Rwanda Information Portal

Posts from — July 2011

Attempted assassination on Rwandan General Nyamwasa in South Africa – trial delayed

The trial for the shooting of an exiled Rwandan general in South Africa was delayed Thursday after the magistrate fell ill, dragging out the diplomatically sensitive case.

Three Rwandans and three Tanzanians are accused of attempting to kill former Rwandan army chief Faustin Kayumba Nyamwasa outside his Johannesburg home on June 19, 2010. They have all pleaded not guilty.

“I’m telling you this case is jinxed,” said South African prosecutor Shaun Abrahams of a trial that has been repeatedly delayed because of translation troubles, faulty court equipment and on Thursday a sick judge.

The state’s first witness, Rwandan national Kalisa Mubarak, began testifying about the events that took place on the day of the shooting, but the magistrate cut short the hearing after less than an hour.

Mubarak testified on Wednesday that one of the accused, Rwandan national Amani Uriwani, had told him that Rwandan “military men” from Europe with lots of cash and cars had asked for help “to shoot at a military person”.

The key suspect in the case is Rwandan businessman Pascal Kanyandekwe, who allegedly offered South African police a bribe of one million dollars when they arrested him in July 2010.

He is also accused of plotting to kill Nyamwasa while he was hospitalised after the shooting.

Kanyandekwe and four men linked to the hospital plot are expected to appear in a separate case in the Johannesburg Magistrates court next month.

Nyamwasa has kept a low profile since the shooting. His driver, Rwandan national Richard Bachisa, has also been charged in the case, along with Tanzanians Hassann Mohammedi Nduli, Sady Abdou and Hemedi Denengo Sefu.

The case has strained relations between South Africa and Rwanda, which wants to bring Nyamwasa home to serve a 24-year prison sentence after a military court convicted him in absentia of desertion, defamation and threatening state security.

Spain and France are both seeking to extradite him for his alleged role in the Rwandan genocide, in which 800,000 people were killed. He has denied the charges. –

[Sapa-AFP]

July 1, 2011   6 Comments

Rwanda IPO: Bank of Kigali (BK) floats 45% of its shares

KIGALI – Bank of Kigali (BK) Limited  launched its Initial Public Offering (IPO) yesterday 30th June, floating 45 percent of its shares for the public to acquire a stake in one of the biggest banks in the country.

The lender is targeting to raise Rwf 37.5 b from the over 300 million shares as part of the government’s broader strategy to divest from companies in which it owns shares, to facilitate the development of capital markets and increase alternative sources of long-term capital for business entities.

Bank of Kigali Shareholding Structure as for YE 2010
Shareholder
Number of shares held
Percentage held
Government of Rwanda
30,182
66,33 %
Social Security Fund Of Rda
15,313
33,66 %
PRIME Holding S.A.R.L
1
0,002 %
OCIR Cafe
1
0,002 %
OCIR The
1
0,002 %
National Post Office
1
0,002 %
RAMA
1
0,002 %
Total
45,500
100 %

“The government is pleased to offer 133,467,400 ordinary shares of Bank of Kigali to the public.

The shares being offered by the government are in addition to the 166,837,000 newly created shares that will also be offered to the public, through the IPO,” the Minister of Finance, John Rwangombwa, said in the prospectus.

“This offer of shares by the government, is a continuation of the efforts and determination to develop the capital market within the overall framework under the Financial Sector Development Programme (FSDP) that was launched in 2007,” he explained.

In the IPO, East Africans are eligible to apply only for the 82,591,440 Offer Shares reserved under this sub-pool, employees and Directors are eligible to apply only for the 7,500,000 shares reserved under this sub-pool.

Rwandans who are incorporated or registered in Rwanda, are eligible to apply only for the 45,045,600 Offer Shares reserved under this sub-pool, while foreign investors who are not East Africans, employees and directors are eligible to apply for shares under the international pool.

The offer which opened yesterday will close on the July 29th this year.

The minimum application is 100 shares each at Rwf125. The announcement of the allotment results will be made on August 12, 2011.

“The last date of making payments of shares under international pool will be on August 19th. While shares will start trading on August 29th on the Rwanda Stock Exchange (RSE),” officials announced.

BK’s Performance

According BNR data, BK is the leading bank with 27 percent market share by assets, 31 percent net loans, 26 percent customer deposits, and 56 percent profitability as of 31 December2010.

In the financial year 2010, the bank posted Rwf6.1b net profit compared to Rwf5.2b realised in 2009. In the first quarter of 2011, the lender’s net profit increased from Rwf 849.9m in the first quarter of 2010 to Rwf1.9b.

Currently, the bank has 38 branches and service centres spread across the major commercial centres in the country. It intends to expand its branch footprint to over 60 branches and service centres in the next two years.

“BK has a five-year business plan and we plan to have 40 branches by the end of this year and 85 in our business plan in order to serve our clients,” BK’s CEO, James Gatera said. .

Latest statistics by the central bank indicate that the performance of commercial banks in the country improved significantly largely due to the state of economy which registered a growth of 10 percent in the first quarter of 2011 compared to the same period last year.

[New Times]

July 1, 2011   1 Comment

July 1st: Rwanda Independence Day

Rwanda Flag 1962-2001

Rwanda Independence Day: 1st July.

Dominique Mbonyumutwa, First President of Rwanda

Rwandan President Dominique Mbonyumutwa.

Rwanda was granted independence on 1 July 1962.

Emancipation from the Belgian colonial rule, following emancipation from the Tutsi monarchy.

49 years have passed now, and Rwandans are still struggling to come to terms with their history.
Some want to celebrate the Independence Day, but the leaders in power do not see the independance day as an important milestone in the Rwandan history.

Gregoire Kayibanda, President of Rwanda

Rwandan President Gregoire Kayibanda

Enorm differences of opinion exist today within the so-called Rwandan elite about how to interpret the independence and the struggle which led to it during the late 50s and early 60s. Shame!

Anyway, history will always remember the pioneers of democracy and independence, among them the two former Presidents of the newly-born Republic of Rwanda: Dominique Mbonyumutwa and Gregoire Kayibanda.

It is hoped that Tutsi and Hutu will raise above their ongoing petty and harmful grievances and agree to work together and build a country every Rwandan will feel proud of.

Are we ready for that challenge?

July 1, 2011   2 Comments