Retired banker loses home to lender

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William Balyokwayibwe’s house was seized. Photo URN

Kampala, Uganda | THE INDEPENDENT | A 68-year-old retired banker and his wife are stranded after being evicted from their home by a money lender.

Francis William Balyokwayibwe was a director at Stanbic Bank when he retired 16 years ago after a 28-year career that began at Uganda Commercial Bank in 1977. But his retirement story changed when his cousin, Barbra Naweelya Nadiope used her land title. along the Bivamuntuuyo road in Mulago to obtain a 70 million shillings loan from a moneylender in July 2018.

The loan was taken at 20 percent monthly interest from money lender Doreen Kushaba. According to Nadiope, the family was in desperate need of money to start a grain export business, but the money accumulated to 210 million shillings after defaulting on payments for nearly a year.

However, the borrower negotiated a reduction which brought the loan value and interest to 180 million shillings. In April 2019, Nadiope borrowed an additional 220 million shillings from another money lender identified as Francis Mutabaazi, to clear outstanding debt with Kushaba and use the balance to revive the business that was struggling to stay afloat.

Balyokwayibwe and his wife, Hope Ayebazibwe, say that at present, they cannot access their home after the bailiffs evicted them from the house, along with their property, for non-payment of a fee. loan facility, which now stands at 400 million shillings.

The family was evicted on the basis of an order issued on May 18, 2021 by the Nabweru Chief Magistrates’ Court to Shrewd Solutions Limited, stating that Balyokwayibwe, a tenant of Mutabaazi’s house, had not paid his rent. for over a year.

Nadiope said she expected a lot of money and shared a plan with William who accepted the loan deal at the time and offered her land title to the same. She says the initial loan was shared equally between the two families, but it was also not enough to overcome the challenges the family had at the time, forcing them to take additional loans to keep themselves afloat.

She adds, however, that she is making efforts to have the family reclaim the house.

Mutabaazi Francis, said lender said the case will be dealt with by the courts.

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