Eve Mbasabye

Eve Mbasabye

15 Licenses On Offer As Somalia Opens Up For Business

Rich in hydrocarbons and possessing a favorable geological structure, Somalia holds huge opportunities for investors looking to enter the East African market, said the country's Minister of Petroleum and Mineral Resources, Hon. Abdirashid Mohamed Ahmed at the Africa Oil & Power conference.

"Nowhere is the contribution that the energy industry can make to civil society and economic development greater than in Somalia," he said. Noting that the sector has the potential to greatly enhance stability and economic development.

On its path to transforming its petroleum industry and attract the attention of new investors, Somalia has made significant progress in recent years. This year, the country passed a new petroleum law which enabled it to make progress in exploration and development and attract interest from oil and gas majors ExxonMobil and Shell.

"My ministry worked successfully with the six federal member states to develop an equitable and transparent framework for development, focused on the greater good of Somalia and all its people, whilst ensuring that we are highly competitive internationally to attract investment by delivering returns that are consistent with the risks and rewards of developing our off-shore industry," said the minister

Eager to demonstrate to the world that Somalia is open for business, the minister said the country is currently on an international roadshow which will showcase the exploration opportunities available in its hydrocarbons sector.

"This includes seismic data recently shot by Spectrum covering 20,185 km. The current licensing round is in respect of up to 15 blocks, covering a total area of approximately 7,500 square miles.  The bid round will follow shortly after to ensure that the world knows: Somalia is open for business."

Minister Ahmed also spoke on the attractiveness of the country's production sharing agreement (PSA) model for offshore oil exploration and development – regarding it as being amongst the most attractive to investors in the frontier basins. The PSA provides a highly attractive regulatory fiscal framework that is both competitive and equitable for both the people of Somalia and international oil companies (IOC).

"By equitably linking of royalties and share of revenue closely to the price of oil, the Somalia PSA ensures that IOCs can recover their up-front development costs and earn a fair share profit even if oil prices fall, whilst maximizing the profit going to the Somalian people," the minister explained.

  • Published in Africa
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Outstanding Fashionistas To Win These Prizes At Goat Graces

One of the outstanding characteristics of the Royal Ascot Goat Races is its deep fashion sense - the most exuberant unofficial fashion showcase in Uganda since 1993 when the goat races opened its doors to Ugandans.

And this Saturday, October 12, at Speke Resort Munyonyo, revellers are expected to turn up in big numbers and with an assortment of differently inspired dazzling fashion.

To reward efforts, energy and creativity put into pulling off a stunning look of fashion, the organizers of the goat races will reward those who will stand out of the rest.

The best-dressed couple will get two tickets to Europe from Brussels Airlines while the best-dressed couple (runners up) will get services of up to Shs300, 000 at Posh Junction.  

The best-dressed female and male will get services worth 250, 000 and two nights at Latitude Kampala sponsored by Posh Junction

The best-dressed mother and child will get services of up to Shs200, 000 courtesy of Posh Junction, the best-dressed child will have access to the pony camp at Speke Resort.

Also, the group with the best pose at the photo booth will get rewarded by Tusker Malt Lager. Tusker will also offer buckets of beer to the owner of the most impressive goat.

The person wearing the best hat will get accommodation for two for one night at Speke Resort. The hotel will also offer cash prizes to winners of the hot dog eating competition.

The owner of the goat with the best goat name will win dinner for two at Speke Resort. Individuals with the best male and female pose will each get a day at the gym and spa at Speke Resort and Calabash Spa and Salon respectively.

Rajiv Ruparelia, the Managing Director of Ruparelia Group, the organisers of the event, speaking at the launch of the event in October said the Goat Races are more than just another event in Uganda.

“It’s a place where people can come and network and mix along with business, pleasure and have a fun humorous time with good food and drinks all day long,” Rajiv added.

“Tusker Malt Lager is proud to once again be a Platinum sponsor of the Goat Races and trust me, it can only get bigger and better. And while you experience all the fun and excitement, you’ll be able to enjoy the unmistakably rich, fresh premium taste of Tusker Malt Lager,” said Cathy Twesigye, Brand Manager, Premium Beers at Uganda Breweries.

The goat races will entail eight races over the course of the day, with each race featuring eight goats. Anyone can sponsor a race, or buy a goat to participate in a race. The proceeds generated from the races will then go to a selected charity.

Races go for anything between Shs6m and Shs10m while goats go for between Shs500, 000 and Shs1m. Already, Gold Star, Euroflex and Orient Bank have already acquired goats of their own.

University Offers Ten Scholarships To Cricket Association

Victoria University will offer ten scholarships to Uganda Cricket Association for every academic year.

This comes after the two entities signed a memorandum of understanding to concrete their relationship.

The signing of the MOU took place on the 6th floor at the University premises on Jinja Road on Tuesday.

Uganda Cricket Chairman Ansasira Bashir said they have been failing to perform well at international stage ‘because of our mental preparedness.’

“Therefore, when Victoria University offered to help us in this area using their resources we couldn’t turn it down.

We look forward to making sure that we grow the relationship to inspire upcoming cricketers and also spur a generation of cricketers that is well educated,” Ansasira said.

In an earlier engaged between the two entities, it was revealed that the university will help with the psychological performance assessment and analysis of the senior men national team. 

The association officials said this was unprecedented and that psychosocial analysis important part of the sport. They said this will help players to also prepare for life after playing cricket.

Victoria University vice Chancellor, Assoc Prof. Krishna N. Sharma said a modern sportsman can no longer rely on his physical ability alone.

“As a research university we have resources that can allow us to add value to sports institutions through research on modern performance-enhancing techniques.

Our relationship is also being extended to the top cricketers as well as their immediate family members so that we can have a positive impact on the lives of these players’

The signed MOU has no definite time limit with the agreement in place for as long as both entities want it to continue.

This means that this relationship is binding the institutions together for a very long time.

The initial offer is for 10 scholarships for both girls and boys on a partial basis and on a whole basis for special and exceptional cases.

This relationship offers emerging players who play the game to get a shot at world-class university education while also playing their passion.

Meera Investments Takes Legal Action Against Consultancy Firm FBW

Meera Investments, a subsidiary of Ruparelia Group, a conglomerate owned by businessman Dr. Sudhir Ruparelia, is seeking legal redress after dragging FBW, a UK based consultancy firm, to police accusing it of contract breach.

And now, according to reports, Kampala Metropolitan Police (Uganda Police), with case filed at Katwe police station under reference number GEF:131/2019, have commenced investigations into the matter.

Apparently, FBW defrauded Meera Investments a huge sum of money amounting to Shs2.5bn after it failed to deliver on a consultancy contract relating to construction of Speke Apartments Wampeewo and the extension of Kabira Country Club.

Press reports indicated that Meera Investments approached FBW in 2012 and the two signed a contract for the construction of Speke Apartments Wampeewo and the extension of Kabira Country Club.

The details further reveal that Meera gave FBW an upfront payment of Shs1bn for the construction of Speke Apartments and Shs1.4bn for the construction that was aimed at extending Kabira Country Club.

Kabira Country Club extension has not been kicking off simply because of FBW’s fraud. Meera investments has for long asked for architectural work from FBW so that work could kick off but they have always turned a deaf ear.

FBW is a UK design, architecture, and engineering-led, multi-disciplinary consultancy firm with operations in Uganda, Kenya, Tanzania and Rwanda.

According to reports, both FBW and Meera Investments have done numerous construction work together FBW failed to honor this particular contract prompting Meera to take legal action.

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