President Yoweri Museveni has directed telecommunication companies in the country to sell off some shares to Ugandans. The president says it is unfair for these companies repatriating huge amount of “abnormal profits” they are making in the country with Ugandans not benefiting much.

President Yoweri Museveni

The President said he has been informed that the South African owned Mobile Telecommunications Network (MTN) Company repatriates a lot of profits from the Ugandan markets.

This is after NRM caucus member and Kampala Member of Parliament Muhamud Nsereko complained that companies like MTN Uganda have reaped billions of shillings from the Ugandan market but repatriate much of the profits.

Nsereko claims each year MTN Uganda repatriates up to 360 billion dollar leaving the economy crippled due to cash outflows.

In response to the Nsereko’s complaint, the president promised to meet top managers of these telecom companies over profits made from their operations here.

The president says the companies should repatriate only 20% of what they reap from the Ugandan market and re-invest the rest in the country’s economy. He says failure to comply might force the government to buy shares in those companies so that that the dividends these companies male from Uganda are shared with Ugandans.

Ultimate Media