However, Nzeyi, a shareholder and the Director of National Bank of Commerce, filed Constitutional Petition number 44 of 2012 against Bank of Uganda and the Attorney General, challenging the constitutionality of the Financial Institutions Act provisions that allowed Bank of Uganda to take over and sell National Bank of Commerce.
The Bank of Uganda's Executive Director of the Public Procurement and Disposal of Assets recommended investigations into C&S for alleged misconduct and the Evaluation Committee recommended eliminating C&S from the bidding process based on a forged Manufacturer's Authorization form.
The case had come up for mention for the Prosecution to update the Magistrates Court on the progress of investigations in this matter before the case can be committed to the High Court, which has jurisdiction to try them.
Many central banks around the world are in the “shining golden rush” dictated by the lucrative outlook for the mineral going by its anticipated stronger return.
Caesar Draecabo, the chairperson for Uganda Chamber of Commerce Arua city notes that farmers in the region have been denied opportunities to venture into commercial agriculture due to failure to secure the affordable loans under the Agricultural Credit Facility financing.
In his petition that is copied to the BoU legal department and ‘received’ at the Ministry of Justice and Constitutional Affairs on Tuesday, Ntale notes that "the delay or refusal to appoint the governor violates the Constitution of the Republic of Uganda, which provides for the constitution of the BOU Board".
Micheal Atingi-Ego, the Deputy Governor of the Bank of Uganda told the finance committee of Parliament that the money remained outstanding at the end of 2021, mainly because the government could not raise sufficient revenue to clear the securities that had been held to maturity during the COVID-19 lockdowns.
The Deputy Governor was appearing before Parliament’s Committee on Finance, where he presented a statement on the state of Uganda’s economy with reference to the inflation, development, debt sustainability and the macro-economic outlook.
Nelson Bbosa, an expert in Non-Banking financial institutions at BoU, says that the BoU wants all money changers to come under regulations and if they are small to meet requirements, they should form associations.
The decision made on Friday by Supreme Court Justice Professor Lillian Tibatemwa Ekirikubinza follows a disagreement that has been on for six months between the Bank of Uganda and Sudhir Ruparelia on whether the final order that needs to be enforced should also reflect that the bank is reverted back to the businessman.
Nkojo died in November 2020 in Virginia, USA after being ill. Nkojo served as Central Bank Governor from May 1979 to September 1980, replacing Charles Nyonyintono Kikonyogo’s first brief stint at the helm of the bank. He had been working with the World Bank in Washington DC, USA.
Robinah Nabbanja, the Prime Minister said that she had taken note of the concerns by the MPs and requested parliament to allow her to consult and report back on their next course of action.
The officials appeared before the Anti-Corruption Court on May 2nd, 2019 for causing the bank a financial loss of more than Shillings 4 billion meant for different services and supplies involving Compulynx Uganda Limited, which was supposed to offer e-banking related services.
It adds that, “therefore, the question of time starting to run from the date of the final decision cannot arise in the circumstances since the final decision is not an issue before this court”.
After ordering the refund through the interface the ministry shares with the bank, Bigirimana notes that he authorizes BoU to send it to Stanbic Bank with which they have a Memorandum of Understanding and it's the one that sends the refund to people's mobile money numbers which are supposed to be registered in the applicants real names.
The trio has been in court for having allowed the inclusion of unauthorized cargo on a plane chartered by Bank of Uganda on its way between France, Belgium and Entebbe International Airport on April 26 2019.
According to Odoi in his affidavit URN has seen, unless court considers that there is good reason for extending the period within which the application shall be made, one cannot file such after three months after a decision has been taken.
Atingi-Ego recommends that in line with international best practice, the status quo should be maintained given that the current BoU board plays a dual role in public policy formulation and oversight.
Atingi-Ego together with the BOU Legal Counsel Margaret Kaggwa Kasule had today appeared before the Legal and Parliamentary Affairs Committee to respond to the proposed Constitutional Amendment Bill, 2020 introduced by Igara East MP, Michael Mawanda.
