Lwasa Cries to Museveni as Equity Bank Seize 4.5bn Property over 600m Loan Default.

Masaka City tycoon, Lwasa, has made an appeal to President Museveni after  Equity Bank last week seized his property valued at 4.5 billion Ugandan shillings due to a 600 million shilling loan default.

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Equity Bank agents visited Masaka City on March 20 and affixed signs reading "Bank Property for Sale" on Lwasa's Club Tarven Kick in Kyabakuza Township along the Masaka-Mbarara highway.
The three-story glass building, constructed in 2015, sits on a 200 by 70 feet plot. It features 21 self-contained rooms with modern artwork and ample parking space. Despite its appraised value of Shs4.5 billion, Mr. Lwasa has struggled to raise the approximately Shs600 million he owes the bank.

“Your Excellency, my property is on the verge of being taken over by the bank and as an ardent supporter of NRM and a former Kadogo (child soldier in the 1981-86 Luweero Bush war) ,I am requesting for your quick intervention to save this property,” Mr Lwasa told President Museveni on March 21 during a fundraising drive for the construction of Lwengo Muslim District Headquarters and Health Centre IV at Mbirizi, Lwengo Town Council where the president was the Chief Guest.

Mr. Museveni, who donated Shs 200 million towards the construction of Lwengo Muslim District Headquarters and Health Center IV, did not directly address Lwasa's financial troubles Instead instructed his protocol team to investigate the matter further.

“Since I’m one of the people who are in government and have got some capacity, I will now start by contributing Shs200 million. If that money is not enough after all of us have collected, you will let me know I will add on,” President Museveni said.

President Museveni suggested that the project's success would have been more feasible if all Lwengo homesteads had stable incomes and substantial contributions.