Author: IGIHE

This has been revealed as BK Group Plc announced Financial Results.

BK Group Plc comprises of Bank of Kigali, BK TecHouse, BK General Insurance and BK Capital.

The company saw a record high net loan growth of 6.2% and total assets growth of 20.2 % (up to Rwf 907.8 billion) compared to previous year.

The CEO of BK Group, Dr Diane Karusisi said: “We attribute this growth to the innovative products we continue to roll out, and one of those new products is an unsecured personal loan of up to Rwf 30 million that our clients receive very favorably.”

She also mentioned that BK General Insurance recorded an impressive performance that shareholders were last year given chance to increase the initial capital to expand investment.

Nathalie Mpaka the Chief Financial Officer of BK Group Plc said the company continues to grow in terms of service delivery and asset.

During the first quarter, client balances & deposits increased by 5.7% quarter on quarter (q-o-q) and 19.6% year on year (y-o-y) to Rwf 562.4 billion (US$ 625.7 million) as at 31 March 2019.

Net loans and advances increased by 6.2% q-o-q and 26.4% y-o-y to Rwf 603.3 billion (US$ 671.2 million).

Shareholders’ equity increased by 2.2% q-o-q and 54.5% y-o-y to Rwf 199 billion (US$ 221.4 million) as at 31 March 2019.

Of the net profit in the first quarter of 2019, BK General Insurance earned Rwf 690 million up from Rwf 79 million increasing by 701%.

BK TecHouse earned Rwf 247 million up from Rwf 136 million increasing by 81%.

The warning has been issued today in a statement released by BNR. “The National Bank of Rwanda has been alerted of the existence of investment scam activities operating in Rwanda (through locally registered businesses or from abroad through online platforms).These scams take the form of active pyramid schemes, multiple level marketing or cryptocurrency issuance through fake initial coin offering (cryptoscam),” reads the statement in part.

Some of these schemes that have come to the attention of BNR include Supermakertings Global Ltd, 3 Friends System Group Ltd , Onecoin or Kwakoo among others.

These scams require a client (recruit) to pay a fixed amount of money to the scheme promoters as membership fee or initial investment and promise to pay a certain amount of money for the recruitment of new participants into the scheme, plus high interest in the invested amount.

These schemes may be either product/service based where there is a mandatory purchase of goods (such as medicines), services (travel packages) or intangible property (such as digital coins) operated through multilevel or network marketing.

The schemes could however be based on payment of a mandatory minimum entry fee with no product or service consumption required (naked pyramid schemes). The common factor with those schemes is the promise to make the participant rich in a short period and with minimum effort.

“Having noted the dangers of the above mentioned scams, the National Bank of Rwanda reminds the general public that these are illegal in Rwanda and investors in such schemes are highly likely to lose their money,” reads BNR statement.

BNR also advised the public to exercise caution and ensure that their investments are with credible and duly licensed deposit-taking financial institutions, assets managers as well as securities brokers.

The idea was part of residents to create own solutions following 25 years working in rented office of one room.

The new office was inaugurated on 28th May 2019.

Thacien Bizimuremyi, one of the residents said that having one office building would result into queuing outside the building exposed under hot sun or rain.

“I once returned home without getting served because there was a long queue standing outside,” he said.

Another resident Rose Mukamusana said: “We decided to create own solutions raising funds to build our own cell office to seek services in a decent building.”

The executive secretary of Muhura sector, Steven Rugengamanzi has told IGIHE that residents supported the construction for five years within their means.

“Construction works began in 2014. It required a lot of energy but residents decided to seek own solutions than expecting external support. Those owning vehicles helped in transporting sand, stones and bricks; others gave their hand for construction activities among others,” he said.

Mamfu was the only among five cells of Muhura sector without decent office building.

Under the new partnership, DHM will be managing DND apartments on behalf of owners and link them to tenants.

DND is a Rwandan based real estate company that started in 2015. It is an emerging force in the domestic real estate industry.

DND was founded with the simple notion that a single developer with grand ambitions, clear vision, and well-coordinated strategy can change the trajectory of an industry and the market’s belief of what is possible.

The company has so far built numerous affordable apartments in Nyarutarama, Gasabo district compared to other buildings in the area.

DND has successfully completed apartments in the first two phases which were all bought and is currently working on the 3rd phase.

The new apartments under construction align with the current vision and are structured to suit environment-friendly methods.

Those buildings under construction include 22 apartments of three rooms, four standalone buildings known as ‘Villas’ having own gardens, small market, and entertainment sections among others.

The Project Officer at Diaspora Home Management (DHM) Ltd, Marie Bernice Umuraza Rutaganda has said that any Rwandan buying a DND apartment, especially Rwandans living abroad will get different support including six months managing the building on behalf of the owner and seeking tenants among others.

Diaspora Home Management is a company of experts guiding Rwandans from abroad on where to seek proper services in Rwanda.

DHM offers services related to investment and property management. It was launched to maximize opportunities from the strength of Rwandans in the diaspora.

The company also helps interested parties in identifying the right insurance companies, and Banking services to work within Rwanda.

{{For more details, an interested buyer may call the number +250787035707 which is also available on WhatsApp, send an email to info@dhm.rw or visit the website [www.dhm.rw->www.dhm.rw]}}

According to engineers supervising construction works at the border post on Rwandan side, the progress of the project is at 96% and will have been completed by next month.
In March this year, Rwanda closed Gatuna border to heavy vehicles that were directed to cross through Kagitumba and Cyabika corders as construction activities are underway.
The border is expected to improve cross border trade upon completion and reduce the time spent at the border during clearance processes.
As IGIHE visited the construction site, workers on the Rwandan side were working tirelessly to have it completed the soonest possible.
Tarmac roads on Rwanda side have already been completed as efforts to make them green, planting grasses along the road sides are underway.
Buildings are also in final phases as workers are currently painting and doing other light works.
“Construction works stands at 96% on Rwanda side. This means activities will be completed within two weeks. By then, the remaining thing will be relocating equipment from old to new buildings and installing internet,” one of engineers supervising the project has told IGIHE.
Gatuna border post project is expected to be completed at a cost of Rwf 15 billion.
Even though construction works nears completion on the Rwandan side, Uganda is not putting in much effort in the project.
By the time IGIHE visited the border recently, no works were being executed on the side of Uganda expect cattle seen grazing around the project’s premises with the presence of old structures.
The construction of some buildings has also stalled while no tarmac road has been built.
The stalling on Ugandan side worried members of East African Legislative Assembly (EALA) as they visited the site in 2018 after the World Bank stopped the funding.

The exercise conducted in Gasaka Sector on Monday was witnessed by the mayor of Nyamagabe, Bonaventure Uwamahoro, the district Police Commander, Supt. Gaston Karagire, district prosecutor as well as hundreds of local residents.

The destroyed illicit drinks include Kanyanga, a banned crude gin and 27 boxes of assorted contraband. 270 kilograms of cannabis were also destroyed.

Mayor Uwamahoro warned residents against distilling, trafficking, selling and consuming narcotic drugs and psychotropic substances.

He urged them to venture into legitimate jobs.

“Drugs are dangerous to your lives; they cause extreme poverty and make people commit crimes, they pose threat to the country’s development. We urge you to stop abusing drugs because the end is imprisonment, destroying you future especially your children,” Uwamahoro told the residents.

“Abstain from drugs, instead invest in economic and development activities, which will be beneficial to your families and to the country as well,” he added.

Supt. Karagire said that the seizure of the substances was due to the partnership with residents who shared credible information on suspects.

He also said that after getting information they conducted targeted operations in various parts of the district in past few months to arrest dealers and seized the drugs.

“Those individuals that are connected to these illicit drugs we have destroyed were apprehended and prosecuted. We urge to desist from such criminal acts that destroy the health of users,” Supt. Karagire said.

He called upon residents to strengthen partnership with security organs in order to fight and prevent narcotic drugs and arrest dealers.

The public destruction of drugs, he said, is aimed at showing the public that the fight against such psychotropic substances should be everyone’s concern.

He was intercepted on Monday at about 7pm in Ntarabana Sector, Mahaza Cell in Burambi Village.

The Police spokesperson for the Northern region, Chief Inspector of Police (CIP) Alexis Rugigana, said that the targeted operation was conducted by Ntarabana Police station after learning that Muhozi was either working with drug traffickers to transport their narcotics or a dealer himself.

“On Monday, the Police station of Ntarabana received credible information that Muhozi would be transporting a consignment of cannabis, an operation was launched in partnership with the local administrative security organ and Muhozi was indeed intercepted with a consignment of cannabis,” he said.

CIP Rugigana attributed the successful operation to “good partnership with the general public through which traffickers are identified.”

The motorcycle, registration number RE 416Q, was also impounded to Ntarabana Police station, where the suspect is also detained.

Taxi-moto operators have been blamed for facilitating drug trafficking rings.

According to Police, motorcyclists are used as informers on the whereabouts of security organs during the trafficking process or to transport the narcotics.

As announced by the airline yesterday, the new route will begin with three weekly flights on Tuesday, Thursday and Saturday operated by a Boeing 737-800NG offering 16 seats in business class and 138 seats in economy class to land on Ben Gurion International Airport.

RwandAir’s Chief Executive, Yvonne Manzi Makolo said “Adding Tel Aviv to our network is part of the carrier’s long term plan to link Rwanda to the rest of the world. Tel Aviv is one of the world’s leading tech hubs and we look forward to flying business travelers as well as pilgrims visiting the Holy Land, to and from our network on this new route.”

She explained that it will also be a great opportunity to ease travel and strengthen diplomatic ties between Rwanda and Israël.

Tickets are now available for sale through RwandAir website, sales offices and travel agencies.

This will be the airline’s 29th destination and second destination in the Middle East, after United Arab Emirates.

The new flights comes at a time when Rwanda, Israël are enjoying vibrant relationships following the opening of Israël embassy to Rwanda on 1st May 2019 represented by the first ambassador with residence in Kigali.

On 17th April 2019, RwandAir launched flights to the Democratic Republic of Congo’s capital, Kinshasa.

It is expected that RwandAir will have launched new flights to Addis Ababa, Ethiopia and Luanda in Angola by the end of this year. The new destinations will be additional to Guangzhou flights to commence on 18th June 2019.

RwandAir also plans to conduct flights to USA starting with New York destinations.

Maleek Berry will be the top singer in the concert. Entry prices have not yet been unveiled.

Maleek Shoyebi (born 11 August 1987), professionally known as Maleek Berry, is a British-Nigerian record producer and recording artist in different beats including Afro pop, Hip hop, Afrobeats, R&B and Pop. He started his music career in 2007

After his break into the spotlight in 2012, Maleek Berry was nominated in the “Music Producer of the Year” category at the 2014 Nigeria Entertainment Awards.

Maleek Berry has worked with prominent artists such as Wizkid, Davido, Wale, Fuse ODG, Runtown and Iyanya.

In 2017 he was nominated in the Best Male category of the annual MOBO Awards.

Maleek Berry became popular in songs like ‘Been Calling’, ‘Love u Long Time’ featuring with Chip, ‘Let Me Know’, ‘Doing U’ and ‘Kontrol’ among others.

Entertainment Factory KGL which is bringing the artiste to Rwanda has recently announced the plan revamp the industry and creating new feelings for concert goers.

It brought Burna Boy during the previous concert to Rwanda on 23rd March 2019 also held at Intare Conference Arena in Rusororo.

The ruling on release on bail or remand has been read today around 3pm in absentia of the suspect while the prosecution was represented in the court room.

The judge started reading 16 crimes of which Sankara pleaded guilty during the previous hearing.
The court said the fact that Sankara pleaded guilty to all charges, his detention with forged travel documents including national identification and passports used to seek support of Rwanda’s security threats architects, co-signing different statements inciting foreign countries hatred against Rwanda with Paul Rusesabagina and statements that the battle shall continue even after his death are among major evidences pinning him on the offenses.
The court said releasing him raises worries that he might escape justice given that he has no identity.
Among others, the court said Sankara might tamper with evidence or threaten residents affected by attacks his rebel group FLN carried in Nyaruguru district or return to forests to resume his activities.
Sankara is slapped with 16 counts namely; forming a rebel group, terrorism, murder, kidnap, genocide denial, arson, armed robbery, using forged documents, causing bodily harm intentionally, inciting hatred against the Government of Rwanda, developing foreign relations to launch a war among others.
Prosecution also alleged that FLN he was representing as spokesperson carried attacks in Southern Province killing nine and injuring 19 people.
The suspect pleaded guilty to all the charges and regretted his involvement in the group that killed civilians.
During the previous hearing, prosecution asked that the accused be remanded for one month considering a number of reasons including the fact that he would tamper with evidence though Sankara claimed he would not tamper with investigations if released.