UGANDA, Kampala | Real Muloodi News | Kampala city tycoons led by real muloodi Godfrey Kirumira have raised funds to help the Church of Uganda pay off its USh 60 billion debt to Equity Bank. City tycoons promised to reach out to all their business colleagues to clear the church house debt.
Equity Bank extended USh 41 billion credit to the Church of Uganda, that paved the way for constructing the 16 storey Church building along Kampala Road. The USh 41 billion has since accumulated to USh 60 billion because of the bank interests.
Dr Stephen Kaziimba Mugalu, the Archbishop of the Church of Uganda, led the drive to raise funds to pay off the equity loan.
During the last Sunday’s service at Godfrey Kirumira’s home in Buziga, the city tycoons collected USh 164 million. Kirumira said the fundraising was on short notice, and he could not invite all his colleagues to attend the sanctific ceremony. Mr Kirumira appealed to fellow business people to help clear the church house debt by contributing more money.
Buganda Queen, Nnabagereka Sylvia Nagginda, and Prof. Badru Kateregga, the Kampala University proprietor, also attended the service.
Godfrey Kirumira, Ham Kiggundu and Margaret Ssekidde contributed USh 20 million each, while Emmanuel Katongole and his employees contributed USh 30 million.
“We faced a lot of challenges because of COVID-19. And this was the first opportunity to pray together and listen to the word of God from religious leaders. With the mercy of God, we know we shall overcome the hard times, including many of our properties that face financial pressure from banks, such as the Church House,” Kirumira said after the service.
Ham said, regardless of a person’s faith, he stands with anyone who believes in God.
The Archbishop applauded Kirumira’s kind heart, saying that although he is a Catholic, they have worked with him frequently to accomplish Church of Uganda projects.
The Archbishop further noted that although the lockdown had helped the country control the spread of the Coronavirus, the Government should reopen churches and mosques.
Janani Luwum, the Archbishop of the church of Uganda from 1974 to 1977, conceived the idea of constructing the Church House.
When his lordship Livingstone Mpalanyi Nkoyoyo became the Archbishop, he reignited the idea of the Church House project as a real estate.
The church raised over USh 720 million during his leadership, but it was not enough to start the church project.
In 2010, the church secured a loan from Equity Bank worth 41 billion Shillings and the project started under the leadership of Archbishop Henry Luke Orombi. In six years, Archbishop Stanley Ntagali commissioned a sprawling 16-story building.
“Orombi, the 7th archbishop, took the direction of using the banks, and they partnered with the Equity bank, plus the money on account, that’s how the project started. It is the bank that helped us to complete the project. Ntagali completed the project, but with borrowed money,” Kazimba said.
“My job as the 9th archbishop is to ensure we demolish this debt,” Kazimba added.
Following several threats from the equity bank to auction the church building, on June 3, during the Uganda Martyrs Day celebrations, Archbishop Kaziimba launched “Yes, We Can! Yes, we can raise USh 60 billion (about US$17 million) from one million people.”
During the event, the Archbishop asked individuals and institutions to help contribute to the cause.
Following the Archbishop’s call, Uganda Christian University (UCU) also contributed about USh 111 million (about $31,000) towards the Church House project.
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