If you are a Non-Governmental Organization (NGO) and have donor support from funders in United States or European Union, chances are that your company directors/ founders are no longer sole signatories on your NGO bank accounts. You now have a fund manager, usually a partner in a local firm affiliated to an International firm, as a co-signatory on the bank account into which donors deposit the money. This development has come following increased accountability issues over the use and application of donor funds. As African countries get on the spot light over misuse of donor funds for personal benefit by…
20 companies show interest to buy Umeme shares
Umeme Holdings Limited (UHL), the majority shareholder in Umeme Limited on 6th May 2014 announced that it is selling a substantial part of its 60.1 percent stake. A number of foreign firms have expressed interest in buying shares in Uganda’s electricity distributor, Umeme Ltd. This development has come following a majority vote by Uganda Members of Parliament to cancel the UMEME contract on the account of the alleged failure by UMEME to meet the terms of the contract with Government of Uganda However, Umeme Ltd, through its Head of Communications, Mr. Henry Rugamba denies that UHL decision to sell a…
