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    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

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    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    Deal: Over 50,000 Housing Units to be supplied as NWSC and NHCC Sign Water Partnership MOU

    From Streams to Screens: Here Unveiling the IT and Digital Transformation of Uganda`s National Water and Sewerage Corporation Corp

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
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    • All
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    • Gadget
    • Mobile
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    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
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    • Music
    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    All Smiles for and Of Joy: The Groundless Beauty is in Realizing that Sometimes Real Superheroes Live in the Hearts of Small Children Fighting Big Battles

    All Smiles for and Of Joy: The Groundless Beauty is in Realizing that Sometimes Real Superheroes Live in the Hearts of Small Children Fighting Big Battles

    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    A Nation on Edge: Unpaid Water Bills Prompt No Mercy as Police and Prison Services Are Cut-off NWSC Taps Over UGX43.3Bn Unpaid Flow

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    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Euros 165m Grant: NWSC Secures French Agency’s Funding with Focus on Expansion of Water and Sanitation Infrastructure in Newly Designated cities

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    African Water & Sanitation Academy Receive Breakthrough as National Water and Partners Roll out Partner Africa- Project

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    Cecilia Barbara Atim Ogwal: The Beauty Queen, Banker, Wife, Mother, Businesswoman, Consultant, Legislator, Advocate and a Politician That Logged Out at 77 Amid G-77

    Cecilia Barbara Atim Ogwal: The Beauty Queen, Banker, Wife, Mother, Businesswoman, Consultant, Legislator, Advocate and a Politician That Logged Out at 77 Amid G-77

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Opinions
    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

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I Got UGX290M from Letshego, Paid UGX292M, But They Sold My UGX2Bn Worth Property Demanding for UGX600M Instead!

But Alas! The Wampewo Avenue-based Letshego Microfinance sent him a spine-chilling demand note of UGX343M as their balance!

February 1, 2023
inBusiness, Crime news, Featured
I Got UGX290M from Letshego, Paid UGX292M, But They Sold My UGX2Bn Worth Property Demanding for UGX600M Instead!

Kwizera says his property was sold fraudulently

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Developing Story: Around 2018, Alex Kwizera Niyonzima, a city businessman dealing in Real Estates walked into a microfinance facility in Kololo. His visit aimed at securing a loan facility for his businesses. After accomplishing their long list of requirements, he secured a UGX100m facility, giving in one of his Kisaasi-premised properties as a collateral.

He started on facilitating the loan and this obligation, he did very well. So much so that when, the following year, 2019, he walked into the same commercial facility to secure a top-up loan, he encountered no barriers. He was given another UGX190M, bringing the entire loan facility to UGX290M. Even with the addition of the fresh loans, he proceeded to make good on his obligation until early 2020 when, the Covid-19 pandemic hit the country.

It would be a baffling assumption that one could manage to facilitate a loan during the total lockdown where, even the President requested banking facilities to accordingly reconsider their schedules. And indeed, Kwizera defaulted on his obligations. Nevertheless, he struggled to pay some money after the lockdown, bringing the entire figure so far paid by September 2022, to UGX292M, just Shs2M away from the UGX290M principle.

But Alas! The Wampewo Avenue-based Letshego Microfinance sent him a spine-chilling demand note of UGX343M as their balance! Like a headless chicken, the astonished Kwizera started running from one place to no other. An auditor himself, he became a true definition of Baganda saying that; `Omuganga teyeganga` loosely meaning, `a doctor can’t treat self.` He sobered to acceptance that he needed services of fellow auditors and financial advisors.

The search landed him to a city auditor with a rich history in banking sector majoring in credit and mortgages management. His name is Robert Kaggwa who, to those in the know of his services, has sent several bank managers into wetting their pants. But as Kaggwa went down to do what he does best, Kwizera too, trotted to both the Centra Bank and to the regulator of Microfinances, the Uganda Microfinance Regulatory Authority (UMRA).

By the time UMRA called for the first mediation meeting between Kwizera and Letshego on January 6th 2023, Kaggwa had made his computations. According to Kaggwa`s calculations, Letshego had overcharged Kwizera`s interest to a tune of over UGX254M. According to him, Kwizera was meant to pay a total of UGX378,519,049 for both the principle and the accrued interest. But according to Letshego, both the principle and its interest was UGX635,039,096.64.

With these staggering variances, UMRA deemed it necessary to call for another meeting which, they scheduled for January 19th2023. In this meeting, UMRA wanted Letshego to present documents elaborating in detail, how they reached the staggering figure of over UGX600M. On behalf of Letshego was the Head of Credit Joseph Kimbugwe and their legal officer, Ivan Eguman. In both meetings, it was resolved that Letshego stays the process it had embarked on, of selling off Kwizera`s property.

Nevertheless, just a day after the January 19th meeting, the arguably defiant Letshego proceeded to sell off the collateral at a UGX800M price. Kwizera now wrote to the Finance State Minister in charge of Microfinance, Haruna Kyeyune Kasolo. He lamented how he got to know about the sale through a letter sent to his tenants, introducing the new landlord! The minister is yet to respond. But our sources at UMRA confirmed that they are not taking Letshego`s action lying down. Watch this space…

Author Profile

Stanley Ndawula
Stanley Ndawula
Stanley Ndawula is a two and a half decades’ seasoned investigative journalist with a knack for serious crimes investigations and reporting. He’s the Founding Editorial Director and CEO at The Investigator Publications (U) Limited
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Tags: Letshogo sold my property fraudulently
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Comments 4

  1. Galiwango says:
    2 years ago

    This fiction or?

    • Robert Ndawula says:
      2 years ago

      True story boss

    • Henry Segawa says:
      2 years ago

      Olaba bakaabya ba civil servants ate aba business!!!!! When they get you coded they milk you forever.

      Sorry for Kwizera. Keep posting please for him to get his hardly earned property get back to him.

  2. Wante Martino says:
    2 years ago

    Kwizera, people should learn to use a Lawyers’ service when dealing with such monies!

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