A group of Turkish volunteer students visited an orphanage in Luweero, central Uganda, and participated in social, cultural and humanitarian activities.

The Turkish students arrived in Uganda as part of the Experience Sharing Program (ESP), a project run by the Turkish state aid agency, Turkish Cooperation and Coordination Agency (TIKA), Anadolu Agency, and TRT (Turkish Radio and Television Corporation) among others.

The students also painted and repaired the orphanage, gaining practical skills and sharing their experiences with their hosts.

Merve Kara, a student at Karadeniz Technical University in Trabzon province in northern Türkiye, told Anadolu Agency that she was thrilled by the life-changing experience of volunteering in Uganda.

“Spending time with the orphans and volunteering at the orphanage is invaluable. I would love to come back many more times,” she said.

Esma Nur Yildirim, a student at the University of Inonu in Malatya province in central Türkiye, told Anadolu Agency that they painted the main school entrance and several classrooms.

“We have brought smiles on the faces of many children today. We painted their walls, played with them and learned a new culture through this exchange program,” she said.

Under the program, TIKA is sending some 300 Turkish students from all the 81 provinces in Türkiye to 30 countries between July 1 and Sept. 10 to take part in different projects and activities in their host countries.

Omer Aykon, the TIKA country coordinator in Uganda, said the project aims to create a space where children can be happy and have an opportunity to learn life skills.

“The emotional situation of the orphans changed today, and this is what we work for every day. We will continue supporting life-changing projects like this to better the living conditions of orphans,” he said.

The students under the Experience Sharing Program (ESP) will participate in social, cultural and humanitarian activities and renovate schools, orphanages, libraries and places of worship in the host countries. - Hamza Kyeyune, Anadolu Agency

Rwanda’s central bank has raised its lending rate by 100 basis points, the biggest increase in recent years, to 6.0 percent to stem rising inflation.

On Thursday, the National Bank of Rwanda (BNR) rate-setting Monetary Policy Committee (MPC) noted that inflation had hit 15.6 percent in July from 12.6 percent in the prior month, well above the 0.8 percent average rate recorded last year.

The central bank attributes the sharp rise to imported fuel costs and the poor harvest due to unfavourable weather and increased prices of imported agricultural inputs. Inflation is a measure of annual changes in the cost of living.

“This (inflation) is a big concern for us. We are talking to other government agencies to intervene. Inflation is expected to remain high over the next three quarters and start easing in the second half of 2023 when the headline inflation converges towards the five percent benchmark,” BNR Governor John Rwangombwa told a press briefing on Thursday after the MPC meeting.

The uptick in inflation is expected to undermine the country’s economic growth prospects, projected to drop to six percent, down from 10.2 percent registered in 2021. - BERNA NAMATA, The EastAfrican

The High Court has frozen the accounts of two Nigerian companies suspected to have siphoned more than Sh6 billion into the country.

Lady Justice Esther Maina issued the orders in two separate suits filed by the Asset Recovery Agency against Korapay Technologies Limited and Kandon Technologies Limited over claims that they are being used by fraudsters as conduits of international money laundering.

In the first case against Korapay Technologies Ltd, Justice Maina froze $249,990 (Sh29.5 million) in their account at Equity Bank, while Kandon Technologies Ltd had its Sh15 million in two accounts at UBA bank frozen.

“The court issues preservation orders prohibiting the respondents or their agents from withdrawing or transferring the money in the stated accounts for six months to allow Asset Recovery Agency complete investigations in the allegations of money laundering,” ruled Justice Maina.

ARA, in its suit against the two companies, argued that they are part of an international ring of fraudsters who have been using Kenyan banks as conduits of illicit money whose source cannot be established.

In the case against Kandon Technologies Ltd, ARA claimed that they siphoned Sh5.5 billion which was transacted through their bank account at UBA in a period of seven months between October 2021 and April this year.

“Our investigations revealed that their account had transacted Sh5.5 billion in seven months and by the time we got intelligence information that they were engaged in money laundering, they had transferred the funds to other jurisdictions with only Sh15 million remaining,” said ARA.

The company is listed as owned by Nigerian nationals Uzoamaka Pauline Okoro with 200 shares and Ayowole Oluwasen Ayodele with 800 shares.

ARA claimed that the company received huge cash amounts from foreign jurisdictions which were then hurriedly transferred to other bank accounts in a move to disguise and conceal the source and destination of the suspected illicit funds.

According to ARA, they have established that the Nigerian firms are shell companies incorporated in Kenya for purposes of taking advantage of the liberal financial system to launder funds whose sources are not legitimate.

For Korapay Technologies Ltd, the State agency said they established it is owned by Gideon Oghenetega Orowiroro and Dickson Chukwuma Nsofor who had been receiving millions of shillings in their accounts before the money is transferred to other individuals.

“We established that they received the Sh29.5 million in a single transaction which raised suspicion as to the source of the funds,” said the agency.

According to ARA, the two companies are linked to five other Nigerian firms and a Kenyan businessman whose 62 bank accounts with over Sh6 billion were frozen last week over allegations that they are engaged in card fraud and international money laundering.

ARA, in its application, claimed that Flutterwave Ltd, Elivalat Fintech Ltd, Hupesi Solutions, Boxtrip Travels and Tours, Bagtrip Travels Ltd, Cruz Ride Auto Ltd, and businessman Simon Karanja were the entities behind the alleged money laundering scheme involving Sh6.2 billion.

The High Court has frozen the accounts of two Nigerian companies suspected to have siphoned more than Sh6 billion into the country.

Lady Justice Esther Maina issued the orders in two separate suits filed by the Asset Recovery Agency against Korapay Technologies Limited and Kandon Technologies Limited over claims that they are being used by fraudsters as conduits of international money laundering.

In the first case against Korapay Technologies Ltd, Justice Maina froze $249,990 (Sh29.5 million) in their account at Equity Bank, while Kandon Technologies Ltd had its Sh15 million in two accounts at UBA bank frozen.

“The court issues preservation orders prohibiting the respondents or their agents from withdrawing or transferring the money in the stated accounts for six months to allow Asset Recovery Agency complete investigations in the allegations of money laundering,” ruled Justice Maina.

ARA, in its suit against the two companies, argued that they are part of an international ring of fraudsters who have been using Kenyan banks as conduits of illicit money whose source cannot be established.

In the case against Kandon Technologies Ltd, ARA claimed that they siphoned Sh5.5 billion which was transacted through their bank account at UBA in a period of seven months between October 2021 and April this year.

“Our investigations revealed that their account had transacted Sh5.5 billion in seven months and by the time we got intelligence information that they were engaged in money laundering, they had transferred the funds to other jurisdictions with only Sh15 million remaining,” said ARA.

The company is listed as owned by Nigerian nationals Uzoamaka Pauline Okoro with 200 shares and Ayowole Oluwasen Ayodele with 800 shares.

ARA claimed that the company received huge cash amounts from foreign jurisdictions which were then hurriedly transferred to other bank accounts in a move to disguise and conceal the source and destination of the suspected illicit funds.

According to ARA, they have established that the Nigerian firms are shell companies incorporated in Kenya for purposes of taking advantage of the liberal financial system to launder funds whose sources are not legitimate.

For Korapay Technologies Ltd, the State agency said they established it is owned by Gideon Oghenetega Orowiroro and Dickson Chukwuma Nsofor who had been receiving millions of shillings in their accounts before the money is transferred to other individuals.

“We established that they received the Sh29.5 million in a single transaction which raised suspicion as to the source of the funds,” said the agency.

According to ARA, the two companies are linked to five other Nigerian firms and a Kenyan businessman whose 62 bank accounts with over Sh6 billion were frozen last week over allegations that they are engaged in card fraud and international money laundering.

ARA, in its application, claimed that Flutterwave Ltd, Elivalat Fintech Ltd, Hupesi Solutions, Boxtrip Travels and Tours, Bagtrip Travels Ltd, Cruz Ride Auto Ltd, and businessman Simon Karanja were the entities behind the alleged money laundering scheme involving Sh6.2 billion. - Paul Ogemba, The Standard