UGANDA, Kampala | Real Muloodi News | A 68-year-old retired banker and his family are stuck after being evicted from their home by a money lender.
By the time he retired 16-years ago, Francis William Balyokwayibwe was a former manager at Stanbic Bank. His career began at Uganda Commercial Bank in 1977, where he served for 28 years.
However, Francis’s retirement story was changed in July 2018, when his cousin, Barbra Naweelya Nadiope, used her land title in Mulago as collateral for a 70 million Shillings loan from a money lender.
The monthly interest for the loan was 20%. According to Barbra, the family desperately needed money for a cereal export business. However, after defaulting on payment for almost a year, the 70 million Shillings accumulated to USh. 210 million.
The borrower negotiated a reduction with Doreen Kushaba, the money lender, which brought the loan value and interest to USh. 180 million.
In April 2019, Barbra borrowed more money worth USh. 220 million from Francis Mutabaazi, another money lender, to clear the outstanding debt with Doreen. She had hoped to use the balance to boost the business, which was struggling to stay afloat.
The retired banker, Balyokwayibwe and his wife, Hope Ayebazibwe, say they can no longer access their home. The court bailiffs kicked them out with their belongings over non-payment of a loan facility, which has now accumulated to USh. 400million.
On May 18, 2021, the Nabweru Chief Magistrate’s Court to Shrewd Solutions Limited ordered that Balyokwayibwe, a tenant in Mutabaazi’s house, had failed to pay rent for more than a year.
Barbra said she was expecting a large sum of money and shared her business plan with Balyokwayibwe. Balyokwayibwe agreed to the plan, and the loan suggestion offered his land title for the same. Barbra says she and Balyokwayibwe shared the initial loan.
However, the money was not enough to clear the family’s challenges at a time, forcing them to look for additional loans to keep afloat.
Barbra adds she is making efforts to ensure that the Balyokwayibwe and family get back their house.
According to Mutabaazi Francis, the money lender, Uganda courts of law will handle the matter.
READ MORE LIKE THIS:
