The Public Accounts Committee (PAC) has expressed concerns over the use of a Shs803 billion World Bank grant intended to support women-led businesses through the Generating Growth Opportunities and Productivity for Women (GROW) Project. According to the Auditor General’s report, a significant portion of the funds is being directed towards mind-set change programs, infrastructure development, and competitions, rather than providing direct financial aid to women entrepreneurs. The Committee Chairperson, Muwanga Kivumbi, noted that only Shs133 billion of the total grant is allocated to direct financial support for women-led enterprises, while the rest is being used by the Ministry of Gender…
Author: Oyewole Oluwafemi
A team of high-ranking Haitian police officials met with Kenya’s Inspector General of Police on Tuesday, paving the way for a multinational peacekeeping mission to combat the escalating gang violence in Haiti. The meeting, which took place in Nairobi, comes ahead of a planned deployment of a U.N.-backed mission, led by Kenya, to the violence-hit Caribbean country by the end of June. The Haitian police delegation met with Kenya’s Inspector General of Police, Japhet Koome, to discuss the details of the deployment, which aims to restore peace and stability in Haiti. The meeting was also attended by commanders of the…
In a move aimed at protecting the interests of depositors and maintaining the stability of the financial system, the Bank of Uganda (BoU) has revoked the license of Mercantile Credit Bank Ltd, a Tier II financial institution. The decision, taken under Sections 99 and 17(b) and (f) of the Financial Institutions Act 2004, comes after the bank failed to address significant undercapitalization, poor corporate governance, and insolvency, putting customer deposits at risk. According to Deputy Governor Dr. Michael Atingi-Ego, the BoU has determined that the continuation of Mercantile Credit Bank Ltd’s activities would be detrimental to its depositors. The bank’s…
The Rwanda National Electoral Commission has announced the names of candidates vying for the country’s top seat and parliamentary positions in the upcoming elections scheduled for July 15th. The presidential race will see three candidates compete for the highest office, while over 500 aspirants will contest for seats in parliament. The incumbent President, Paul Kagame has been at the helm of the Rwandan Patriotic Front (RPF) since 1998, seek to extend his 23-year tenure as president. Kagame has been a dominant force in Rwandan politics, winning previous elections in 2003, 2010, and 2017 with landslide victories, securing over 90% of…
The former President of South Africa, Jacob Zuma denounced the country’s newly formed coalition government on Sunday, urging for new elections to be held. Zuma expressed his disapproval, stating that the current government does not truly represent the will of the people, and instead, he advocates for a fresh mandate to be given to the citizens to choose their leaders. Speaking at a press conference in Johannesburg, Jacob Zuma, the former President of South Africa and current leader of the uMkhonto weSizwe (MK) Party, addressed the media, “There must be a repeat. No, There must be another elections,” Following the…
A devastating incident occurred on Sunday night in the Ntcheu community, a village in central Malawi, when a vehicle in the convoy of the late Malawian Vice President Saulos Chilima’s funeral procession fatally struck mourners, leaving at least four dead and 12 injured. The vehicle, which was part of the motorcade conveying the remains of the late VP, rammed into the mourners who had gathered in the streets to catch a glimpse of the vice president’s coffin. Thousands of people had lined up to pay their respects, unaware of the tragedy that was about to unfold. According to a police…
Senegal has become the latest addition to the list of West African nations that produce oil, achieving a major economic milestone. The country’s first oil production, which began last week, is expected to generate billions of dollars and significantly boost the economy. The Sangomar deep-water project aims to produce 100,000 barrels of oil per day. “This is a historic day, a key milestone for Woodside and Senegal,” said Australian energy giant, Woodside while highlighting the significance of the achievement. Senegal’s new oil production venture is poised to inject billions of dollars into the country’s economy, marking a significant economic breakthrough.…
The minimum core capital requirement for banks in Kenya is currently set at Sh1 billion. However, small banks in the country may face an uncertain future if the government hastens the reform process aimed at raising the minimum capital requirement. A recent announcement by the treasury to review the requirement to Sh10 billion signals looming consolidations in the banking sector, especially for small lenders. Banks that cannot raise their core capital may seek mergers, acquisitions, or face closure of their operations. Core capital refers to the minimum amount of capital that a bank must have on hand to comply with…
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, announced that the United Arab Emirates (UAE) will soon lift the travel ban imposed on Nigerian citizens since 2022. Although the issue was resolved last year, the UAE government is still finalizing the details before making the official announcement in the next couple of weeks. The Minister made this revelation during an interview with a Senior Special Assistant to President Tinubu, Otega Ogra which was posted on the official YouTube channel of the State House of Nigeria. Keyamo clarified that while President Bola Tinubu’s September 2023 visit to the UAE resulted…
Pope Francis appeals to national and international authorities to intervene and put an end to the escalating violence in eastern Democratic Republic of Congo, where a devastating surge in violence has resulted in the loss of dozens of lives in North Kivu province over the past week. Concluding his weekly Sunday prayers in St. Peter’s Square, the Pope lamented the devastating loss of numerous Christian lives, among others, in the recent violence. “Painful news continues to arrive of battles and massacres that are happening in the Eastern part of the Democratic Republic of Congo.” “I appeal to the national authorities…