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UBA Foundation Launches Each One Teach One Intiative

UBA Uganda through the UBA Foundation, the arm of the bank charged with Corporate Social Responsibility (CSR) launched the ‘Each One Teach One’ Initiative designed to benefit   youths in Africa.

The purpose of the Each One Teach One Initiative is to create opportunities where UBA staff across the continent voluntarily commit their time to their communities, teaching youths various skills such as cooking, agriculture, foreign languages, photography, fashion design, music, reading, writing and much more, to empower youths with knowledge, which in future will facilitate their financial independence and support enterprenual development.

To unveil the initiative, Friday 23rd November was declared UBA Community Service Day, group wide. In Uganda, the team launched the project at Bugema Adventist Secondary School.  UBA staff donated literature books, agricultural material, planted trees and trained students on financial literacy and entrepreneurship.  The ‘Each One Teach One’ initiative will be rolled out will be rolled out across the country in areas of operation

‘We believe the youth are the future of this country and the education they receive does not singlehandedly prepare them to succeed in the future. Through the UBA foundation and the ‘Each One Teach One Initiative’, we hope to give the youth a head start by equipping them with the necessary skills to succeed,’ commented Johnson Agoreyo, the UBA Uganda Managing Director and CEO.

UBA Foundation through its four major areas of focus - education, environment, economic empowerment and special projects will continue to positively impact the lives of Uganda youths and communities.

Millennium Challenge Corporation Improves Electricity Access In Malawi

GE's EMS will provide real-time and remotely managed information on Malawi's electrical grid and power outages; Project will pave the way for development of Africa's regional interconnections; This project covering 26 substations will reduce technical losses in the transmission system in the medium-term, while fostering economic growth in the long-term

Aligning with MCA-M's Infrastructure Development Project, GE Power's Grid Solutions business today announced it has completed the installation and commissioning of the Energy Management (EMS) and telecommunications systems at 26 substations of the Electricity Supply Corporation of Malawi (ESCOM).

The project, financed through the Millennium Challenge Corporation , will improve efficiency, reliability, security and planning of the transmission network in Malawi. The project will provide ESCOM with the tools to securely interconnect with neighboring countries (Mozambique, Zambia & Tanzania) and reduce technical losses in the transmission system in the medium-term whilst fostering economic growth in the long-term.

At the handover ceremony Jeanne Hauch, Vice President and General Counsel, Millennium Challenge Corporation said, "The work we have accomplished through theMCC Malawi Compact has created the foundation for a modern power system in Malawi. The experience and expertise of partners such as GE are critical to the success of a compact. GE's technology is providing real-time and remotely managed information on Malawi's electrical grid and power outages. This kind of work has set the stage for Malawi's continued economic development."

With about 3.2 million households without power, Malawi is working towards a reliable and cost efficient operation of its transmission system. "The ability to monitor the grid in real time is a key requirement to secure electricity supply nationwide.

GE's EMS solution will enable the state-owned power utility to easily monitor, control and coordinate the related electrical networks, regulate power voltage within the transmission grid and identify system failure in those substations that are connected to the SCADA system," said Lazarus Angbazo, CEO, GE Power's Grid Solutions, Sub-Saharan Africa

"Furthermore, the grid modernization and expansion will enable safe and efficient transmission of electricity therefore providing more Malawians with access to electricity and pave the way toward development of Africa's regional interconnections," he added.

GE Power's Grid Solutions business provides complete, engineered solutions for high voltage (HV) substations to power generation companies, utilities, and industries, bringing together the right mix of high-voltage products through expert engineering and full project management. GE has designed and implemented over 1,700 substation projects in the last 10 years.

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Bagyenda Given Deadline To Present Global Trust Bank Closure Documents

Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) has given the former Bank of Uganda (BoU) executive director of supervision, Justine Bagyenda and her former co-workers up to Thursday this week to present negotiation records, inventory reports and minutes of meeting that led to the final decision for closure of Global trust bank Uganda (GTBU).

Appearing before committee chaired by Bugweri county MP, Abdul Katuntu, Bagyenda said she didn’t have a chance to look at the audit report of GTB except that of Crane Bank. “I only had a chance took at the audit report of Crane Bank and then I left Bank of Uganda,” she said.

Bagyenda told the committee members that BoU followed right procedures to the closure of GTB. “We carried out all examinations on the bank, the board of management was weak, financial status was inaccurate therefore we wrote a report and it was presented to the Governor BoU, Prof Tumusiime Mutebile,” she said.

She said that a commercial audit was done and conducted by KPMG before the bank was closed. However, Katuntu asked her to avail inventory reports, negotiation records and minutes of the meetings that approved the closure of the bank.

In her response Bagyenda said: “I can’t remember if we have them, I need to check,” She replied adding that she was not given any chance to talk nor discus them.”

Katuntu responded: “New officers need to know the past activities conducted by BoU. The bank has to have a record. I repeat are records there? ” Asked Mr. Katuntu.

Mrs. Bagyenda, however requested to be given more time to cross check with BoU. Her plea was heard was granted up to Thursday this week when the committee is scheduled to resume its work.

In yesterday’s meeting, it was revealed that GTB was closed on July 25, 2014 and had its assets and liabilities transferred to DFCU Bank on the same day under the purchase of assets and assumption of liabilities agreement.

Cosase is probing current BoU top gurus as well as former employees who participated in the closure of seven banks. The MPs are using Auditor General John Muwanga’s report on seven defunct banks which include Global Trust Bank and others like Crane Bank, Teefe Trust Bank, Greenland Bank, National Bank of Commerce, Cooperative Bank and International Credit Bank.

According to Mr. John Muwanga, who probed BoU after parliament ordered that he does so, GTBU was closed on 25th July 2014 due to undercapitalization and Corporate Governance weaknesses among other reasons. BOU took over the management of GTBU in line with Section 88(1) of the Financial Institutions Act 2004. In line with Section 95(1) (b) of the Financial Institutions Act 2004 BOU and DFCU arranged for the purchase of assets and assumption of all or some of the liabilities of GTBU.

SOURCE: Eagle Online

Bagyenda Aides Remanded To Luzira Prison

Investigations into the mismanagement of the banking sector by Bank of Uganda and the specifically the irregular sale of seven commercial banks have already harvested some victims.

Tuesday two two Bank of Uganda security officers were charged with negligence of duty which caused the disappearance of documents related to the liquidation of some of the seven commercial banks.

Ms. Beatrice Kyambadde and Charles Mollo appeared before City Hall Court in Kampala on Tuesday and charged with negligence of duty before they were remanded to Luzira Prison until December 6, 2018. This was after prosecution told court that police investigations into the matter was not yet complete.

Ms Kyambadde and Mr Mollo were keeping the access gates that the former BoU executive director for Supervision, Ms Justine Bagyenda used to take out bags suspected to be carrying bank documents. They were arrested last Thursday on orders of MP Abdu Katuntu, the Chairman of parliamentary committee investigating the closure of commercial banks.

The two security assistants were arrested alongside Bagyenda’s bodyguard Juliet Adikot and her driver Job Turyahabwe on orders of the Abudu Katuntu, the chairman of parliamentary committee probing BoU over the closure of commercial banks.

Ms Adikot and Mr. Turyahabwe last week gave contradicting testimonies to the committee in relation to Ms Bagyenda’s movements on the day three bags were returned. The two were captured by CCTV cameras felling out bags into Bagyenda’s car. Ms Adikot caused drama in parliament when she said police’s standing orders do not permit her to give any information to any authority.

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