Museveni and Basajjabalaba reportedly discussed the ongoing row over the sale of St. Balikuddembe (Owino) and Nakasero markets by Kampala City Council to the tycoon.
Local government minister Bidandi Ssali has ordered that the two tenders be cancelled.
The Presidentâ€™s press secretary, Mary Okurut, declined to comment on what was discussed.
â€œYes, they met but I donâ€™t know what they discussed. Their meeting is not worth writing about because it was more or less private,â€ she said on phone.
Sources close to Basajjabalaba said he defended Bidandi before the President on two issues and blamed the media for distorting the facts.
Basajjabalaba reportedly told Museveni that Bidandi was not against the indigenous investors but was misinformed on how the tenders were awarded.
â€œBidandi has many enemies who want his ministry,â€ Basajjabalaba told The New Vision.
Museveni Meets Basajjabalaba