It’s a dramatic turn for Kampala’s elite business scene, Teopista Nabbaale. The prominent member of the influential Kwagalana Group finds herself in the midst of a financial storm. Known for her business acumen and strategic investments in real estate, Nabbaale is now facing the possible loss of her multi-billion-shilling arcades, which have been earmarked for auction by three major banks in Uganda.
The businesswoman, operating under her company `Jesus and Nabbaale` Limited, initially took out substantial loans amounting to tens of billions of Ugandan shillings to expand her real estate ventures. While she managed to pay off a portion of the debt, an outstanding balance of approximately UGX12Bn remains unpaid.
The three banks involved; Exim Bank, Cairo Bank, and ABC Bank have filed legal actions against her, pressing for the recovery of their funds. The first step in the auction process has already been initiated by Exim Bank, a Chinese-owned financial institution, which has secured authorization from Justice Stephen Mubiru of the Commercial Court to auction one of Nabbaale’s high-value properties located in the bustling Kabalagala neighborhood.
Exim Bank aims to reclaim an estimated UGX6.5Bn through the sale of this property. Moses Mutesasira, a court bailiff affiliated with Mutesasira Court Brokers and Associates, has been tasked with finding potential buyers for the Kabalagala arcade. Nabbaale’s consent to the auction hints at her struggle to settle the large debt, signaling a financial crisis that could affect her standing within Kampala’s business elite.
Further complicating Nabbaale’s situation, Cairo Bank and ABC Bank are moving to seize another arcade she owns. This one is strategically located near the New Taxi Park, a prime location within Kampala’s commercial district. The two banks are collectively seeking to recover over UGX5Bn, and recent court victories in their favor have brought them closer to securing the necessary authorizations to proceed with the auction of the second property.
For Nabbaale, who has long been an influential figure within the prestigious Kwagalana Group, this financial predicament represents a potentially catastrophic turning point. Unless an investor steps in to acquire her debts or another solution emerges, she faces the grim possibility of losing both arcades, with insolvency looming as a distinct outcome.
The auctioning of Nabbaale’s properties would mark a significant setback not only for her but also for Kampala’s high-stakes business landscape, where reputations are closely tied to financial solvency and asset holdings. The coming weeks will reveal whether Nabbaale can secure a last-minute reprieve or if her arcades will indeed go under the hammer, impacting her future within Uganda’s elite business circles.
Author Profile
- Mr. Stephen Kasozi Muwambi is a seasoned crime investigative writer, majoring in judicial-based stories. His two decades’ experience as a senior investigative journalist has made him one of the best to reckon on in Uganda. He can also be reached via [email protected]
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