Baz Waiswa

Baz Waiswa

Angola To Promote New Petroleum Investment At Conference

The 2019 Angola Oil & Gas Conference and Exhibition, to be held in Luanda from June 3 to 7, 2019, is officially endorsed by the Ministry of Mineral Resources and Petroleum of Angola and organized by Africa Oil & Power.

Angola Oil & Gas 2019 supports the government's goal to bring greater investments to Angolan oil fields and highlight the recent reforms made by President João Lourenço that will significantly boost Angola's competitiveness.

The conference will be a platform for the government to disclose new opportunities for the oil industry in Angola, including the licensing of new petroleum blocks, new legislation for gas exploration and investment, exploration of marginal oil fields, onshore exploration and investments in all areas of the petroleum supply chain.

A resurgent Angola with a new political mandate and investment priorities will be the focal point of the Angola Oil & Gas 2019 Conference and Exhibition to be held from June 3-7, 2019 in Luanda.

Angola Oil & Gas 2019 will be the main event of the national oil industry for this revitalized sector, addressing the new investment climate under the leadership of President João Lourenço, the role of a new national oil and gas agency in the development of the sector, and the issuance of new licenses for exploration and production companies.

The Ministry of Mineral Resources and Petroleum is working in partnership with organizer Africa Oil & Power (www.AfricaOilandPower.com) to produce the country's largest investment conference in years. 

"Angola has been one of the world's leading producers of oil and gas, and under the new administration of President João Lourenço, we are focused on revitalizing and increasing our potential exponentially. We intend with this conference to maximize the value created for the Angolan economy by bringing investors who can increase the competitiveness in the oil market and use the Angolan oil industry as the main catalyst for boosting the economy in general," said the Minister of Mineral Resources and Petroleum of the country, Diamantino Pedro Azevedo.

"The sector has seen several changes, including a sustained drop in oil prices. Thanks to the reforms, Angola is stronger and better positioned in the current investment climate. We look forward to using Angola Oil & Gas 2019 as a platform to capitalize on new business and spark new interest in the industry as projects move forward."

Angola Oil & Gas 2019 will be the ultimate venue for the presentation of oil and gas projects, ongoing exploration activity, mergers and acquisitions and the presentation of companies operating in Africa's second largest oil producer, with 1.5 million barrels per day.

The conference will be the definitive platform for the government to disclose details about the 2019 oil and gas licensing round and to unveil new legislation for gas exploration and investment in marginal oil fields. Also a focal point of the program will be the creation of a new National Agency for Petroleum and Gas, which in 2019 will assume oil and gas licensing responsibilities.

The event will gather key governmental officials and C-level executives spanning the spectrum of the energy industry for a packed agenda of keynote presentations, moderated panel discussions, an exhibition, and networking gatherings. Angola Oil & Gas will put a premium on deal making and relationship brokering as Angola aims to attract investment in all segments of the petroleum industry. African ministers of petroleum will attend the event, as well as international investors and decision-makers.

"This is the time for global oil and gas investors, and Africa-focused companies, to take a fresh look at Angola," said Africa Oil & Power CEO Guillaume Doane. "The petroleum industry is set to benefit from the impetus provided by a new political administration and favorable oil prices, as well as the increasing influence of local companies. Angola Oil & Gas 2019 will be the catalyst for economic activity and investment in Angola, a platform to showcase the country's enormous potential, explain the projects and meet the key actors."

A comprehensive report on the Angolan energy sector entitled Africa Energy Series Angola 2019 will also be produced in tandem with the conference. The book will be an official investment tool for the Angolan oil and gas industry and will feature interviews and resources on Angola's most pressing energy issues and opportunities, including the acquisition of new licenses and new exploration of the offshore basins, strategies for reversing oil production declines, the potential for onshore oil and gas exploration, the emerging role of LNG, building a strong domestic sector and diversifying the economy through downstream efforts.

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COSASE INQUIRY: Bagyenda, BoU Ex-directors To Appear Before Committee

The former Bank of Uganda Director for Supervision, Justine Bagyenda and together with Ms Margaret Matovu and Apollo Obbo, two other former directors will today face the Parliamentary Committee of Commissions, Statutory Authorities and State Enterprises (COSASE) investigating the controversial closure of seven banks.

The trio according to sources will appear to clear the air about liquidation reports on closed banks running into billions of shillings. On Tuesday, Benedict Ssekabira, another BoU Director facing the spotlight told MPs that he submitted liquidation reports to Bagyenda and the two other directors when he handled the liquidation of three banks.

The liquidation reports detail how assets of International Credit Bank, Greenland Bank and Co-Operative worth over Shs 100b were disposed of. Evidence has since been brought before the MPs indicating that BoU officials wrote off Crane Bank Ltd loans amounting to Shs600b through unclear circumstances.

The MPs inquiry is also focusing on the mismanagement of closed banks by BoU after the Auditor General Mr John Muwanga issued a stinging criticism of the central bank in a special audit that cited massive flaws in the closure of Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), The Co-operative Bank (1999), National Bank of Commerce (2012), Global Trust Bank (2014) and the sale of Crane Bank Ltd (CBL) to dfcu (2016).

NOT JOKING: 200 IGG officials Lined Up To Investigate Bank of Uganda

The Inspectorate of Government (IGG) has set up a strong team of 200 officials to investigate the source of wealth of over 100 Bank of Uganda officials including the governor Emmanuel Tumusime Mutebile and his Deputy Dr. Louis Kasekende.

This is happening when Bank of Uganda is facing a parliamentary committee investigating how seven commercial banks were closed down by the central bank between 1993 and 2016. Already the parliamentary committee working on a tipoff from a report by the auditor general has unearth misdeed by the central bank.

PMLDaily.com, a local news website quotes a letter from the IGG to Dr Louis Austin Kasekende, the Deputy Governor, Bank of Uganda, informing the latter of the investigation into his assets, income and liabilities.

“This is to notify you of the decision by Inspectorate of Government to conduct a verification of your income, assets and liabilities as provided under section 4C of the Leadership Code Act.”

“The verification exercise will commence within seven days from the date of this letter. Mr Victor Acidri, a senior principal inspectorate officer and Ms Doreen Tusiime, and inspectorate officer have been authorized to conduct the verification exercise and obtain information in respect of this matter,” the letter adds.

Sources privy to the investigation have told PMLDaily.com that after several BoU officials declared many assets, the IGG had to deploy more manpower to verify the source of the assets. It is believed that Dr. Kasekende was among the BoU officials who under declared their wealth and sources of income.

The Leadership Code Act 2002 requires all specified leaders to declare their Incomes, Assets, and Liabilities to the Inspector General of Government.

The IGG spokesperson, Ms Munira Ali, told the media that ‘we are verifying incomes, assets, and liabilities of BoU officials because the law requires that we do so. “There is nothing like a witch-hunt, in any case, we have just completed Uganda National Roads Authority, Permanent Secretaries and Accountant and now we are handling BoU officials,”  

It not clear whether the IGG started investigating the BoU officials in relation to the controversial sale of Crane Bank and other commercial banks that is a subject of a Parliament investigation.

Kabira Country Club Christmas Carnival Returns

The second edition of Kabira Country Club Christmas Carnival will take place on 25 November, 2018 at Kampala International School Uganda (KISU) in Bukoto. The hotel apologetically announced they had moved the carnival from the hotel premises 'due to unavoidable circumstances'.

Kabira Country Club is a lavish hotel in Bukoto, a Kampala suburb, offering accommodation, Health & Leisure, Food & Beverage, Conference & Events. It said the carnival is a perfect start to ‘your Christmas Season and ideal occasion to get all your Christmas gifts,’

“Join us for a heartwarming Christmas event that offers you entertainment, delicatesse, artisan market with over 100 vendors, live band, grand tombola raffle, kids’ activities, playground, jumping castle, face painting, and lots more,” the hotel management said.

Kabira Country Club is a full-service hotel, offering elegance and comfort in a relaxed atmosphere in Kampala's northern suburb of Bukoto. With stunning views of the greater Kampala cityscape, Kabira combines gracious hospitality with contemporary style.

With 95 luxurious guest-rooms and exceptional amenities, Kabira Country Club is perfect for a relaxing get away and somewhere to hold a special event or an impressive venue for a business gathering.

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