UAP Holdings Limited (UAP) has entered into strategic partnership with Old Mutual Plc. The later now holds 60.66% shareholding after acquiring an additional 37.33% of issued shares of the company held by the private equity investors – The Abraaj Group, AfricInvest and Swedfun. From humble roots as Kenyan General insurance services provider in 1920, UAP has grown into a strong business franchise focusing on Insurance (General, Life and Medical Insurance), investment management and properties in six East and Central African countries – Kenya, Uganda, South Sudan, Rwanda, Tanzania and Democratic Republic of Congo. UAP is undoubtedly one of the top…

East Africa’s largest economy and the region’s preferred investment destination, Kenya, has been ranked number one in fraud and corruption tendencies in the region. According to a report  by an International Audit firm, Ernst and Young one in every three Kenyan companies surveyed had paid bribes to win contracts. The survey conducted in 59 countries ranks Kenya behind Egypt, Nigeria and Namibia as economies where private sector corruption is most pervasive and distorting of tender award processes. According to the report, 27 per cent of the chief executives, financial controllers and internal auditors surveyed in Kenya cited high levels of…

The ghosts at NSSF won’t sleep. After years of scandals with some executives leaving the fund unprepared, now the unrelenting spirits are besieging the Hon. Minister of Finance. The big issue is allegations of conflict of interest. That the NSSF incumbent Board Chairman, Ivan Kyayonka and the Hon. Minister husband are business partners. According to NOTU Chairperson Usher Wilson, the minister is fond of favoring people who are close to her. The minister said the allegations are not substiated. The development comes at a time the Minister has delayed appointment of a new MD for the fund after interviews were…

On July 30th 2014, Uganda joined the rest of the world to celebrate World Day against human trafficking. In Uganda, human trafficking is on the rise and many Ugandans have fallen victims of such. This is attributed to the desire to work abroad. Many Ugandans hold a belief that working abroad is associated with greener pastures and yet this is not the case experience has shown. However, most Ugandans who are working in Arab countries say they are treated as slaves Fortunately, Middle East countries are in talks with the Ugandan government to provide jobs to Ugandan citizens with good…

In an effort to crack down fraud and embezzlement of funds, Uganda Wildlife Authority (UWA) has launched card payment to all tourists accessing game parks. This method has replaced the receipting system where payments were made in cash. The Wildlife card system also allows UWA to capture details of all activities a tourist intends to carry out in the park after payment. Mr. Jossy Muhangi, the UWA spokesperson said the card system will help weed out extra charges to tourists. However, some players in the travel companies say this system has kicked them out of business since it is mandatory…

Following a similar ban on the importation of old vehicles into Kenya, the Ugandan government is under plans to stop importation of such second hand old vehicles into the country. Vehicles that are eight years old and above will not be imported into Uganda come 2015. The National Environment Management Authority (NEMA) executive director, Dr. Tom Okurut told Members of Parliament that come 2015, car traders will not be allowed import second hand vehicles into the country. “These are old vehicles manufactured in the 1990s and emit a lot of dangerous gasses to the environment,” cited Dr. Tom. “We can…