Professor Samuel Sejjaaka, the chairman Board of Directors Nation Media Group (NGM), the publishers of Daily monitor newspaper revealed that the search for the company’s Managing Director has kicked off after Tony Glencross tendered in his early retirement prayer and it was allowed.

In the Statement, Sejjaaka stated that effective from 31^st December, 2023, Glencross will be officially retiring and as per now, the board is undertaking a competitive recruitment process to identify a suitable replacement.

South African born Glencross joined Monitor Publication in 2015 and has spearheaded its transformation from print media company to a multimedia company.

Highly placed sources at Nation Media told theGrapevine that politics and the bad economy forced Glenscross, a former Commercial Officer at Vission Group, to retire. A source said that the company has failed to recover from the economic shock that many companies are currently suffering from as a result of the Covid-19 long lockdowns and the Russia-Ukraine war.

The monitor paper circulation has since declined because the pockets of most readers are yawning due to the bad economy.

There is also the issue of bad politics. Insiders allege that Glencross has been working under pressure especially from top government officials who are always attacking the company for working against the government.

On several occasions, President Yoweri Kaguta Museveni declared Monitor a ‘bad paper’ to the extent of suing the publication over defamation.

In Monitor’s legal battle with Museveni, Justice Musa Ssekaana of the Civil Division of the High Court ordered them to pay Shs300m as damages to the President.

Museveni always alleges that Monitor publication is working for bad foreign agents.

A source at Monitor further revealed that the newspaper’s private advertisement has dropped yet government is also taking long to pay for their adverts.

Glencross’ early retirement comes days after New Vision Managing Director Don Wanyama warned the company’s current and prospective shareholders of an impending loss for the year 2022/2023.

Wanyama based his announcement on the “preliminary assessment” of the company’s performance by the Board of Directors, which is expected to return a loss for the year.

He explained that the company’s bad performance is as a result of the recent price hikes of inputs like; newsprint and other raw material inputs resulting from global supply chain disruptions.

He added that the company’s revenues are dominated by printing which accounts for almost half, followed by broadcasting (radio and television) outlets, commercial printing and others.

“The main contributor to this performance is the challenging business environment due to slow business recovery from the COVID-19 impact on newspaper sales and advertising revenue spent across the different platforms,”  Wanyama stated.

Highly placed sources at both Monitor and New Vision intimated to theGrapevine that plans are underway to cut on the number of staff and costs of operations.

By Sengooba Alirabaki

City businessman Haruna Sentongo has suffered a setback in the legal battle to save his multimillion empire which is under threat of being auctioned by I&M Bank formerly Orient bank over a Shs10bn debt.

Justice Harriet Grace Magala of the Commercial Division of the High Court dismissed with cost the application filed by Sentongo seeking a court order staying taxation proceedings against him until the determination of his appeal at the Court of Appeal.

In his affidavit, Sentongo challenged the proceedings of taxation against him explaining that he challenged the order for payment of costs in his Appeal and he has secured the interim order staying the execution of the orders of the lower court.

He accused the bank of abusing the court process by filing the bill of costs which will irremediably prejudice to his appeal.

He pleaded with court to exercise its inherent powers to stay the execution proceedings of the bank’s bill of costs because if it is allowed, it is going to be a  pivotal ground on his appeal and render the appeal nugatory and academic.

The bank protested the application through the affidavit in reply deposed by Cheguvera Mushemeza, the Legal Officer of the bank, stating that the application for stay of execution is an abuse of court process.

Mushemeza explained to the court that the court of appeal granted Sentongo a conditional stay but he failed to comply with it. He added that the court of appeal issued an interim injunction against the sale of the mortgaged property and an interim stay of execution of the Decree.

He explained that the Court partially allowed the application but declined to grant a stay of execution and it is the ground they based on to file and serve their bill of costs in the consolidated suits which was scheduled for taxation on the 7th June 2023.

He stated that prior to the taxation hearing date, Sentongo was invited for a pre- taxation hearing on the 5th June 2023 but he either declined or failed to attend.

In her ruling over the matter, Justice Magala explained that her court cannot entertain Sentongo’s application because he is in contempt of the court order issued against him.

“The applicant therefore came to court with unclean hands. For that reason, the court cannot exercise its judicial discretion in the Applicant’s favor unless he has purged himself of the contempt. In the result, this Application is dismissed with costs to the Respondent,” Justice Magala ruled.

Sentongo is challenging the decision by the Commercial Division of the High Court which dismissed his case challenging the bank’s action to auction his commercial property known as Segawa Market, on land situated on Kibuga Block 12 Plots 250 and 251, Kisenyi Kampala city over Shs10bn debt.

Court records indicate that in 2015, Sentongo approached the bank for a financial facility for completion of the commercial blocks for Segawa Market which was to be rented out to tenants to derive rental income.

Both parties executed a facility letter dated 22^nd February, 2016, for a Loan of Shs5bn and it was agreed that the facility would only be serviced through rent collections from the market if the bank funded the development.

Sentongo claims that the bank breached the facility contract by failing to disburse the agreed sums of monies.

Court documents show that Sentongo told the Commercial Division of the High Court that the ban would purport to credit his bank account, and synonymously liquidate the loan, paying itself back immediately with the sums credited, and the sums it would repay itself were always reflected as “Loan amounts recovered”.

The bank on the other hand, according to court documents claimed that between February to October 2016, Sentongo was granted several loan facilities and at his request, they were consolidated into one term loan with a single monthly instalment amortized for a period of five years.

He however, failed to meet his loan repayment obligations consequent upon which the bank issued him two notices of default.

The bank further claimed that when they started the process of recovering their sum of Shs10bn, Sentongo decided to institute a lawsuit and was defeated at the High Court. He appealed at the higher court.

By Grapevine Reporters

The World Bank’ recent decision to pause lending to Uganda because of the recently passed Anti-homosexuality Act exhibits the continued impact of neo-colonialism on the economic growth of countries that are dependent on international financing and foreign aid.

The basis of the World Bank decision was that the Uganda Anti-homosexuality Act fundamentally contradicted the World Bank Group’s values. There was also pressure exerted on the World Bank from several groups and countries urging “specific, concrete and timely actions” including 170 civil groups, urging suspension of future lending.   In June 2023, countries imposed travel restrictions on Ugandan officials in response to the Uganda anti-guy legislation.

Prior to passing this law, President Museveni had explained the history and culture of Ugandans as a huge influence in the decision making on whether to pass this bill into law. He explained that the basis of the decision making on legislative issues that fundamentally impact the moral turpitude of Uganda was solely based on internal evaluation of the relevance of the law.

Former President of Ghana the late Kwame Nkrumah observed that the practice of neo-colonialism “means power without responsibility and for those who suffer from it, it means exploitation without redress”. Neo-colonialism is accordingly more dangerous than colonialism. Whereas colonialism required a physical occupation of territory, in neo-colonialism, there is no physical presence in the neo-colonial state. It is invisible and secretive.

Therefore when Uganda, an independent state arrives at a decision to enact a law that contradicts the way of life of the West, the World Bank has the liberty to make a decision to stop supporting its developments and investments in cahoots with international capital. To Neo-colonialism it is insignificant that the legislation respects the general cultural values, and moral turpitude of Ugandans.

President Museveni has continued to reject international criticism of the legislation, and has defended the law as necessary to stop the LGBTQ community from trying to degrade the moral turpitude of Ugandans. This however has had no tangible effect on those who hold the strings of International capital. To neo-colonialism, the views of a Head of State of an independent nation has no consequence as long as it is not the position agreeable to International capital entities. Africa cannot therefore make a political or legislative decision without the major influence of international capital in the decision making process of the different organs of government, whether legislative or executive.

Neo-colonialism will not allow Africa to form market blocks with Banking and monetary systems which can compete globally. Consequently Africa will continue to be an easy catch for neo-colonialism whose hidden hand will continue to keep the continent divided into several small states which are unable to run their own affairs from a sound economic base capable of competing globally.

The prices of the raw materials, as well as the finished goods of Africa are determined by the neo-colonial system. The African economics themselves are not complimentary. They produce what they do not consume, and consume what they do not produce. The export-import system itself is done through a banking system, shipping and insurance network, controlled by neo-colonialism.

The value of the currency of African countries being dependent on the export value of its raw materials is eternally lower compared to those of the former colonial powers. It is constantly being devalued making it difficult for African countries to have the same purchasing power as the neo-colonial powers. Yet African countries must borrow and pay back through the neo-colonial currency with interests and penalties imposed by the international monetary systems domiciled and controlled from the neo-colonial capitals.

The central Banks which control the fiscal policies of African states supervise Commercial Banks on the basis of best monetary criteria-the criteria itself determined by the neo-colonial powers.

Africa is the largest recipient of foreign aid, but this aid is given through a neo-colonialism system which neither promotes democracy nor economic development. Instead, as Moyo opined in Moyo, D. (2009). Dead aid: “aid has helped to make the poor poorer, and growth slower. Millions in Africa are poorer today because of aid; misery and poverty have not ended but have increased. Aid has been and continues to be an unmitigated political, economic, and humanitarian disaster.”

Neo-colonialism has ensured that the gamut of foreign aid put Africa under a debt servicing crisis-the debt trap. Africa is poor and its poverty undermines political autonomy to choose and decide on economic models, development programs and independent political and legislative structures.

African aid packages have been ostensibly justified as fostering economic growth and political transformations. Contrary to such benevolent expectations, Africa has failed to achieve economic development and democracy. Rather poverty, political instability, and structural aid-dependence remains its defining hallmark.

International bilateral and multilateral aid is for achieving vested interests rather than genuine motivation for Africa’s progress. Without an African common market with a banking system able to compete globally, Africa is clenching chains around its bosom, believing that it is embracing freedom. Foreign aid for Africa is an instrument of imperialism and domination.

Dr. Sam Mayanja

Minister of State for Lands

smayanja@kaa.co.ug

www.kaa.co.ug