The National Social Security Fund (NSSF) has unveiled a web-based whistleblower platform for aggrieved employees to report employers who fail to remit their contributions to the Fund, as required by the law.
The suspension of trading in shares of Umeme Limited (UMEM) was lifted today at the Uganda Securities Exchange following the exit of former majority stakeholder, Umeme Holdings Limited, a subsidiary of the UK-listed private equity investor Actis.
The Uganda Securities Exchange will lift the trading suspension on Umeme Limited this Wednesday, 16 November following the sale of the power utility’s shares by its former majority stockholder, Umeme Holdings Limited.
The National Social Security Fund will become the majority shareholder in electricity distributor Umeme (UMEM) after agreeing to buy 121.82 million shares from Umeme Holdings Limited for Shs59.4 billion.
Political and business leaders believe that with recent reports of Uganda’s economic downturn, more government attention to agriculture – which employs most Ugandans – and increased investment in the sector will spur growth.
Uganda Clays managing director, George Inholo is so confident of the roofing tiles maker’s prospects that he is not anxious about NSSF’s recent decision not to turn all of its debt to equity. The company finally turned a profit in the first half of this year.