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

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    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

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Stephen Kissa the Pace-setter

    Stephen Kissa: Unveiling the Country’s Pace-maker who set Ace Cheptegei`s World Athletics` Gold and Bronze Medals

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
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    • 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
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    A Day in Life: UEFA’s Aleksandra Ceferino’s ‘Pass Time’ Visit to The Aliguma offered a Real-Life Time Opportunity to Repackage Uganda’s Football; But it didn’t!

    A Day in Life: UEFA’s Aleksandra Ceferino’s ‘Pass Time’ Visit to The Aliguma offered a Real-Life Time Opportunity to Repackage Uganda’s Football; But it didn’t!

    Cry My Beloved Country: How Patriotic Brenda Nanyonjo is Staking Her All to Keep the Miss Uganda Brand Afloat as Government Shamelessly Gaze On

    Cry My Beloved Country: How Patriotic Brenda Nanyonjo is Staking Her All to Keep the Miss Uganda Brand Afloat as Government Shamelessly Gaze On

    Have This Instead: Remorseful Sevo Gives Land as Compensation to Boxing Body for their Fallen Zebra ‘Mando’ Senyange, Murdered by Security

    Have This Instead: Remorseful Sevo Gives Land as Compensation to Boxing Body for their Fallen Zebra ‘Mando’ Senyange, Murdered by Security

    BAD NEWS: Veteran Singer Halima Namakula and her National Promoters Associations Set to Kill the Entertainment Industry with their new Permit Ultimatum

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    Boxing Big Envelope: Making Sense of the Enormous Envelope Received by Uganda Boxing Federation President Moses Muhangi

    Boxing Big Envelope: Making Sense of the Enormous Envelope Received by Uganda Boxing Federation President Moses Muhangi

    What a Wasted Investment in the 59-Day Lasted Vipers` Coach Roberto Luiz who Registered only 0 Wins against a Heavily Lavish Vipers Squad!

    What a Wasted Investment in the 59-Day Lasted Vipers` Coach Roberto Luiz who Registered only 0 Wins against a Heavily Lavish Vipers Squad!

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    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

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    World Pangolin Day: Let’s Do Something and Quickly or The Pangolin Could Go Extinct Before Most People Realize It Exists

    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 months ago

    This fiction or?

    • Robert Ndawula says:
      2 months ago

      True story boss

    • Henry Segawa says:
      2 months 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 months ago

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

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