GOV’T WEYAYU? After Simbamanyo, Equity bank now moves to sell Mzee Higenyi’s Wandegeya based Namunswa plaza
Namunswa Plaza
Believe it or not, Ugandan banks (indigenous or foreign) are determined to sell the whole country in the name of recovering monies advanced to their own customers in the form of loans. Several Ugandans are crying about these banks’ latest onslaught and we can’t exhaust the whole list because it keeps expanding every passing day.
As we report this, the latest victim is Mzee Alfred Higenyi Jaala formerly nicknamed Mwenepesa / Mwene Mbiye meaning in Lunyole the owner of money. This moniker may be no more because he is on the verge of losing one of his remaining cash cows—Wandegeya based Namunswa Plaza, located just opposite Makerere University small gate when you use the University hall entrance. It is particularized as block 38 plots 298 and 299 at Kagugube.
And the financial institution behind all this is Equity Bank. This is the same bank that recently sold Mzee Peter Kamya’s Simbamanyo building (houses Ministry of Gender) along Lumumba Avenue, Kampala to Meera Investments Limited-a company owned by businessman Sudhir Ruparelia. The same bank onslaught also saw Kamya lose Afrique Suites at Mutungo Hill in Nakawa Division, Kampala, as the former moved to recover outstanding loans worth $10.8 million (about Shs40 billion).
Simbamanyo building was reportedly sold to Meera at USD 5 million (about Shs18.5 billion) while Afrique was sold to Luwaluwa Investments Limited, a real estate firm at USD 4.3m (about Shs 16 billion) through an auction.
However, the whole process was shrouded in controversy and the matter is still in court.
BACK TO NAMUNSWA PLAZA
The circumstances that led to Simbamanyo losing his properties are again at play here. Why? At a time when Simbamanyo could not agree with the bank on how to repay the loan facility, the matter ended up in the High Court (Commercial Division) where it ruled in the bank’s favour. Equity bank pushed to sell the properties, Simbamanyo wanted to stop the move.
In the end the only life line Simbamanyo had was to pay 30 percent of the outstanding loan amount worth Shs12 billion or else not even an appeal could save him. The rest is history.
This is the same dilemma Mzee Higenyi who may any time from now collapse dead due to the prevailing situation in regard to his wealth’s implosion.
At a time when he could not agree on the loan repayment terms with Equity bank, he went to High Court (Commercial Division) seeking intervention. He wanted to stop the sale of the property the bank wanted to sell.
As expected, he was also on 14th July, 2022 ordered to pay 30 per cent of the outstanding loan amount for if his prayers were to be granted. The deadline was today, Thursday, 15th September, 2022.
The question remains, can he salvage his building given the circumstances of how the same bank sold Simbamanyo’s properties?
The loan in question is in the range of Shs1-2 billion. And the truth is, the man has not been financially doing well recently. He only needs prayers!
WIDER PICTURE
We shall be in our subsequent publication be revealing Mzee Higenyi’s links to Lugazi University, Ntinda View College in Kulambiro, how he lost them, how he acquired Namunswa building and what he used the money for after staking the same with Equity bank. Word has it that things are not good for Higenyi now. A man who used to drop sacks of rice, sugar etc at each of his wives residences now drops reportedly buveras of 1 -5 kgs, he gets at times on credit from shops.
He is now so stressed to the worry of his associates, to the worry of his family and sympathizers, that in seventies, he may not live much longer due to financial stress. When he prematurely retired from government employment, he decided to invest his money on several properties, most of them in Kampala and home area of Butaleja / Bunyole. But what went wrong? Generosity, women, pomp? Watch this space!
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UGANDAN BANKS: WHAT YOU DIDN’T KNOW?
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