Sunday, July 13, 2025
UG Standard - Latest News
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us
  • Login
UG Standard - Latest News
ADVERTISEMENT

NRM chairman loses house over UGX 92M loan

by DAVID MAFABI
10/08/2023
in News
Reading Time: 3 mins read
A A
0
Share on FacebookShare on Twitter
The NRM chaiman for Bulambuli house to be auctioned by the Bank after he failed to pay a loan of Shs 92M (PHOTO/Courtesy)

The District National Resistance Chairperson for Bulambuli district could lose his only prime property located at Bwikonge, Sipi town board in Bulambuli district.

Mr Paul Kimamati, an ardent supporter of NRM  borrowed Shs 50 million from Finance Trust Bank in 2019 hoping he would pay it back in time but when Covid-19 struck in 2020/2021, all his businesses closed and he was unable to pay the loan.

Related posts

Pearl Tower One, part of the new Pearl Business Park, stands illuminated in the Kampala night skyline.

Ruparelia Group completes first phase of Kampala business park

11/07/2025
186
Uganda's President Museveni rallies Wakiso leaders, calling for active engagement to boost wealth, jobs, and service delivery across the district.

Museveni tells Wakiso leaders: Focus on wealth, jobs, services

11/07/2025
171

dfcu reports 151% profit jump, hikes dividend

11/07/2025
167
Marvin Bitature, 35, son of Ugandan tycoon Patrick Bitature of Simba Group, has died. Funeral arrangements are underway for the prominent family.

Tycoon Patrick Bitature’s son, Marvin Beine dies 35

11/07/2025
327

A report by the Economic Policy Research Centre [EPRC ] dated 26 November 2022 says COVID-19 made some business enterprises to permanently close due to restrictions of movement and the direct and indirect COVID-19-related factors accounted for over 60% of the permanent business closures.

And the COVID-19 episodes are also characterized by intermittent business closures of complete and partial nature across the country where Mr Kimamati’s business also suffered.

The EPRC report adds that the intermittent business closure rate in the first COVID-19 lockdown period was 78%, majorly driven by complete business closure (rate of 67%) – partial business closure rate was 11%.

Information privy to the Bank indicates that in 2020, 2021, and 2022 Mr Kimamati requested the Bank to extend the loan payment which they did but up to now, he has failed to pay the bank and the amount has increased to Shs 92, 073, 391 million that includes the principal, interest, and penalties for late payment.

A letter seen by UG Standard signed by Finance Trust Bank Branch Manager for Mbale dated 23 July 2023 says the bank will proceed to sell the mortgaged property if he does not pay the Shs 92. 073, 391m by public auction or private treaty.

“Notice is hereby given that unless the said past due amount is paid including the principal, interest, and penalties for late payment is paid within forty-five [45] working days from the date of this Notice, otherwise the mortgagee shall recall the entire loan currently standing at Shs 92, 073, 391. The bank will proceed to sell the mortgaged property by public auction or private treaty under powers conferred upon the said mortgagee by the mortgage and under section 20 of the Mortgage Act 2009,” reads the letter signed by the Branch Manager Finance Trust Bank, Mbale.

The letter adds that “Please note that the loan will continue to accrue interest on a daily basis until the past due obligation is settled,”

In another letter written to Mr Kimamati on 20 June 2023, the Bank threatens to take legal action against him, attach his only property, the house, and levy all recovery costs in the case on him.

When reached for a comment, Mr. Kimamati who has fled his home and the entire family consented he got a loan and has failed to pay for it but hopes the NRM chairman and president of Uganda will help settle this

“I have been an ardent supporter of NRM, my district usually performs well during elections including the 2021 election and I know the president has a good heart for his people, he will rescue me, I am sure but the Bank is moving very fast,” said Mr  Kimamati who doubles as the dean of NRM chairpersons in Elgon zone and the national publicity secretary for NRM chairpersons before switching off his phone.

And correspondences seen by this website indicate that Mr. Kimamati has communicated [in a letter dated 21 June, 2023] to the NRM secretariat and the NRM chairman and president Mr Yoweri Kaguta Museveni although there has been no response at all.

“The purpose of this communication, therefore, is to seek your parental intervention to help me clear the loan and save my home from being sold. Sale of my home will cause embarrassment to me as a person, to the NRM party as an organization I have served ardently, and to my family,” reads one of the letters written to the president and chairman of the NRM party.

The Secretary-General NRM secretariat Mr Richard Todwong June 30 wrote to the Bank requesting them to halt the execution and legal proceedings against Mr Kimamati for a month urging that in a month’s time, they will have successfully pursued the matter.

“I have already written to his Excellency the president and I am confident that within a month, we shall have successfully pursued Mr Kimamati’s matter with His Excellency the president and chairperson of the NRM party,” reads a letter to Finance Trust Bank signed by Mr Todwong SG NRM.

And although 30 days elapsed in July, His Excellency the President is yet to say anything on the issues concerning Mr Kimamati and his Finance Trust Bank Loan.

Share this:

  • Share
  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on X (Opens in new window) X
  • Click to share on LinkedIn (Opens in new window) LinkedIn
  • Click to share on X (Opens in new window) X
  • Click to share on Pinterest (Opens in new window) Pinterest
  • Click to share on Telegram (Opens in new window) Telegram
  • Click to share on WhatsApp (Opens in new window) WhatsApp

Like this:

Like Loading...

Related

Tags: FeaturedFinance Trust Bank LoanMbaleNRM< president MuseveniUganda

Related Posts

 Abbas urges U.S. to compel Israel to stop violations against Palestinians
News

 Abbas urges U.S. to compel Israel to stop violations against Palestinians

05/11/2022
0
308

Abbas urges U.S. to compel Israel to stop violations against Palestinians RAMALLAH, Nov. 4 (Xinhua) -- Palestinian President Mahmoud Abbas...

Read moreDetails
Equity ranked 4th strongest banking brand globally on brand strength, scoring 92.4 points out of 100

 Equity Bank Under Scrutiny for Alleged Role in UGX.3bn Fake Gold Scam

09/07/2024
625
Minister of Health Dr. Ruth Aceng and Permanent Secretary Dr. Diana Atwiine pay their respects at the burial of Dr. Joshua Musinguzi, a champion in the fight against HIV/AIDS in Uganda. Their presence honors his legacy and dedication to improving healthcare in Uganda.

 FULL LIST: Health Service Commission Shortlists Applicants for Key Roles

18/06/2025
1.4k
Kabuleta and other opposition politicians have teamed up to put an end to Museveni's leadership

 Kabuleta, other opposition politicians team up to put an end to Museveni’s leadership

27/02/2024
504
Load More

Popular Articles

  • Check out the top schools with pupils who scored 6 in 4 aggregates in the 2024 PLE results, as released by UNEB

    PLE 2024 Results: Top Schools with 6 in 4 Aggregates

    4378 shares
    Share 1751 Tweet 1095
  • How to Renew Your National ID Online: NIRA Pre-Registration Portal 2025 Guide

    4066 shares
    Share 1626 Tweet 1017
  • NIRA unveils high-tech National ID, mass enrollment set to begin

    2667 shares
    Share 1067 Tweet 667
  • FULL LIST: Ministry of Education, NCDC publish self-study workbooks amid COVID-19 lockdown

    3323 shares
    Share 1348 Tweet 823
  • How to Check PLE Results 2024 on Phone, Online

    1785 shares
    Share 714 Tweet 446
  • PLE 2024 Results: UNEB Clarifies on Release Date

    1651 shares
    Share 660 Tweet 413
  • MPs clear govt to cancel 2020 academic year

    2796 shares
    Share 1150 Tweet 686

Recent Articles

Traders decry lack of education on tax matters, call for greater sensitization

12/07/2025

Graduates Urged to Innovate as Over 1,000 Complete Training at Nakawa Vocational Training College

12/07/2025
The IGG Beti Kamya urged Ugandans to help expose suspicious wealth, such as high-rise apartments owned by public officials.

How the Office of the IGG is Turning the Tide in Uganda’s Fight Against Corruption

11/07/2025

betPawa Makes History with Africa’s Biggest Aviator Win — UGX 3,582,370,00 in One Round

11/07/2025
Herbert Achai

Transfers: Herbert Achayi Returns to KCCA FC

11/07/2025
The accused persons at Court on Friday.

Gomba District Commission Members, charged with extortion and Soliciting Bribes for Jobs

11/07/2025
Brian Mulondo (C) moderates the MTN MoMo Power to be More campaign Launch with MTN's Richard Yego (L) and Jemima Kariuki (R)

MTN MoMo Broadens Digital Offerings to Empower Individuals, Businesses

11/07/2025

Recent CommentsRecent Comments

  • The Journey of Ibrahim Traoré on How President Ibrahim Traoré’s ambitious vision is driving Burkina Faso’s economic growth push
  • Ugandan Scientists Finalists For European Inventors Prize — Press Uganda on Ugandan scientists finalists for European inventors prize
  • Government Pumps UGX1 Trillion Into UDB To Drive Industrialization, SME Growth — Press Uganda on Government pumps UGX1 Trillion into UDB to drive Industrialization, SME growth
  • PS Ggoobi Tips On Building USD 500b Economy — Press Uganda on PS Ggoobi tips on building USD 500b economy
  • Museveni Meets German Envoy Matthias Schauer After Subversion Claims — Press Uganda on Museveni meets German envoy Matthias Schauer after subversion claims

UG Standard - Latest News

UG Standard, published via www.ugstandard.com isa publication of Sahel Media Solutions Ltd, a professional Digital/New Media company in Uganda info@ugstandard.com

Follow us on social media:

Latest News

  • Traders decry lack of education on tax matters, call for greater sensitization
  • Graduates Urged to Innovate as Over 1,000 Complete Training at Nakawa Vocational Training College
  • How the Office of the IGG is Turning the Tide in Uganda’s Fight Against Corruption
  • betPawa Makes History with Africa’s Biggest Aviator Win — UGX 3,582,370,00 in One Round
  • Transfers: Herbert Achayi Returns to KCCA FC
  • Gomba District Commission Members, charged with extortion and Soliciting Bribes for Jobs

OpED

Equipping Youth with Skills for a Sustainable Future: A Mission We Must All Embrace

Fueling the Future: How Pesapal’s Forecourt Management Solution is Transforming Uganda’s Petroleum Sector

HELLEN MASIKA: From Darkness to Solar Light in Kijumba 

Why de-register a Motor Vehicle in Uganda: and Consequences of Non-Compliance

Challenges of taxing law firms in Uganda

© 2024 Ugstandard - Latest News by Digital/New Media company.

Welcome Back!

Sign In with Facebook
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us

© 2024 Ugstandard - Latest News by Digital/New Media company.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d