News and Analysis

5/19/14. News Briefs 9,000 ghosts cut off payroll

After the introduction of the decentralized salary payment system in January 2014, at least 9,000 files have been deleted from payroll. Minister of Finance, Ms Maria Kiwanuka told Parliament on 15th May 2014 that the system was intended to address problems that were detected under the centralized salary payment system.

“The centralized payment system included ghost public servants,” added Maria. But the decentralized system has helped to solve the problems of ghost workers. This translates into the saving of approximately Ugx3billion per month.

Pastor arrested over land title forgery

Mr. Jimmy Kasadha, a pastor of Centre of Life Church in Butende village in Iganga district was arrested by Iganga police on 15th May 2014 over forgery. The pastor is suspected to have forged a land title.

Jimmy was arrested after his sister-in-law Ms Aidah Nakaziba accused him of attempting to steal her two acres of land. Jimmy claims to have bought the land in 2008 at a cost of Ugx1.3 million. Meanwhile Aidah said she bought the land way back in 2001 at Ugx130, 000.

Suspended Umeme shares resume trading on USE

The Uganda Capital Markets Authority has lifted the suspension of Umeme shares, after the power distributing company confirmed that negotiations were going on. Umeme is holding negotiations with strategic investors regarding the sale of its majority block that will be completed by 19th May 2014.

Trading in Umeme shares commenced on 14th May 2014 at $0.14 per share. Umeme had asked to be voluntarily suspended for two weeks to allow room for negotiations.

NSE to sell 81million shares in IPO

The Nairobi Securities Exchange (NSE) is under plans of selling 81million shares, a 38 per cent stake. This is an Initial Public Offering (IPO) in which NSE seeks to raise funds for new products and enhance transparency. Mr. Peter Mwangi, the Bourse Chief Executive Officer, IPO is expected by the end of June, subjected to approval. Kenya being East Africa’s hub could attract huge investment, lifting NSE’s competiveness on the global market.

Bunyoro Farmers get heifers

Farmers in Hoima district have received 10 in calf heifers from the Government to improve on their household incomes. The Hoima District Commissioner, Mr. Godfrey Nyakahuma handed over the heifers to the beneficiaries at Bulindi Zonal Agricultural Research Development Institute on 16th May 2014. These are expected to improve milk quantity and quality earning farmers more incomes. Farmers have thanked the Government for the poverty eradication program. “This will greatly change our standards of living,” farmers added while receiving the heifers.

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