KENYA’S WEALTH IN FOREIGN HANDS.

KENYA’S WEALTH IN FOREIGN HANDS

If Kenya were a cake to be shared out,Kenyans would only lay claim to 31 per cent of the country’s total wealth. The rest would go to foreigners. Agriculture,tourism and banking,which combined bring in the country’s largest earnings,are in foreign hands. Last year,tea,tourism,flowers and coffee earned the country Sh140 billion,nearly half of the annual national budget. Of this money,only 31 per cent ended up in the country – as tax and real earnings to the nationals. And shareholding in the richest 20 companies that trade at the Nairobi Stock Exchange is foreign. The skewed distribution of wealth between foreigners and Kenyans puts paid to all efforts since independence to hand control of the country to its citizens.

Tea growing,which earned the country Sh43.5 billion last year,is concentrated in the hands of six leading agricultural companies whose shareholding is largely foreign. Up to 78 per cent of earnings from tea went,therefore,to foreigners – leaving the balance for Kenyans. The Big Six in the tea sector are Unilever Tea Kenya,Kakuzi Ltd,Williamson Tea Company,Kapchorua Tea,Limuru Tea Company and Sasini Coffee and Tea. The British-owned Brooke Bond Group holds 43.1 million shares of the total 48.8 million shares issued in Univeler Tea Kenya . The same group owns 54 per cent of the total 3.9 million shares issued in Limuru Tea Company. In Kakuzi Ltd,foreigners have a total shareholding of 68.3 per cent of the total 19.6 million shares issued. They hold the shares through Bordure Ltd and Lintak Investment Ltd,with 35.1 and 33.2 per cent shareholding,respectively.

Britain’s Williamson family has a controlling majority shareholding in both Williamson Tea and Kapchorua Tea companies. In Williamson Tea,it holds 67.2 per cent of the total 8.8 million shares issued through their company,Ngong Tea Holding PLC. In Kapchorua tea,they hold 40 per cent of the 3.9 million shares issued. Sasini Tea and Coffee Ltd is 87.3 per cent owned by business magnate Naushad Merali,a Kenyan. Merali’s companies hold his shares in these businesses: Legend Investments Ltd (51.7 per cent),East African Batteries (18.7 per cent), Yana Towers (15.9 per cent) and Swan Estates (1.04 per cent).

The reinvigorated tourism sector,which earned Sh42 billion last year,is also foreign-owned. And just as the Sh43.5 billion earnings from tea sector ended up in foreign pockets,so did the Sh42 billion that came from tourism. Tourism earnings went into three directions: Hotels,airlines,and travel/booking agents,in that order. Of Kenya ’s 290,000-plus tourist hotel bed spaces,foreign hoteliers own 74.3 per cent of it. Tour flights to Kenya are entirely in the hands of foreign airlines. It is all the more foreign-dominated in the traditional tourist peak periods of Easter and Christmas,when there are no scheduled flights to Kenya ’s tourist hub of Mombasa . During the two seasons,tourists arrive in Mombasa in chartered jets arranged by European tour operators.

Foreign companies stationed in European and American capitals also entirely control hotel bookings and transfers. Where internal travel is concerned,foreigners too,dominate by owning 7 of the 11 leading local tour travel firms. At the end of the day,tourism in Kenya remains a foreigners’ enclave with indigenous Kenyans left to scratch the surface on petty trades like selling curios and prostitution. After years of lobbying,last year the European Union set aside Sh250 million to economically empower indigenous Kenyans to get a fair share of the lucrative industry. Seven projects were targeted to tilt the balance in a programme called Tourism Diversification and Empowerment Project. But a spokesman at the Nairobi EU office said the money is yet to be released as project proposals submitted are still under evaluation. The only hotel chain listed on the Nairobi Stock Exchange is the TPS Serena. The Aga Khan Fund for Economic Development holds the company’s majority shareholding through its company,TPS Holdings Limited.

Horticulture,which earned Kenya Sh28.2 billion last year,is the country’s third largest foreign exchange earner. It,too,is a foreigners’ affair. Indigenous Kenyans mainly come in as casual labourers on the flower farms. Of the 44 certified companies dealing with horticulture products,26 are foreign-owned. But an even bigger irony is that the leading 10 players in the industry – all foreign-owned – bag 83 per cent of the total income from the sector. Flower farming (floriculture) is the key plank in Kenya ’s agriculture sector. Seventy six per cent of Kenya ’s total flower production is concentrated in foreign-owned flowers farms around the Naivasha area. The big three are Homegrown,Sulmac and Oserian. Late last year, Kenya overtook Israel and Columbia as leading exporters of cut flowers. But you would not know that from the world’s leading flower auctions in Amsterdam and London . Why?

Foreign flower exporters in Kenya have registered their companies abroad – mainly in Amsterdam – and sell flowers they have grown in Kenya under a foreign label. In that case,while flowers from a local company are sold in Amsterdam as flowers from Kenya ,Dutch companies growing their flowers in Naivasha sell theirs as flowers from Holland . The consequence of it is that flowers owned by Dutch companies receive preferential treatment at the auction,including exemption from the strict EU-imposed export rules. Flower auctions in Amsterdam and London account for 65 and 25 per cent of Kenya flower sales respectively. Of the approximate 60,000 tonnes of flowers exported from Kenya last year,37,000 tonnes were sold in Amsterdam and London auctions as flowers from Holland . The statistics can make it look like the entire flower industry in Kenya is one big conspiracy against indigenous people. Foreign air charters,the only ones used in flower transport,charge the highest rates in Nairobi . Freight charges on flowers from Kenya are twice those in the capitals of Kenya ’s nearest competitors Israel , Columbia and Costa Rica . There are also 40 to 45 per cent higher than in Egypt and South Africa , Kenya ’s two biggest competitors on the continent. At $400 a day,inspection and storage charges at Jomo Kenyatta International Airport are the highest in the world. So is the freight charge of $1.85-$2.2 per stem.

Flowers sold in Kenya ’s name are inspected stem by stem at the JKIA at the cost of 12 Euro cents a stem. Those grown in Kenya but marketed by overseas-accredited companies are only inspected in bulk. On average,it costs upwards of $1 million to set up a typical flower farm on a half acre spread,which in turn brings in a $50,000 a year. Kenya’s fourth leading export earner,coffee,is equally depressing on the ownership scale. The majority of small-scale coffee growers in Kenya sell coffee raw from the farm,earning less than 10 per cent of what the finished end product earns in foreign markets and in a foreign label. Though touted as an agricultural country,the other large-scale agricultural activities in Kenya are also foreign-owned. Rea-Vipingo Plantations,which deals mainly in sisal and dairy farming is 77 per cent owned by the Robinson family of England . They hold the shares through REA Holdings PLC,Unibuckle Holdings Ltd and REA Trading Ltd.

Del Monte,world famous for pineapple products,is entirely a French affair and sells its products with the label “Made-in-France”. The question of who owns Kenya ’s wealth sticks out like a sore thumb in the banking sector. The leading two banks with a combined market share of 71.4 per cent are Barclays Bank of Kenya and the Standard Chartered. They are foreign-owned. Barclays Bank plc of London owns 68 per cent stake in Barclays Bank of Kenya . Standard Bank Africa,a London outfit,in turn owns 81 per cent shareholding in Standard Chartered Bank. To avoid domination by foreign banks, Nigeria and South Africa enacted laws on percentages of shareholding a foreign bank could own. Foreign ownership is also the same cord that runs through key blue chip companies listed on the Nairobi Stock Exchange. At the East African Breweries,British-owned Guinness plc holds 63.5 per cent of the total equity,leaving Kenyans to scramble for the rest. Guinness shares are held in the names of Diageo Kenya Ltd and Diageo Netherlands B.V.

In the Nation Media Group,the Aga Khan holds 28.2 million shares of the 35.6 million shares issued. The Aga Khan’s shares are held in the names of the Aga Khan Fund for Economic Development and Amin Nanji Juma. In Kenya Airways,Dutch company,KLM,holds 40.6 per cent equity. In Total Kenya Ltd,French companies Total Outre-mer and Elf Oil Kenya Ltd,own 77 per cent of the total shareholding,while in BAT Kenya Ltd, Molensteegh Investment BV of London ,holds 68 per cent of the total shareholding. The question of who owns Kenya ’s wealth generated a national debate in 1968 when the National Council of Churches of Kenya published a paper entitled: “Who Owns Kenya ’s Industry?” In the paper,the late Anglican Bishop,the Rev Henry Okullu,regretted that five years into independence,”the compass needle had not moved in the direction of indigenous ownership of Kenya ’s wealth.” Thirty-seven years later,the Rev Okullu would turn in his grave to note that the needle has drifted even further away.

Africa’s best and brightest minds are leaving the continent in their millions.

“Africa could be the best place on earth, but instead our best and brightest minds are leaving the continent in their millions.” So says June Arunga, a 22-year-old Kenyan law student who’s facing the same dilemma. Should she stay or should she go?

To find an answer to that question, June embarked on a 5000-mile, six-week, soul-searching journey, travelling the length of Africa through Egypt, Sudan, Congo, Angola, Namibia and, finally, South Africa. Six conflict-riven countries that span the continent – from Cairo to Cape Town – and comprise ‘The Devil’s Footpath’.

Aid agencies, UN peacekeepers and even multinationals fly June into some of the continent’s bleakest war zones – meeting tribal chiefs, DJs, rappers, soldiers, miners, students, school kids and witch doctors. The journey is an emotional one, showing the very best and the very worst of Africa.

After six weeks June arrives in Cape Town – angry at the continent’s leaders, proud of everyday Africans and very confused. Can Desmond Tutu, one of Africa’s most respected statesmen, help June decide whether there is a future for her in

SOURCE: http://www.insightnewstv.com/footpath/

Why Africa is worth investing?

Africa may seem an unlikely investment opportunity, but with its markets growing at a clip, the continent looks increasinly attractive, says Simon Wilson.

Isn’t Africa a mess?
Yes. Much of sub-Saharan Africa has got poorer in recent decades, thanks to wars, corrupt or weak governments, lack of education and healthcare, and crippling debt ­ most of the world¹s poorest 30 countries are African. And its share of world exports fell from about 6% in 1980 to 2% in 2002. The contrast with Asia is striking. Malaysia and Ghana are broadly similar countries: both achieved independence in 1957, both lie just north of the equator, and both had similar levels of income dependent on commodities. At the time of independence, Malaysia¹s income per capita was roughly equal to Ghana¹s. Today it is ten times Ghana¹s ­ yet Ghana is a success story in African terms.

So why invest there?
To help Africa help itself ­ and make profits in the process. Despite the continent’s structural problems and the relentless focus on aid and debt relief, Ghana’s stockmarket was the world¹s third-best performer last year, while Egypt topped the global table and is soaring this year too. In the long term, Africa¹s best chance for prosperity and stability is not from dependency on foreign aid, but from sustained private investment and enterprise. Currently, only about 1% of the private capital in the world is invested in sub-Saharan Africa. As the continent becomes gradually more prosperous, levels of private investment are set to increase significantly, especially since (according to World Bank figures) Africa currently offers ‘the highest returns on foreign direct investment of any region in the world’.

How are Africa’s economies doing?
Currently, they are doing pretty well. Sub-Saharan Africa is experiencing its ‘best economic performance in years’, according to Goldman Sachs economists, who reckon ‘gross domestic product growth could average 5% over the next decade, compared to less than 3% over the past 30 years’. They also point to dramatic differences in outlook between countries, with Botswana near the top and Zimbabwe near the bottom. The big growth areas for the continent are infrastructure, agribusiness, vehicles, tourism, finance and natural resources.

But is it safe to invest?
Investing in Africa is high risk for many reasons, including currency fluctuations, poorly developed markets and political risk. (Although in Transparency International’s most recent survey, Botswana is rated less corrupt than Italy or Greece.) Yes, there are still some poorly run and unstable countries, but the number of African democracies has jumped from just four in 1990 to 17 today. At the same time, many countries have begun liberalising their economies and developing their capital markets. A good example is Uganda, whose GDP grew an impressive 7% a year from 1993 to 2002.

 

So how are stockmarkets doing?
Extremely well ­ and not just in Ghana and Egypt. African markets easily outperformed the world averages last year and over the past three years. Moreover, the number of stock exchanges has jumped from ten to 18 in the past decade. In the best-case scenario, Africa could be right at the start of a virtuous circle of investment, in which the growing size of the markets and the growth in foreign direct investment (FDI) inflows boosts credibility in Africa¹s exchanges, making it easier to raise capital and encouraging Africans to invest in them.

What about South Africa?
The picture there is pretty rosy too ­ crucially, as it accounts for a quarter of Africa¹s entire GDP. The economy is growing strongly ­ predicted annualised growth of 6% in the second quarter ­ together with a strengthening rand, employment levels are up, and government debt down. In spite of a solidly performing stockmarket (up 9% this year), assets are still cheap compared to the developed world. Most significantly, FDI is buoyant. The return of Barclays last month is widely seen as a major boost to investor confidence in the region. This is the latest in a line of big FDI deals in the country, including General Motors¹ decision to build Hummer H3s in Port Elizabeth.

So how do I invest in Africa?
It’s not easy. As yet, low demand means that none of the mainstream UK fund managers offer African funds, although investors can get good exposure to South African mining stocks through popular funds such as Merrill Lynch Gold & General, or JPMF Natural Resources. Some emerging-market funds do offer exposure to Africa, in particular the successful Genesis fund, which is 10% invested in South Africa and 5% in Egypt, with smaller holdings in Ghana, Kenya, and other African states. Elsewhere, the boutique private-client investment firm Blakeney has a strong track record of investing in Africa. Alternatively, investors could consider investing directly in South African plays such as Investec, the Anglo-South African bank, or European-listed colonial’ firms with significant African assets, such as Belgium’s SIPEF.

Wolfowitz says keep focus on ‘important work’ of World Bank, not controversy

WASHINGTON (AP) – World Bank President Paul Wolfowitz said Wednesday that attention should be “focused on the very, very important work of the bank” and not on the investigation that has put his job in jeopardy.

His comments to a European Union-hosted meeting in Brussels, Belgium, came after the bank’s board expressed fresh concern that the controversy over Wolfowitz’s handling of pay for his girlfriend, Shaha Riza, was hurting the poverty-fighting institution’s ability to do its job.

The flap has led to calls for Wolfowitz’s resignation and has hurt morale among the bank’s 10,000 employees worldwide. Critics contend the bank’s reputation has been damaged and its efforts to raise billions of dollars to help poor countries may be hobbled.

“The bank’s work goes on,” Wolfowitz said. “It is critical, there are millions of poor people who depend on us.”

The 24-member board, after meeting several hours with a special panel probing Wolfowitz’s handling of the 2005 promotion and pay package of bank employee Riza, issued a statement late Tuesday saying it is “very concerned about the impact on the work” of the poverty-fighting institution.

For the past two days, the special panel has heard from Wolfowitz, Riza and other present and former bank officials about her promotion and pay raises that lifted her compensation from about US$133,000 to $193,590.

The board said the next step is for that panel to “draw its conclusions from the information obtained from the documents and during the course of the interviews” and submit a report to the directors expeditiously. The panel met Wednesday to work on its report.

Ultimately, the directors will decide what action should be taken, if any. The board could ask Wolfowitz to resign, signal it lacks confidence in his leadership, reprimand him, or take no action. There might also be a compromise under which Wolfowitz would be found to have acted in good faith and he would resign later.

The board promised to make a decision soon.

Wolfowitz dodged questions about his fate, saying, “The board is considering this issue.”

Riza had worked at the bank for eight years when Wolfowitz arrived in 2005. She was moved to the State Department to avoid a conflict of interest but stayed on the bank’s payroll. Her pay increases spurred allegations among staff that Wolfowitz showed favouritism to her.

Wolfowitz has maintained he acted in good faith in helping to secure the compensation package. He said the package’s details were not dictated by him but rather “flowed from the back-and-forth negotiating process” between the bank’s human resources chief and Riza, who had her own counsel in the matter.

He said he had received guidance from the bank’s ethics officials and that they had access to all of the details of the package “if they wanted it.”

The bank’s former top ethics official, Ad Melkert, however, disputed that, saying the bank’s ethics committee wasn’t consulted and didn’t approve Riza’s compensation package. The bank’s former general counsel, Robert Danino, also said he believed Wolfowitz acted “incorrectly” in helping arrange Riza’s compensation package.

© The Canadian Press 2007

Techmambo is a weblog dedicated to profiling and reviewing new Online and Offline products.

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Techmambo is a multi-media content service provider, systems technology developer and one of the largest electronic distributor of business news and information worldwide. Registered in United States, with offices in Michigan, Dar es salaam, Nairobi and Kampala., Techmambo is one of a family of companies that aggregate, produce and distribute news from across the Globe to tens of millions of end users.

How To Start a Community Bank

 Following are 13 points that we feel accurately (albeit in condensed form) portrays the critical elements to be considered by any group that is considering forming a de novo bank.
A: Identify the Organizing Group

Form the organizing group VERY CAREFULLY. Select “doers,” not “talkers.” The organizers must be successful in their own right, and have demonstrated their ability to work in a group setting. Collectively, the group must agree to purchase approximately 15% of the total initial offering (the regulators want to see this level of commitment as it creates and maintains an atmosphere of dedication during and after raising the initial capital). Personally and professionally each proposed organizer/director must withstand the close scrutiny of the regulatory investigative process. Any current or past business or personal impropriety or undisclosed credit problem will be discovered and most likely will disqualify the candidate(s). Every director must appreciate the fact that this is a highly regulated industry. And while a proposed organizing director may have been or is currently successfully operating his or her business in a wide-open, high-risk fashion, the regulators are not comfortable with “maverick” organizing directors.
B: Identify the CEO

Although the directors “produce” the show, the CEO will be the “featured player.” It is the CEO upon whose shoulders rests the responsibility for carrying out the board’s policies and the one with the high community profile. The community will judge the viability of the bank based on their view of the CEO and how he services their needs. The regulators demand that the CEO must have previous community bank experience and preferable at the level to which that person is being proposed. They will not approve any CEO who has been associated with a failed institution, one that has been declared weak, in jeopardy or compromised while under the candidate’s direction. Further, if the bank expects to effectively compete in today environment, it must have a CEO, who is market-oriented. Today’s successful banks are lead by builders not by caretakers.
C: Engage Professional Help

Preparing the application and keeping up with regulatory directives and compliance issues is a complex process. While a “do-it-yourself” strategy is possible, the mission is to secure the charter as quickly as possible in order to reduce the organizational cost. Engaging bank consultants (for accepted regulatory form and substance) and attorneys (for legal/contract issues) who do this work on a continuous basis greatly compresses the approval time line and increases the prospect of timely, regulatory approval. This approach, can of course, equate to cost savings in the long term. Also, thoroughly check the credentials and references of any and all prospective consultants. Speak directly to the clients who have recently engaged them. Beware those promising, quick fix, no-work-on-your-part, and miracle solutions to any banking problem.
D: Identify the Market

Independently or with professional help conduct an objective overview of the market the bank intends to serve. Healthy markets support healthy banks. View the market from a business point of view and resist being swayed by the fact that it is your “hometown” and therefore by default you “know” it will support a new bank.
E: Analyze the Market

Here is where dealing with professionals is very helpful. Current market data and demographics must be researched. A detailed review of the competition and its market share and growth trends is critical. Service gaps need to be discovered and potential products and services identified. The long-term viability of the local market is the key to success. So the market must support the bank’s projected growth in order to justify regulatory approval.
F: Prepare the First Draft of Projections

A preliminary compilation of the estimated deposits, income and the associated expenses needs to be “penciled out” and reviewed in order to validate the assumption(s) that you have a viable business concept. A latter version of these projections will be included as an integral component of the charter application.
G: Build Regulatory Relationships

Make no mistake; the regulators have the final say as to whether or not they issue a permit to organize. They must be kept in the loop. Ask their advice and keep them advised of the progress of the project. They do not like surprises and abhor being kept in the dark. While there are established chartering guidelines for all regulatory agencies, it is still a matter of how they interpret the proposal and the confidence they have in the organizers and senior officers that influence the approval process. While you may not want to seek them out as friends, you certainly do not want them as enemies.
H: Think Marketing

The success of any business does not just “happen,” the leaders must “make it happen.” It is imperative that the business plans have as its base a well-crafted marketing component. Today the financial service industry is based upon selling in a cost-effective fashion, what the customer demands, at a price that they will pay, in a configuration that they will accept. Banks will not be successful (profitable) if the organization is placed on autopilot, with the hope that the customer will beat a path to its door. Passive marketing is no longer a viable option.
I: Think Technology

The industry’s service and product deliver channels are changing and the only way to keep pace with those changes is to incorporate technology as a cornerstone of the bank’s strategic operating plan. The technology that supports community banks today is both highly efficient and affordable. Every emerging community bank can now compete with their larger brethren on the technology delivery front and thereby are no longer at an operational disadvantage.
J: Think Human Resource

For every company that states, “people are our most valuable asset” and has demonstrated that fact, there are dozens of companies unfortunately who make the statement and do little to support it. Make no mistake; in the banking business people make the bank successful. The customers deal with, and form their opinions of, the bank based upon the personal experiences they have with the officers and staff. Yes, personnel expense is the second largest line item after interest paid on deposits however; organizations that cut corners on qualified staff run the risk of cutting the heart out of the organization.
K: Prepare the Application

The quality of the charter application is a reflection of the time, thought, preparation and dedication the group is willing to commit to the project. The regulators view the application as a “window” into the soul of the organizing group. The logic and presentation of all elements of the application, but particularly the business plan, speak to the understanding the forming group has of the financial service business and as such depicts the manner in which they will administer the bank. If there is any doubt that the group is capable of preparing and submitting the application in the best possible light, they should consider seeking professional help.
L: Raise the Capital

If there is one aspect of the entire de novo process that ends up as an underestimation of the scope of a task, it is capital acquisition. It takes a great deal of dedication, tenacity, focus and hard work to raise the required capital in a reasonable period of time. The operative word here is “reasonable.” The total organizational costs are to a large measure a function of time. Therefore, if it takes a long period of time to sell the stock, the total costs will be greater than if it was raised over a shorter period. This is just simple math. What sounded so easy, after all doesn’t every one the organizers contact encouraged them to go forward and agree “you can count me in?” Well, for some strange reason it just does not work out quite that easily. The capital component needs to be carefully considered then a determination made whether professional help is a sound investment. A final word on capital. The importance of a large, stable, and active shareholder base cannot be overstressed. Attracting 450-700 shareholders, a portion of whom can be the cadre of a fine-tuned business development task force is a tremendous marketing tool. A bank with only a limited number of shareholders has only a limited opportunity to really grow.
M: Enhance Shareholder Value

A project of this nature is not an ego-gratification exercise. The prime mission is to increase shareholder value while operating a business in a safe and sound manner. Remember it is not “our bank” unless the organizers plan to subscribe to 100% of the offering, which is not likely at today’s required capital levels. So don’t build a monument to yourselves. Always keep in mind that there are others (hopefully totaling into the hundreds) who have invested in the project based in their faith in the group and they deserve your best effort, and intentions.

Story © 2002 Steiner & Associates. All rights reserved

Deputy Secretary General of the U.N , Dr. Asha-Rose Migiro, has pledged for world peace, security and equality

The newly appointed Deputy Secretary General of the United Nations, Dr. Asha-Rose Migiro, has pledged to push for world peace, security and equality among rich and poor countries.

Dr. Migiro, who was speaking to journalists yesterday on arrival at Mwalimu Nyerere International Airport in Dar es Salaam, said she would also fight for abolition of the death penalty in countries that still embraced capital punishment.

Thousands of Dar es Salaam residents, cabinet ministers, members of parliament and diplomats turned up at the airport to give her a hero�s welcome when she arrived from Botswana.

Dr Migiro was appointed last week by UN Secretary General Ban Ki-moon as his deputy.

I was shocked when I received a call from President Jakaya Kikwete informing me of the appointment. However, I received the message with calmness and confidence,� she said.

Dr. Migiro said one of challenges she would face in her new post was to ensure that peace and tranquility prevailed in the world.

�This is the major task of the United Nations. Without peace and security, there will be no development.

I have many experiences concerning United Nation activities. I understand problems of various nations because of my previous position in the government.

Before her appointment, Dr Migiro was the minister for foreign affairs and international cooperation.

She said that the fact that she grew in abject poverty would give her courage to collaborate with her colleagues to set up programmes that would help end the problem.

�I am extremely happy to have a woman from Tanzania as a Deputy UN Secretary.

Her appointment is a testimony of the important role which she has played at international level,� said Oscar Fernandez-Taranco, the UN Resident Coordinator for Tanzania.

Dar es Salaam Regional Commissioner Abasi Kandoro said Dr. Migiro�s appointment had brought great hope to Tanzania. * SOURCE: My Africa Today

Uganda: Victoria Airlines has come to the rescue.

AFTER staying a while without national or domestic airlines, Victoria Airlines has come to the rescue.

The first of their two Boeing 737 aircraft should have arrived in the country by 11:00am yesterday, from South Africa where they were leased from a company called Avstar.

The first flight is scheduled to leave Entebbe for Nairobi on Monday at 7:00am.

Sources in Victoria Airlines say the company plans to fly the aircraft low over Kampala to raise public awareness.