UGANDA, Wakiso | Real Muloodi News | Renowned city businessman and socialite, Mr. Emmanuel Lwasa, finds himself in financial distress as Equity Bank moves to repossess his property due to outstanding debts, prompting an appeal to President Museveni for intervention.
Agents of Equity Bank visited Masaka City on March 20, where they labelled Mr. Lwasa’s Club Tarven Kick, situated in Kyabakuza Township along the Masaka-Mbarara highway, as “Bank property for sale.”
The three-story glass building, constructed in 2015, spans a 200 by 70-foot space, boasting 21 self-contained rooms adorned with modern artwork and ample parking space.
Despite the property’s valuation at USh4.5 billion, Mr Lwasa admits to owing the bank nearly Shs600 million, leaving him unable to settle the debt.
Expressing his plea for assistance, Mr Lwasa directly appealed to President Museveni during the latter’s presence at a fundraising event on March 21 for the construction of Lwengo Muslim District Headquarters and Health Centre IV in Mbirizi, Lwengo Town Council.
Addressing President Museveni, Mr Lwasa stated, “Your Excellency, my property is on the verge of being taken over by the bank, and as an ardent supporter of NRM and a former Kadogo, I am requesting your quick intervention to save this property.”
While President Museveni contributed Shs200 million towards the fundraising event, he did not directly respond to Mr Lwasa’s financial plight but instructed his protocol team to look into the matter.
During his remarks at the fundraising event, President Museveni emphasised the importance of stable incomes among homesteads in Lwengo to facilitate substantial contributions towards community projects.
He commended the Muslim community’s efforts in constructing a health centre and administrative headquarters, pledging support for their initiative.
Acknowledging the NRM’s wealth-creation message, President Museveni highlighted the significance of listening to the party’s policies for addressing societal challenges.
Mr Lwasa, a member of the ruling NRM, previously contested for Masaka’s mayoral seat in the 2021 general elections, where he lost to National Unity Platform’s Florence Namayanja.
Ahead of the elections, Mr. Lwasa liquidated some of his assets, including Lwasa Gardens in Masaka City, to finance NRM candidates’ campaigns in the region.
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