Financial Papers (Business Quotes)

"It is ALLAH who has subjected the sea to you, that ships may sail through it by HIS command, that ye may seek of HIS bounty and that ye may be grateful..."
- QURAN 45:12 (Bowing the Knee)

"Bring the whole tithe into the storehouse, so that there may be food in MY house, and test ME now in this if I will not open for you the windows of heaven and pour out for you a blessing until it overflows..."
- THE LORD GOD ALMIGHTY (MALACHI 3:10)

"For to everyone who has will more be given, and he will have abundance..."
- JESUS CHRIST, an Israeli carpenter and teacher, also known as the "King of the Jews" (MATTHEW 25:29)

“Young people always want to rush things. They want to see growth and success immediately which can’t be the case. In many cases, when you rush at the beginning, your success will be short-lived and you are very likely to fail in the long run. You are actually better off starting out slowly and building a strong business foundation which will guarantee you long term success...”
- SUDHIR RUPARELIA, Ugandan-born Property Baron (Forbes Magazine’s Richest Man in East Africa 2014)

"Be a yardstick of quality..."
- STEVE JOBS, Chairman, CEO and Co-Founder of Apple Inc.

"Success is a challenge, failure is the formula. When you fail, you know that you are growing... Your network is your net worth..."
- PATRICK NGOWI, Helvetic Solar Contractors (Tanzania)

"People can get information - on entertainment, politics, finance - much easier than before. That will change the way people do business, the way people live..."
- ROBIN LI, Chinese Businessman who beat Google in China with his Baidu Website

"There is no Happiness for man but to eat and drink and to be content with his work..."
- ECCLESIASTES 2:24

“The mortality rate of businesses in Uganda is high because of extravagance; no frugality whatsoever…”
– YOWERI MUSEVENI, Uganda’s longest-serving President since 26th January 1986 during the 2013 Inspire Africa, Entrepreneur Challenge

"Let us put our heads together and work...’’
- ALIKO DANGOTE, Nigerian regarded as the Richest African (controls much of Nigeria's Commodities Trade)

"There is a danger of getting excited over things and then you start making mistakes; Man is tested by gold and gold is tested by fire..."
- MARTIN DRITO, Madi-Okollo County (Arua) MP in a 2013 NTV Interview

"Children must be taught the ability to find problems, solutions and achieve results! If you do not do that, then the education has gone a mess..."
- PATRICK BITATURE, Ugandan entrepreneur

"Let us cast aside business forever, except for others..."
- ANDREW CARNEGIE, Scottish American steel magnate

"...as we enjoy great advantages from the inventions of others, we should be glad of an opportunity to serve others by any invention of ours; and this we should do freely and generously..."
- BENJAMIN FRANKLIN, one of the founding fathers of the United States in the 1700s

"Edison failed 10,000 times before he made the electric light. Do not be discouraged if you fail a few times... I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature... Try to turn every disaster into an opportunity..."
- JOHN D. ROCKEFELLER

"The only thing worse than being blind is having sight but no vision..."
- HELEN KELLER

"You have to think anyway, so why not think big..."
- DONALD TRUMP

"Work is invincible..."
- LILIANE BETTENCOURT, L'Oreal's grand dame

‘‘Money should never be a measurement for anything...’’
- ASHISH THAKKAR, British National living in Dubai, UAE and referred to as the Youngest Billionaire in Africa. (He is founder of the pan-African multi-sector business conglomerate, Mara Group. A serial entrepreneur who started his first company at the age of 15, Ashish built a conglomerate of real estate, information technology and manufacturing with operations in over 26 companies and employing 7,000 people worldwide in less than two decades.)

“It’s not the employer who pays the wages, he only handles the money. It’s the product that pays the wages…”
- HENRY FORD

“Just do your work, forget the misery…”
- RUSSELL SIMMONS

“If we run our society as if pieces of paper (money) is wealth, then we are nuts. Humans are the wealth…”
- JEM BENDELL (The Money Myth)

“The way to find your Way in life is to ask GOD or the universe, ‘How can I be used?’…”
- OPRAH WINFREY

"I'm not somebody who believes in money sitting in deposits in bank accounts. When I make money, I reinvest it straight away in new ventures..."
- SIR RICHARD BRANSON, English Entrepreneur of the Virgin Empire - Trains, Planes, Mobile phones, Internet, Wine, Music and Holidays

“There is nothing for free. Work extremely hard to earn what you’ve got…”
- MZEE JOMO KENYATTA (Harambee!), the first President of Kenya in 1963

"If you begin with prayer, you will think more clearly and make fewer mistakes..."
- SIR JOHN TEMPLETON

"(A successful artist) knows how to manage risk. It's like dating a beautiful girl who is not in your league..."
- MAURICE KAWEEKWA, a very talented artist

"So many people have abused me that how can you go to St. Mary's College Kisubi and be a farmer?"
- JEAN (RWAMUKAGA) KAAHWA, AGCO Africa Agriculture Ambassador since 2014 and Managing Director Shalom Fish Farm Limited

"All the literature on mobile money was about the poor and the unbanked, but I saw it as a perfect solution for the SME as well. I decided to build the first mobile money-ready accounting system in the world..."
- FRANCIS OTIM, MYAccounts CEO

"Let money work for you, not the other way round..."
- ARSHAD (BHOLIM) AHMED, entrepreneur

"High thinking, simple living..."
- ANDREW MUHIMBISE, a Ugandan investor

"Work hard, it pays..."
- MARIAM TAISA

"I've worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions. In short, fate's distribution of long straws is wildly capricious..."
- WARREN BUFFETT, the 20th Century's Best Stock Market Investor

"Even the Tallest Tower started from the ground..."
- CHINESE PROVERB

"Better than the ignorant are those who read books; better still are those who retain what they read; even better are those who understand it; the best of all are those who go to work..."
- INDIAN PROVERB

What Do Developing Countries Need?

Macadamised Boulevard near Rwenzori Mountains (Western Uganda)

At sunrise on Wednesday 11th June 2008, someone asked me if Uganda is developed. Stunned by the ironic question, I half-heartedly replied “No”, because there are two sides to this issue. “We aren’t that developed but are heading there at a rate of 9 per cent (at least according to the National Budget then)…”

Okay, the first reason why we aren't developed is that when it rains heavily, murram roads are muddy and sometimes impassable.

Secondly, we still use bicycles and haven't learnt how to travel on skates (though there is a skateboard rink somewhere in Kitintale, Kampala - ‘The first’ of its kind in Uganda, according to Sunday Vision Newspaper in June 2008).

Thirdly and most importantly, political leaders or MPs (Members of Parliament) plus other people with the right power take some time to effect infrastructural development policies despite their voters’ grievances. Instead of allocating funds appropriately, the corrupt channel money to do their own business yet good roads cut the cost and time of doing business. Malawi is reported to possess the Best Roads in Africa. One day, some Malawians visited Kampala and were shocked to find potholes in our capital city.

Since 1962, several development partners like the World Bank have supported Uganda’s road transport and infrastructure development. The creation of the Road Agency Transformation Unit and its successor Uganda National Roads Authority (UNRA) are testament to that development priority. Uganda’s three time democratically re-elected president, Yoweri Museveni, has given priority to the development of physical infrastructure. Forget the many tall buildings mushrooming all over Uganda; many roads have been tarmacked ever since M7 came to power in 1986 when I was only two years old. From Bwera (West) to Soroti and Lira (East), there have been visible developments. Part of the Entebbe Highway was made more spacious with four lanes separated in the middle. Likewise, the Jinja Highway near Kakira was also redesigned.

I hail from West Nile (Northwestern Uganda) and the journey to my homeland used to be riddled with potholes created by the notorious LRA (Lord’s Resistance Army) Rebels who planted landmines in the Gulu Highway. The road from Karuma to Arua was murram and during dry spells, I would feel like I was suffocating from dust entering the bus. On rainy days, vehicles got stuck and journeys meant for one day would have overnight sleepovers within the bushy Kabalega National Park where dangerous animals like lions exist. After the route was transformed into an all-weather road, the Expected Time of Arrival and many hazards reduced. Meanwhile, the Northern By-pass for diverting heavy trucks in Kampala was also constructed despite complaints that it should have four lanes everywhere instead of two in some stretches. The Southern By-pass is currently under construction, with support from China, the world’s next superpower. A Chinese company CICO is also working on the Kaya Highway from Vurra (Congo Border) to Arua (at the Heart of West Nile) to Oraba (South Sudan Border) which will definitely reduce poverty.

The problem with Africans is that we focus too much on the image of how poor we have been categorised by Western powers yet the simple remedy is macadamized roads. Road improvement will reduce poverty in developing countries; that is the democracy that delivers. Entrepreneurs think governments cannot end unemployment by simply giving people money. It starts with mindsets; without a business plan, that fund cannot be multiplied but will just be misused. Nevertheless, most people desire growth and they do not need governments to feed them; they can grow their own food. They do not need governments to heal them; they can set up private clinics, use herbs that work or pray for divine healing. Developing countries do not need their governments to educate them; people learn from their elders, do personal research and attend private schools. Rural people do not need electricity from their governments; they can do without a national grid and use solar batteries, dry cells or wind power. However, they cannot tarmac their roads alone.

What developing countries need are well developed highways, durable, safely designed bridges and feeder roads connecting different villages plus towns and linking them to neighboring countries. With this tarmac network, people will naturally find efficient ways of maximizing roads. Their children will travel to school with ease even on rainy days; they will comfortably carry their agricultural produce like maize, mangoes, cabbages, pineapples or cassava to markets and explore many other enterprises for development like logistics and construction. Citizens ought to use social media namely Facebook, twitter and Blogger to express what they desire from policy makers.

AIKOBUA-EDWARD

Integrity is key at FUCAFF

FUCAFF is the acronym for the Federation of Uganda Customs Agents & Freight Forwarders, an exclusive umbrella association for member clearing firms or companies registered in Uganda. With the slogan Fostering Tax Compliance with Stakeholders, it was formed in 2009 after UCIFA and its off-shoot UFFA to also coordinate with URA. The federation's secretariat is based in Kinawataka, Kampala - east of the Spedag compound behind the Railway Crossing and fosters clearing and freight forwarding management within the Northern Corridor - the Busiest Transport Network in East Africa. With Integrity as a vital Component in its Leadership and Management, FUCAFF is Uganda's forward-thinking Voice in the Business of Revenue Collection.

ASYCUDA World Rolls Out...

An upgraded Customs Data Management System that Uganda Revenue Authority successfully piloted in Jinja during November 2012 is to be rolled out to the rest of the country. It is a web-based system, which allows traders to submit their declarations from anywhere on earth, among many other advantages. ASYCUDA World now moves to Entebbe in April 2013, according to Joseph M. Mwangala, Project Manager of the Customs Business Enhancement Project. In May, it will be rolled out to Busia/ Malaba and then back to Customs Business Centre (CBC Nakawa, Kampala) the following month. Tech-savvy businessmen can follow the process of their goods clearance electronically using the internet or mobile phones. There will be no need to carry heavy files but URA-licensed clearing agents can help guide importers and other taxpayers whenever they don’t understand certain technical terms. Agents will simply scan their documents and email them. This will minimize long queues at CBC and delayed clearance. For further inquiries, call 0800117000, a toll-free line or visit www.ura.go.ug!

Empowering SMEs...

Keeping a small business running for many years is hard, but not impossible. The 8th Small and Medium Enterprises Forum was opened by the (Guest of Honour) Right Honourable Prime Minister of Uganda - Amama Mbabazi on Thursday 21st March 2013, the first of three days that would end on Saturday 23rd March at the UMA (Uganda Manufacturers Association) Main Exhibition Hall in Lugogo. After the Private Sector Foundation Uganda (PSFU) Executive Director's welcome remarks, the Key Note Address was given by Mr. Peter Ladegaard, representing IFC (International Finance Corporation) from the World Bank Group. An Issue Paper with questions collected from the participants early in the morning programme was also reviewed and the PM gave his feedback, then awarded certificates to key partner companies including Bank of Uganda, Stanbic Bank, One Solutions, Centenary Bank, Umeme, Jomayi Properties, Fresh Cuts, Warid Telecom, Niko Insurance, Finance Trust and Uganda Development Bank before giving his speech. James Mulwana (founder of UMA) was also remembered in an All-Stand-Up Moment of Silence. Despite the Office of the Prime Minister (OPM) Scandal being argued in court, the PM humourously asked, "Have you ever suffered a Theft? That's what happened to OPM." As Prime Minister, Mbabazi does not handle public funds at all but being the leader of Government business in Parliament and Secretary General of the NRM Party, he is at the centre of fighting corruption in Uganda and had to speak about what happened in his office. Kazinda had probably been doing his embezzlements for years and when he was about to be transferred, the PM asked for one more day to formally transfer Kazinda's duties through a handover because he noticed something fishy and that is how the rot was unearthed. Now that the barrels of oil drilled in Uganda are in millions, billions or whatever citizens want to hear, the private sector should benefit from this wealth since they are very important contributors to the economy (about 80 percent). Mbabazi complemented that SMEs are very important people government should be dealing with. Entertainment (that the MC reiterated as a jumper) was provided by a group of Karimojong Women who came with their babies for the first time in Kampala. They had saved 3.4 Million in one year simply by each member stashing away 1,500 UgX regularly, an admirable venture. The nearest banks from their homes are many kilometres away in Mbale but they pulled this off. (According to Bank of Uganda, only 20 percent of Ugandans actually have bank accounts while the majority keep their money at home.) Mbabazi, whom the women fondly sang about in their songs added them 1 Million as his contribution. EAC is rated highly among all the communities/ regional blocks in Africa, occupying the 19th spot among the Top 20 in the whole world. Notable is Rwanda which has the Best Start-up Profile for SMEs in the region though all the other countries also have their strengths. Mbabazi warned that the corruption involved in starting the construction of Karuma Dam should be ironed out or else we will return to the old days of "Power Rationing" yet power needs to be maximised. Corruption is systematic. He reminded the audience about the Ghost Soldiers Saga which also affected Government's image. While fighting Kony in Operation Iron Fist, only 100 soldiers lined up out of 1,000 paid officers. "What happened to the other 900?" During the one-on-one audience question session with the PM, a lady from Arua read loud a letter from her colleagues back home about an "expired" teacher for the disabled enterpreneurs especially the deaf and mute. She warned that everyone should be concerned now because in future anyone could have a relative who is disabled. The PM remarked that it should be a concern for every part of Uganda. An architect relayed his grievance of non-payment after contractual work for Ministry of Education and PM offered to follow up. Meanwhile, a farmer from Manafwa also uttered his complaint which the PM didn't understand, it was quite vague, etc. In the hall were exhibitions from URA, MTAC plus various companies including inspirational SMEs and a Turkish Delegation that set up B2B (Business 2 Business) Meetings at the back. This was a very good set up for people trying to start a business, needing advice or financial partners. As an annual initiative of PSFU, the theme of this free event in 2013 was: "Empowering SMEs to Access Affordable Financial and Business Development"...

Managing Uganda's Oil Discovery (19th Joseph Mubiru Memorial Lecture)

“Those with phones from the generation that can’t be silenced should switch them off (completely)!” the MC started with an amusing request to the eager guests. From crying babies to grey haired seniors, the Victoria Ballroom at Speke Resort Munyonyo was incredibly filled on Friday 28th October 2011 by all generations of Ugandans plus some white guests. Many of the previous lectures were also given by whites as evidenced by the video that greeted us as we walked in. Seats were added outside in the balcony area but still spilled over. Rain fell close to the end of the lecture but it didn’t matter. What mattered most was the topic of discussion during Bank of Uganda’s 19th Joseph Mubiru Memorial Lecture. Started in 1988, the annual lecture honours Joseph Mary Mubiru, the First Governor of BOU (1966 to 1971).



(Current Governor) Professor Emmanuel Tumusiime - Mutebile was the first speaker. He was glad to give his welcome address after three milestones in the bank’s history namely: the Introduction of new banknotes in 2010; the Triumph of the new 50,000 note - voted as the Best Design in the World; and his own Triumph - named the Best Central Bank Governor in Africa 2011. “Bugalo!” (Hands Clap), he ordered and the crowd laughed. He’s the one who introduced the Finance Minister.

Maria Kiwanuka (famous for starting Radio One and Two - Akaboozi) was gracefully comprehensive in moderating the discussions. She impressively noted and reiterated the good points.

The Main Lecture though was presented by Professor Paul Collier, Professor of Economics and Director at the Centre for the Study of African Economies, Oxford University. Below are some of the ideas he shared: Oil belongs to the entire nation and not only Mining Companies nor the Locals from whose area it is mined though they must benefit or they will riot. “Money corrupts but Oil money corrupts absolutely.” We need to avoid the curse that plagued Sierra Leone because of its diamonds. We need Peace like Botswana that had a similar public lecture after discovering diamonds. Despite the fast tracking of the East African Federation, Uganda’s oil should not be claimed by the other four members of the community just like England’s oil is England’s oil, not Scotland’s. Germany used to be the Worst Performing Economy in Europe until the Germans said, “Never Again!” and they turned the tables. Now they are the Best. Uganda can do that. About 30 developing nations once asked Norway for advice on how to develop like her and they were told to invest capital outside their countries. Norway already had enough capital at home and so for every worker in the country, more was added outside. Uganda cannot use the same strategy because “Uganda is very poor” in capital stocks at home. So oil revenue must be invested within Uganda. There should be Rules and Instructions, Transparency and Accountability. Instead of secretive deals, there should be Auction where the Best Bidder gets to explore Uganda’s Oil. A good leader creates systems that have no use for leadership.

Godber Tumushabe, who critiqued Collier’s paper compelled the audience to himself by speaking without fear that Politicians shouldn’t run the oil economy but leave it to entrepreneurs and trained experts. He remarked that the paper was shy in tackling that aspect. He believed he was suitable for this task because he had read Collier’s books. “I don’t work in government” was the reason he gave for speaking his mind. By the way, he also felt Universal Primary Education (UPE) doesn’t add much to pupils and New Districts should become Centres of Production, not just for Political Votes. “We have boarded a train and it will take us to either Botswana, Sierra Leone or Monrovia…” Despite cries from the public for him to be added more time, Godber agreed to use his remaining five minutes to deliver his arguments. He confessed that Africa never develops because we don’t responsibly use the Time and Resources we are given.

During the audience responses, a miner who descends from a Kisoro family with over 30 years of mining experience blamed Greed for the ruin in Uganda’s Mining Industry. “What happened to copper and other minerals?” he passionately inquired. Check greed and we won’t have an oil curse! Another respondent mentioned human resource as greater than oil and shouldn’t be ignored. Ken Lukyamuzi wowed the attendees with his humourous language and fearless criticism like in ages past. This time he respected the occasion and didn’t repeat his trademark phrase – “What are you talking about? – but threw in a legal term “estopy” that amused many. MP Lokeris and another from Vurra, Arua also spoke, just to mention a few.

The Finance Minister blamed parents for killing children’s dreams. Why can’t someone study history? Why force them to do biology simply because they pass Biology yet their interest is elsewhere? It’s the carpenters and entrepreneurs who will push the economy forward. Maria proclaimed that she got access to some interesting data in her new Ministry of Finance, Planning and Economic Development (MoFPED) office that revealed that for five years before 2009, Uganda was listed among the Top 10 Fastest Developing Countries in the World. What do you think will happen when Uganda’s oil is mined, taxed, the money is saved and invested?

[DISCLAIMER: Everything is paraphrased from memory so some ideas may not be exactly what was said but that’s how I grasped them.]

Stone Cold (2011 Film) and Film-financing Tips

Kargo Cinema brings you Stone Cold, a tragic movie about child labour, written by Michael Wawuyo (who plays the role of the man who buys away Kosai’s elder daughter as a babysitter leaving behind the injured daughter) en directed by Ugandan TV icon Irene Kulabako Kakembo who also directed All Our Children (2008). She seems to have a heart for Children. Well, she surely influenced me a lot while I was growing up watching UTV (Currently UBC). The movie was produced by Tri Vision, a company co-founded by Irene’s husband Joseph Kakembo. If this movie doesn’t make you cry, I promise it will move you somehow. It premiered at Alliance Francaise on Friday 17th June 2011 (World Day against Child Labour). Shot for one week in Kampala en 10 days in Kumi, the rain scene at the beginning was engineered artificially but made very believable and so was the bloody climax when stones fell on the main character’s two boys Yeko en Mariko. Imagine Special Effects in UG, those rocks falling on the boys in the gorge are actually sponges (like in a mattress) though they were painted to look like rocks. That’s why the one DSR 250 camera they used wasn’t damaged. During the shooting of this sad scene, a glass was also placed above the camera to minimize the dust falling from the sponges. You just have to watch this to believe me. The sound was also amazing, recorded alongside the video instead of separately, according to Shantos Sekitto (the Sound Man) who also doubled as an actor in the bar scene talking about how to “… turn stones into beer.”

A workshop on Camera, Lighting for film and Film-financing was held the following morning (Saturday) before another mass screening on Sunday, (both events) at the National Theatre en it was very ‘door-unlocking”. In the audience was a jeweler, animator, film maker, accountant, cartoonist, etc. Irene advised, “We (meaning her Crew, though the Actors/Actresses are paid) don’t pay ourselves. We each come once a year to bring something (in form of skills or any other value) to the table… Costs are fuel, food and so forth. Get into groups and work on a project!”

Joseph added, “Money will discourage you… Shoot in phases (even for many weeks)!”

Someone commented that he wished the sad parts were longer so that he could mourn more.

Edu asked Irene the challenges she faced as a director and she said it was during auditioning and casting actors, “Females were few.” Maureen Kibuuka (who acted as Kosai’s one armed wife) was found a week before shooting. They had almost given up on finding the leading actress and Irene, four or five months pregnant then, was contemplating playing the role. Then through someone who knew Maureen, the lady who had always wanted to act in a movie got her first role ever.

Personally, I was mesmerized by the water reflection technique used to film the four kids returning home after breaking rocks. As they get closer to the camera, it pans from filming the water reflection to capturing the upright kids.

After Lunch, the lovely Miss Barbra talked about “How to Keep More of the Money You Make”. Her business presentation defined what being Rich really means. It’s not all about Big Salaries, Cars or Bank Accounts but rather: spending wisely, making money work for you instead of working for it, hiding behind companies, setting goals, managing free time (first 8 hours of your schedule for Jobs, second 8 hours for rest [5 PM to 2 AM] en third 8 hours for your Business), working to learn instead of to earn only, investing in shares plus tithing. Andrew, the animator almost got the squares question right. They looked 16 at first sight as Peninah thought, for me I thought they were only 17 while Andrew counted till 23 en gave up but Barbra revealed that they were actually 30 squares meaning, “Wherever there is a Problem, some people see many opportunities. Instead of complaining about garbage in the city, form a company to collect all of it (en benefit from the problem)!” Irene introduced the participants to a Fixer, someone who finds everything needed in a film project, a job created using this principle since UG lacks professional fixers. Recommended reading was Robert Kiyosaki books. Good Luck!