) global pandemic, Rajiv Ruparelia, the managing director of Ruparelia Group Saturday said during a webinar organized by India Business Forum.

Rajiv, who under Ruparelia Group, manages the country’s leading property management firm Crane Management Services and property developers Meera Investments, said the pandemic has created new costs that building owners must now incur.

“The cost of operating these properties is going up. We now have to make buildings safe and with proper hygiene. You have to provide sanitizers and a temperature gun at every entrance. You have to employ people to oversee these procedures. These are all costs,” Rajiv said.

Rajiv, discussing the topic Survival of Business (real estate) Post Covid-19, noted that the real estate market is going to shrink. We are going to lose tenants, he said, adding that many industries will not survive the pandemic or might delay coming back to normal.

He advises that property developers and managers need to talk to their tenants in an attempt to have a solution especially when arrears are involved. Ruparelia Group has waived penalties on late payment of rent and has deferred arrears to three months and six months for big tenants like those occupying warehouses.

He requested that government waives property tax and ground rent in order to incentivize real estate investment.

Tashin Morjaria, the executive director of Orient Bank Uganda revealed that while the real estate market for residential houses is still stable, that of commercial buildings has received a bashing due to the effects of the pandemic.

Going forward, Morjaria suggested that companies need to put in place a contingency plan that addresses pandemics. We should re-strategize how we do business, he said.

Oil Producers Deal To End Oil Price War Awaits G20 Meeting

In a move to save the oil industry — facing the biggest crisis in its history — OPEC and Russia have agreed on new production cuts, with the OPEC+ group agreeing to eliminate 10 million barrels of crude per day for an initial two-month period to save a glutted oil market.

Mexico is the only country in the extended OPEC+ group to have refused to take part in the cuts at the same level as others — its energy minister Rocio Nahle proposed a reduction in national output of 100,000 barrels per day instead of the 400,000 barrels per day requested.

Though the new OPEC+ deal is not dependent on additional cuts from outside the group to move forward — such as the United States, Brazil and Canada — OPEC+ is hoping for additional cuts from these and other G20 countries.

The OPEC+ production cuts will begin in May but can only proceed if Mexico participates. From July to December, overall production cuts will lower to 8 million barrels per day, followed by 6 million barrels per day from January 2021 to April 2022.

The fate of a new “OPEC++” deal, in which additional countries could sign up to production cuts, will be the focus of a virtual meeting of G20 energy ministers on Friday, with the US Energy Secretary Dan Brouillette among the global energy leaders expected to participate in the webinar. Alberta Energy Minister Sonya Savage was on Thursday’s OPEC+ call, a first for Canada.

The OPEC+ production cuts would just run through June 10, when OPEC+ is set to meet again. Iran, Libya and Venezuela will be exempted. Saudi Arabia and Russia would bear the brunt of the cuts.

Brent crude was down 4 percent at market close, losing pace from a nearly 11 percent rally before the details of the deal were announced. Brent closed at $31.48 per barrel.

Free market or bust?

Thursday’s deal would bring an end to the oil price war between Saudi Arabia and Russia — which started March 8 in an effort to regain market share captured by United States shale oil production in recent years. In moving to end the oil price war, both Saudi Arabia and Russia have called on the participation of global producers outside the OPEC+ group to join production cuts.

That issue is set to be addressed at Friday’s virtual G20 meeting, but the United States has balked at the idea of officially joining cuts, citing an open market and anti-trust laws. However, President Donald Trump has indicated the US — a top oil producer along with Russia and Saudi Arabia — will naturally see sharp declines in oil and gas production with the steep drop in oil prices and drop in global demand. Trump has radically changed his position on OPEC, as the oil market collapse foreshadows a collapse of US shale.

“Obviously for many years I used to think OPEC was very unfair,” Trump told reporters on Wednesday. “I hated OPEC. You want to know the truth? I hated it. Because it was a fix. But somewhere along the line that broke down and went the opposite way. … We have a tremendously powerful energy industry in this country now — No. 1 in the world —and I don’t want those jobs being lost.”

The US shale industry, however, remains sharply divided on official production cuts — with majors like Exxon and Chevron calling for a free market and smaller independents more eager to join production cuts. In 2019, US oil production averaged 12 million barrels per day.

But production is now projected to fall by at least 15 percent in the second quarter of 2020 and another drop of 12 percent in the third quarter, according to the EIA. Several companies in the Permian Basin are asking for a hearing with the Texas Railroad Commission, the regulator, to determine mandatory production cuts. As of yet, no such meeting has been called.

Global pandemic coincides with price war

Oil prices plummeted in recent weeks, as the oil price war between Russia and Saudi Arabia, which began on March 8, was amplified by an unprecedented drop in oil demand caused by the COVID-19 pandemic.

About 40 percent of the world’s population has been ordered to stay home to stem the spread of COVID-19, according to the Energy Information Agency, and unforeseen impacts on travel, tourism, manufacturing, and joblessness have since seen global oil demand plummet by about 30 percent, from over 100 million barrels per day to under 85 million barrels per day.

The virtual OPEC+ meeting, in fact, was an indicator of the new reality, as many of the world’s top oil and gas leaders joined the meeting from their home countries.

Brent crude was averaging $55.70/barrel in February, before the oil price war and the impacts of COVID-19 were known. Ahead of the meeting on Thursday, Brent crude was trading at $33.41 and WTI at $25.92. Both Brent and WTI have reached their lowest level in years, with Brent hitting $22.76 per barrel in March, its lowest price since November 2002.

“The global spread of the Coronavirus is creating a demand shock that is impacting already fragile world energy market balances. Markets are continuing to assess the yet unknown risks of COVID-19 to the global economy as the disease continues to suppress economic activity,” said Dr Sun Xiansheng, Secretary General International Energy Forum, in a statement.

As demand for oil and the price of oil has declined, storage capacity is reaching its limits. In just a few weeks, analysts predict oil production may be shut in due to a lack of global storage capacity.

“Low oil prices combined with the inelastic nature of refined product supply and demand is usually a boon to refining margins. However, COVID-19 also impacts downstream profitability caused by erosion in demand. The combination of sustained shocks to supply and demand will cause product inventories to rise to new highs,” Dr Sun continued.

Impact on Africa

Africa has a lot to lose from a sustained low oil price, in addition to the damaging economic impacts of COVID-19. Economic powerhouses like Nigeria and Angola, which reportedly had difficulty selling oil production ear-marked for export in April, could take especially hard hits, made especially vulnerable by a lack of economic diversification.

As a whole, the continent’s oil producers have pushed for cooperation at the OPEC+ meeting, urging for a stabilized oil market and reduction in production.

In a joint statement, the Africa Petroleum Producers Organization called for OPEC and non-OPEC members to cooperate in stabilizing the oil market.

“We reiterate our support to OPEC and non-OPEC member countries as well other global oil producers in their concerted efforts at ensuring long term stability of the global oil market. Furthermore, we urge the G20 countries to offer assistance to Africa as we struggle to ward off this pandemic and price stabilization process in the oil markets,” said H.E. Foumakoye Gado, President of the Council of Ministers of APPO and the Minister of Petroleum of Niger.

H.E. Timipre Marlin Sylva, the Minister of State for Petroleum Resources of Nigeria, also urged for cooperation heading into Thursday’s meeting.

“The driving force of our OPEC policy is first the stability of our national economy as well as the stability of the global economy which is heavily dependent on OPEC and its strategic partners, popularly referred to as OPEC+. Nigeria, like the rest of the world, has been hit by the Global Pandemic, COVID-19, and is prepared to join the rest of the world in making the necessary sacrifices needed to stabilize the crude oil market; and to prevent what is likely to be a major global economic meltdown,” said Sylva.

NJ Ayuk, Executive Chairman of the African Energy Chamber, supported the deal and advocates for further cuts.

“The OPEC deal is a good one. We can work with it for now. African countries will not recover from COVID-19 and the associated economic difficulties without a strong energy sector. The oil industry helped the continent pull itself out of the last economic recession of 2008. African businesses and workers will be happy to see the end to the price war and to maintain an industry that meets their hopes and aspirations. A global cut would be better and everyone needs to put some skin in the game, especially our friends from the US, Canada and Norway.”

South Sudan, a member of the OPEC+ cooperation, backed the production cuts.

“South Sudan believes that market volatility is negative for every player in the market and hurts our ability to attract new foreign investment, diversify our economy and promote peace,” stated Minister of Petroleum Hon. Puot Kang. “South Sudan is focused on boosting exploration and opening up new oil and gas fields, and the current scenario hampers our growth targets significantly.”

The International Monetary Fund is already working closely with African countries to stave off recessions and an economic collapse. Governments throughout the continent are calling for debt relief as the global economic crisis deepens. The World Bank and the IMF have both expressed support for debt relief as less developed economies navigate the COVID-19 fallout.

Reflect On Your Business, Prepare It For When Coronavirus Ends, Rajiv

Rajiv Ruparelia, the managing director of Ruparelia Group, and only son of businessman Dr Sudhir Ruparelia believes that the lockdown caused by the coronavirus disease (COVID-19) pandemic has presented an opportunity for every entrepreneur to reflect on how they are running their enterprises.

He says that while ‘it is not an easy time to be confined at home but there are a lot of productive things you can do in this period of coronavirus.’

“One is spending time with your family; two is reflecting on your business, to make your business stronger when coronavirus ends; three is to be able to really digest the important things in life,” he added.

He added: “I really believe the world was moving too fast and this is the time for things to slow down. We are already seeing a recovery in our environmental system, the climate is getting better, the horizon layer is repairing itself.

“There are positive things coming out of this lockdown. It is about being patient and reflecting on life. Please respect the guidelines, not for anybody's interest but your own interest. Lockout for yourself, look out for your families, protect each other and love one another,”

Uganda has so far confirmed 53 coronavirus cases with no death. The victims now undergoing treatment in various government facilities are steadily responding to medication.

As of Friday evening, over 1.6m people globally have fallen ill as a resulting of testing positive for COVID-19. Of these, 101,577 have died and 372, 439 have recovered.  

And in its effort to combat the virus, like what many other countries did, Uganda closed its borders and airport to prohibit any person from coming into or leaving the country.

Through directives delivered by President Yoweri Museveni, all public and private means of transport including boda boda were prohibited from unnecessary movements. The president also announced a curfew from 7 pm to 6: am.    

These measures have curtailed people’s work and businesses. It is believed that after COVID-19, life will in all aspect not be the same including how people work and do business. Entrepreneurs are being advised to prepare for this a yet to known transition.

Meera Investments Wants Finance Minister To Suspend Tax Amendment Bills 2020 Over Coronavirus

Meera Investments through their lawyers have Kampala Associated Advocates have written to Finance Minister, Matia Kasajia objecting some of the proposed amendments in the Tax Amendment bills-2020 which is before a committee of parliament.

According to Eagle Online, Meera Investments which is the top taxpayer for the rental category in their letter to the minister said the bill will have an adverse effect on many businesses given that the entire world will be resurrected from the effects of Coronavirus.

Government has introduced the Tax Amendment Bills 2020 and now before parliament with the hope of filling that taxation gaps in the budget. However, the bill is facing resistance from real estate developers and owners given the proposals contained in the bill.

“During the current lockdown, we were made aware of the tabling of the 2020 Tax Amendment Bills. We have had consultations with our tax lawyers, Kampala Associated Advocates, and we write to inform you that some of the bills will have an adverse effect on many of our businesses and we seek your indulgence to prevent adversity. Below are the amendments that we humbly propose you further scrutinize and change based on areas of speciality” reads part of the letter from KAA.

The proposed amendment is that an “owner of more than one commercial building shall account for the tax on each building separately and shall not claim input of incomplete buildings.

However, Meera Investments says many of them in the real estate industry run their businesses through companies and therefore, one company will have may be five to fifty buildings. Under the proposed amendment, it would mean that for each of the fifty buildings one must account for the tax separately. This creates the following complications:

“It would mean that if I have ten acres on plot 41 Kampala Road and on them I have ten buildings, I have to account for each building separately. This means that I must now demarcate between buildings one to ten and each must have its own tax identification number (TIN). The reason that each must have its own TIN is because I must account for the tax separately.

The effect of this is that at the end of the day, I shall have one company with ten to fifty TIN numbers. Worse still, this also means that I shall have one company with ten to fifty different invoices for the same project. This makes accounting difficult and will create confusion among the real estate companies. The company would also have to obtain various tax clearance certificates for each of the buildings. This would be outrageous because one company would have over 50 tax clearance certificates”.

SSOURCE: Eagle Online (click for full story)

Museveni Finally Replaces Scandal Burdened Kasekende

Any chances of Dr Louis Kasekende returning to Bank of Uganda in the capacity of deputy governor have been flushed down the gutter after President Yoweri Museveni announced that he had appointed Dr Michael Atingi-Ego as the new deputy governor subject to parliament's approval.

The president also appointed John Musinguzi Rujoki as the new Commissioner General(CG) of Uganda Revenue Authority  (URA). Rujoki replaces Doris Akol, who has spent five years in the CG job, having replaced Allen Kagina in 2014.

“By virtue of powers granted to me by the Constitution, I have appointed Mr John Musinguzi Rujoki as the new Commissioner General of URA This appointment takes immediate effect. I have also appointed Dr Michael Atingi-Ego as the new Deputy Governor, Bank of Uganda. I have forwarded his name to Parliament for vetting,” the president said in a brief message.

The deputy governor job fell vacant upon expiry of his contract early this year. Despite frantically seeking the president’s audience in an effort to be reappointed, Kasekende was unsuccessful thanks to the scandals hanging under his name at the central bank.

Kasekende’s name and the wrong key decisions he made were prominent when parliament was investigating the central bank for irregularly selling seven commercial banks, the latest being Crane Bank.

Parliament heard that Kasekende and former executive director in charge of supervision at Bank of Uganda Justine Bagyenda sold Crane Bank to dfcu Bank via a phone call breaking all legal procedures involved for such a deal to happen.

The Inspectorate of Government was also investigating Kasekende for not declaring all of his wealth and the manner in which he acquired all the riches registered to his name directly or through accomplices.

And while the president awaits parliament to approve his appointments, Dr Adam Mugume was appointed by Bank of Uganda board to carry out the duties of deputy governor in an acting capacity.

Dr Atingi-Ego, according to Watchdog News, is a seasoned economic policy official who obtained his first degree from Makerere University and later proceeded for postgraduate studies in the United Kingdom where he got a master’s degree from the Cardiff Business School, University of Wales and a PhD from Liverpool University.

He started his career at the Bank of Uganda rising through the ranks to become the Executive Director, Research. In 2008 he took up an assignment with the International Monetary Fund (IMF) as Deputy Director of the African Department (AFR).

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