Baz Waiswa

Baz Waiswa

Victoria University Rolls Out MBA Program

Victoria University has rolled out its first ever masters degree program, Master of Business Administration (MBA), this semester. The MBA falls under the faculty of business and management and will be a two year course.

Speaking to Earthfinds, the dean faculty of business and management at Victoria University, Dr. Omotayo Adegbuyi said they have been cleared by Uganda National Council for Higher Education, the government agency that regulates the education sector in the country.

Prof. Adegbuyi said is an open professional course which admits anybody who wants to improve their business acumen. It has been divided into four semesters, the fourth being reserved for research, internship and compiling dissertation.  

“It is a practical course which helps you apply what has been taught to you. It can help you get promoted through the ranks to the top, the CEO. It enhances your performance at you workplace,” Prof Adegbuyi.

Under the MBA, students will be studying finance, marketing, management, research methods, human resource, planning and development, quality and systems, international business, consultancy, decision making, entrepreneurship and information among other topics.

Victoria University has four faculties - faculty of health sciences; business and management; science and technology and humanities and social sciences. Under these faculties a number of degree, diploma and certificates are taught.



Victoria University To Hold Third Graduation

Victoria University in Kampala will hold its third graduation ceremony on Friday 7 September 2018 at Kabira Country Club from 8am to 12:30pm under the theme ‘transformational Education in the 21st Century’. The graduation will see the triumphant students receive degrees, diplomas and certificates in different professional fields.

“Victoria University would like to congratulate all of the 2018 graduates on making it to the finish line. We expect to see all our graduates in their finery for the ceremony,” a felicitous message from the University stated.

The University has four faculties - faculty of Health Sciences, Humanities and Social Sciences, Science and Technology and Business and Management. Each faculty has an assortment of degree, diploma and certificate courses.

At this occasion the graduates will receive their awards before the university council, University’s promoters, senate, parents, invited guests and staff of the university. The event will be attended by invited dignitaries including ambassadors, Chief Executive Officers, top businessmen among others.

As one of the top universities in Uganda, Victoria University stands out as a pivot of academic excellence in the heart of the city offering fresh and an intellectually thriving environment that nurtures critical and progressive thinkers thus pushing the pedagogical boundaries.

The University offers a wide range of programmes that are tailor-made for the market. It fosters and encourages innovation and creativity through research under 4 faculties of Health Sciences, Business and Management, Science and Technology, Humanities and Social Sciences.

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Uganda’s Oil And Gas Management Gets Stronger And Close To Delivery

Uganda's Albertine Graben is now a mature oil and gas province and where government issued nine petroleum production licenses to Total E&P Uganda, CNOOC (U) Ltd and Tullow Uganda Operations Pty Ltd.

According to Article 244 of the Constitution, all minerals and petroleum in, on or under, any land or waters in Uganda are vested in the Government on behalf of the Republic of Uganda.

Sustainable resource management requires an inclusive and comprehensive national strategy. In managing Uganda’s petroleum resources, The National Oil and Gas Policy for Uganda 2008 has been developed. This is the key document guiding the sector.

The  goal  of  the National Oil and Gas  Policy  for  Uganda is to “Use the Country’s Oil and Gas Resources  to  Contribute  to  Early  Achievement  of  Poverty Eradication  and  Create  Lasting Value to Society”. 

In 2013 following a consultative process Parliament and the executive enacted two laws. These are the Petroleum (Exploration, Development and Production) Act 2013 and the Petroleum (Refining, Conversion, Transmission and Midstream Storage) Act 2013. Regulations have been made to operationalize these laws.

The Oil and Gas Revenue Management Policy 2012 was developed which details the management of expected petroleum revenues. The Public Finance Management Act 2015 was also enacted which establishes the Petroleum Fund into which all petroleum revenues received by government will be paid. 

The Government uses other laws such as The National Environment Act 1998, Income Tax Act, Land Act 1998 to regulate the petroleum sector.

Key development partners like Norway provided support to Uganda towards the formulation of policies and laws to enable Uganda escape the resource curse. The Government has put in place key institutions like The Uganda National Oil Company (UNOC) and the Petroleum Authority (PAU).

According to Eng. Irene Muloni, the minister for energy and mineral development government recognized that petroleum could be put into beneficial use for all Ugandans.

Muloni says the key institutions have been put into place to ensure a transparent and accountable use of natural resources. She added that the crude oil will undergo value addition refining, some of the crude will be exported, part of it used to generate power and gas will be used for cooking, lighting.

“We want our people to participate in the oil and gas industry and not just be observers. We are targeting first oil by 2020. We are working with all our partners on this. We want oil to enable Ugandans reach middle income status by 2020, which has become a magic year for Ugandans,” Muloni says.

UNOC is joining international oil companies in the production development of oil and gas in the King Fisher Development Oil Field located in Hoima district.

Peter Muliisa, chief legal and corporate affairs manager UNOC says the company is concluding the backing-in process to enable it manage the 15% State participation interest and other Government commercial interests in the Kingfisher Development Area (Hoima) and Tilenga Development Projects (Buliisa & Nwoya) on behalf of the State.

UNOC plans to embark on exploration and new ventures to optimise product ion sustainability and is in the process of analyzing data acquired from the PAU for identified prospects in the Albertine Graben. UNOC intends to proceed with exploration in partnership with a potential joint venture partner or a consortium of them as soon as data analysis is concluded.

Journey to First Oil

Muliisa says UNOC is keen to have first oil by 2020 and is doing everything within its mandate and means to contribute to having this plan attained. “UNOC is closely working with stakeholders at all levels, across all critical areas such as Infrastructure and logistics, land acquisition, Environmental and Social Impact Assessments, water extraction and excess gas utilisation to ensure this important government target is achieved,” Muliisa explains.

UNOC intends to develop, build and operate the multi-user petroleum refined products storage terminal at Namwambula village, near Kampala through a joint venture. UNOC has been managing the Jinja Storage Terminal since end of May 2017 and plans to include use of barge transport over Lake Victoria to ease transportation of petroleum products to the terminal.

UNOC is working on a local content incubator program with key stakeholders to ensure individuals and local companies are trained, equipped and empowered to access business opportunities in the oil and gas industry.

The mandates of UNOC are: Handle the state’s commercial interests in the petroleum sub-sector; manage State participation in petroleum activities; manage the marketing of the country’s share of petroleum received in kind; manage the business aspects of state participation; develop in depth expertise in the oil and gas sector.

Others are to optimise value to its shareholders; participate in joint venture in which it holds an interest on behalf of the State; participate in meetings of the operating committees in furtherance of its participation in the respective Joint Operating Agreements; and investigate and propose new upstream, midstream and downstream ventures initially locally but later internationally

“The overall function of UNOC is to handle the State’s Commercial interest in the Oil and Gas industry and ensure that the resource is exploited in a sustainable manner,” Muliisa observed.

The PAU is a statutory body established under Section 9 of the Petroleum (Exploration, Development and Production) Act 2013, and in line with the National Oil and Gas Policy for Uganda which was approved in 2008.

The PAU’s mandate is to monitor and regulate the exploration, development and production, together with the refining, gas conversion, transportation and storage of petroleum in Uganda. 

These include ensuring that petroleum operations in Uganda are carried out in accordance with the relevant laws, regulations, guidelines, statutes and in line with international best practice for the petroleum industry.

According to Ernest Rubondo, the executive director PAU some of the roles of the organization include; review of submission from the licensed oil companies including reports on geoscience, engineering studies, annual resource reports, annual audit and procurement reports.

PAU advises the minister of energy on the grant of production licenses, these have included the eight production licenses which were awarded to the oil companies at the end of August 2016.

PAU reviews and approves budgets and work programmes submitted by the licensed oil companies. They monitor field activities carried out by the licensed oil companies in the fields, carry out stakeholder consultations for land to be acquired and used during the development of infrastructure and production phases of the petroleum v

The authority participates in developing the legal frameworks like the Inter-Governmental Agreement and the design aspects of the East African Crude Oil Pipeline.

Regulating the implementation of national content development including aspects like the employment, training of Ugandans and the provision of goods and services by Ugandan enterprises.

“PAU will work with all stakeholders to professionally, effectively regulate the sector in a manner that achieves the goal of using the country’s oil and gas resources to contribute to early achievement of poverty eradication and create lasting value to society,” Rubondo says.


How 2018/19 National Budget Will Fund Oil & Gas Sector Alongside Private Sector Financiers

Finance Minister, Matia Kasaija, will in June read the National Budget for the FY2018/19. All eyes are on what key priority areas that his budget will focus on, in a bid to achieve government’s ambitious target of a lower middle income status by 2020.

One of the sectors to watch is the oil and gas sector that is expected to contribute tangibly to the attainment of this development agenda.

Government already approved the new budget whose resource envelop is Shs 30.9trillion. A bulk of which would be mobilized internally as domestic revenue –by Uganda Revenue Authority –projected to be Shs16.4trillion (over 53% of the total resource envelope). The rest will be through internal, external borrowing and donations. 

The Energy and Mineral Development sector – where oil and gas belong – is expected to get Shs 2.5 trillion in FY2018/19 (11.5%) up from Shs 2.3 trillion (10.5%) in the ending financial year, according to estimates in the Budget Framework Paper (BFP) for FY2018/19. 

The BFP represents the would-be face of the new budget. 

Government’s goal for the oil sector is to ensure reliable, cost effective and safe supply of petroleum products to the rural and urban markets for social and economic development. In addition, government is hoping to use the oil and gas resources to meet the targets in the National Development Plan II which is partly to meet the energy needs of Uganda’s population for social and economic development in an environmentally friendly sustainable manner.

Government also hopes to use oil and gas resources to contribute to early achievement of poverty eradication and increase lasting value to the society. 

Government officials say the sector will focus on the implementation of the refinery and other development activities including the oil pipelines, aerodrones, and the implementation of the oil and gas policy.  The others are the development of the Kabaale (Hoima) Airport, the refinery, oil roads to enable delivery of first oil by 2020. 

Regarding the Oil Pipeline and Refinery, the Inter- Governmental Agreement (IGA) between the GOU and the Republic of Tanzania was signed on 26th May, 2017 to pave way for the implementation of the East African Crude Oil Pipeline (EACOP) and the foundation stones between the two countries were laid.

The negotiations for the Host Governmental Agreements have commenced and this is expected to end by June, 2018. The Final Investment Decision for the pipeline will be taken by of June, 2018. 

Government also expects to use some of the money from the Petroleum Fund to partly fund oil roads. The rest of the funds will come from government coffers and other sources. 

The good news is that, in April, government signed the contract for the construction of the $4 billion oil refinery with the Albertine Graben Refinery Consortium. Meanwhile, the Front End Engineering, Design phase, and the Environmental Social Impact Assessment (EIA) are expected to end by March, 2019 and the Final Investment Decision is expected to be taken by June, 2019.

Other sources of financing

William Ssekabembe, the Head of Business and Executive Director at DFCU Bank said they are heavily capitalized and ready to fund different products for the oil and gas sector. He said their operational capital is just under a US$ 1bn, one of the highest in the banking industry in Uganda. 

Speaking at the Oil and Gas Business Opportunities Conference organized by the Association of Uganda Oil and Gas Service Providers (Uganda) together with the Association of Tanzania Oil and Gas Service Providers (Tanzania) in Kampala from March 28-29, Ssekabembe said that they have several products around trade finance. He said they have got some counter guarantees with some partners across Africa and Europe. 

“As you look to bid for these products, we will be able to offer you bonds, discount some invoices, do advance payment guarantees and will also do modular financing without having security,” Ssekabembe said. He added that they were going to launch their incubator specifically for skilling suppliers in the areas of financing or credit uptake, book keeping, financial literacy and related services. 

Similarly, the Stanbic Bank Chief Executive Officer, Patrick Mweheire said they are working on linkages with small and medium enterprises to digitize technology and reduce their cost of service. He said they are working on mechanisms to link the SMEs to mentors, working space and more. 

Mweheire said, the bank is doing this in response to challenges that SMEs face – lack business plans and entrepreneurial skills, insufficient financial resources, poor record keeping and low corporate governance. He said that these challenges make the SMEs become less competitive at the international landscape.

In addition, he said, the bank has put in place an incubator to train SMEs on finance related skills like procurement to survive for longer periods in business. He said Stanbic is looking for partners to support SMEs on these training skills.

He said entities like USAID, Financial Sector Deepening Uganda, Enterprise Uganda and Universities are helping to provide financial and technical support for SMEs eying oil and gas deals. In addition to these areas, Mwehire said the bank is well capitalized to extend financial services to the SMEs and other oil and gas suppliers at negotiable rates for different products and services. 

Big numbers

Funding and any form of support for sector players is important given that the country confirmed around 6.5 billion barrels of oil in about 20% of the potential area of which about 1.5 billion barrels is recoverable. Government says about US$15 -US$20bn will be invested in the sector in the next 3-5 years for the various projects. 

Elly Karuhanga, the Chairman of Uganda Chamber of Mines and Petroleum (UCMP) said at the recently concluded 4th Oil and Gas Convention in Kampala, in which over 500 players from Uganda and abroad attended, said the government and sector players need to pick lessons from countries like Nigeria which have created a local content fund and lends money to oil sector players.

Karuhanga said the Fund is capitalized by contributions from various players engaged in the oil and gas industry. It also lends money out to institutions, which in the long term earns it interest. As at early this year, the Fund had over US$400 million as its capital base.

As the country eyes first oil in two years from now, one big question will remain: Can the banks, government and other supporting agencies offer affordable financing and related services to sector players especially suppliers who are critical in getting first oil? Time will tell.


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