NBS TV has retracted its statements made against Frank Gasumba last year
The apology comes a year after Mr. Gashumba was removed as panelist on a political talk shows over allegations of conning money from people.
NBS TV says it wouldn't have written the inaccurate statements had it "known that they were false".
Last year in March, the management issued a statement saying it was "investigating the claims made and reviewing Gashumba's image in relation to our brand".
He later sued NBS TV for defamation demanding for an apology.
The television channel has issued an apology letter over the "inaccurate statements about Gashumba" saying it "believed the allegations to be true and wouldn't have written them".
"The purpose of this press release is to retract those statements conveyed in that letter and apologize for the inconvenience and/or embarrassment the letter caused Mr. Frank Gashumba, his family, friends and associates," part of the statement reads.