LOAN STRESS! DFCU bank curiously sells Lotis Towers to Sudhir

Sometime back, city tycoon Samuel Lotigo approached DFCU bank for a loan to finance some of his projects as usual.

He has a long term relationship with the financial institution.

The bank did not see any issue advancing a multibillion loan to Lotigo who has vast business interests in East Africa majorly in the sectors of Transport and Logistics, Hospitality, Real Estate, Energy and Petroleum.

The money went into construction of Lotis Towers located at plot 16 MacKinnon road, Nakasero. It is just opposite former MacKinnon suites.

Lotigo hoped after completion, proceeds from tenants would help him repay the loan.

Indeed the project was finished in time courtesy of Roko and soon attracted tenants like Judicial Service Commission-JSC, Cairo Bank International, British American Tobacco-BAT, the Democratic Governance Facility-DGF, and other private offices including lawyers.

Everything seemed well until 2022 when it was discovered that cracking Roko may have done shoddy work.

This was after the National Building Review Board – NBRB recommended the evacuation of the same building to carry out a comprehensive structural integrity assessment of the entire building.

It was later established that the reinforced concrete column on the Sixth Floor had suffered “compression failure” and the integrity of the building was threatened.

NBRB observed several columns with similar signs of failure in the basement.

With these findings, there was an exodus of tenants starting with the Judicial Service Commission.

The building could also neither attract new tenants.

Tycoon Lotigo found difficulties in servicing his loan, and soon, DFCU came for the building.

Left with no option, and not getting clear loan repayment signals, DFCU decided to put the building on sale to recover its loan monies through Jubilee Auctioneers.

Luckily, in today’s Uganda, there are men who are always on standby for such windfalls.

This is none other than tycoon Sudhir Ruparelia.

He is the new landlord, according to reports.

He acquired it from DFCU bank after auctioneers Jubilee Auctioneers failed to recover the loan money from Lotigo.

A handful of tenants there have been instructed to submit all their current signed tenancy agreements with proof of payment made up-to-date in order to regularise the tenancy agreement with the new landlords.

Even the arrears will be paid to the new landlords.

Sudhir communicated this new development to tenants on May 2, 2024 .

It is not clear about the strategy Sudhir has for the building to retain the existing and woo new tenants.

It goes without mention that Tycoon Peter Kamya died while cursing Equity bank for illegally selling his Simbamanyo building (now renamed Gender & Labour House) to tycoon Sudhir after the former’s alleged failure to service a multibillion loan.

Kamya, acting through Muwema Co Advocates and Solicitors said Equity Bank had breached contractual trust and engaged in unethical and illegal conduct.

Kamya died in December 2022.

---

DEAR READER, CALL/TEXT/WHATSAPP 0777959024 OR EMAIL: redpeppertips@gmail.com WITH AS MUCH EVIDENCE AS POSSIBLE IF YOU HAVE  A HOT STORY YOU WOULD LIKE US TO PUBLISH…

FRAUD IN BANKS, BETTING FIRMS, CHEATERS, DIVORCE FILES, S3X NETWORKS, S3X FOR MARKS, HARASSMENT OF ALL NATURE AT OFFICE BY YOUR BOSS, CHILD NEGLECT, WETLAND OCCUPATION, ENVIRONMENTAL DEGRADATION, VIDEOS, IMPUNITY or CORRUPTION (in government agencies/ MDA’s, NGOs, Ministries, Private sector), FIGHTS IN OFFICES, JOB WARS/ WITCH HUNT, URA TAX FRAUD/NON-COMPLIANCE, CHEATING MONEY LENDERS, BUSINESS WRANGLES, SUBSTANDARD PRODUCTS, GOLD SCAMS, NSSF REMITTANCES NON COMPLIANCE, LAND ISSUES, INTERNAL AUDIT REPORTS EXPOSES, POLITICAL WRANGLES…ETAL.

SOURCE PROTECTION/CONFIDENTIALITY IS OUR NO.1 PRIORITY.