President Kaguta Museveni reveals what prompted him to ban betting

President Kaguta Museveni has revealed why his government is making a move to ban betting companies in the country.

The head of state, who is in Davos for the World Economic Forum, said fully-owned foreign betting companies 'accumulate money from Ugandans then ship it out of the country'.

"Local ownership is important because it helps us stem capital flight which happens when the company is fully foreign-owned. 

"The question of repatriating 100% of your profits yet there is little value-addition and wealth creation for Ugandans is unfair."

Also Read: Museveni moves to ban betting and gambling

The government's planned move to ban betting will see no registration of while the old ones will not have their licences renewed.

Meanwhile, the president also highlighted some of the key points during his meeting with MTN Group CEO Rob Shuter on the sidelines of World Economic Forum.

They discussed 'an array of issues', including advising MTN Uganda to work 'towards floating shares on the Uganda Stock Exchange so that Ugandans can partly own the company'.

Early this week, the Ugandan government deported three top employees of MTN Uganda over allegations of using their 'employment as a tool for their ill motives' against the government.