Court gives Owino traders 30 days to pay sh4b

Court has given Owino traders 30 days to salvage the sh4.8b prime land belonging to St. Balikuddembe Market.

The vendors fronted the land as security to acquire a loan from dfcu Bank in May 2011. However, court has given leeway to auctioneers to sale the land by warrant notice for the bank to recover the money.

The notice to auction the land was endorsed by Muse Musimbi, the registrar execution division of the High Court.

"Whereas St. Balikuddembe Market stall was ordered by this court to pay to the decree holder. The sum of sh4.8b has not been paid in satisfaction of the said order," a notification of sale by warrant of court issued on March 14^th by Karuhanga, Tabaro Associates stated.

"These are to command you to attach and sale by public auction at the time or date and subject to the conditions set out in the notification of sale, a copy whereof is sent herewith, the said immovable property in execution of the said order" the lawyers added.

The auctioneers are expected to execute the sale by warrant by April 10.

"This serves to direct every responsible Police officer and other relevant security agencies to ensure that the execution is done in a proper and orderly manner," the notice stated.

The land in question is on Block 12 Plot, 1081 and 1339 both in Mengo, Kisenyi measuring 0.047 and 0.335 hectares respectively.

dfcu speaks out

In a statement issued on March 13, dfcu Bank states that they dispatched a loan to the management of St. Balikuddembe Market under their association to enable them acquire a lease from Kampala Capital City Authority (KCCA) in respect of the land on which St. Balikuddembe Market is located.

The bank also clarified that title deed of the market is still in the hands of the market management and not mortgaged to dfcu as it has been propagated in some circles.

According to dfcu, the land in question is not that where the market is located but adjacent to the plot belonging to management in nearby areas such as Mengo and Kisenyi.

"Following the failure to redeem the land, dfcu is now constrained to sale Plot 12, 1081 and 1339 (in) Mengo, comprising of the relocation land to recover the outstanding loan," dfcu stated.      

Traders speak out

The secretary of the market vendors, Adam Kakuba, said they have failed to raise the money.

"We are struggling to pay back the loan but we are still facing a lot of challenges. Whenever we try to collect funds from the traders we face resistance from traders," he said.

He however appealed to dfcu to give the traders more time.

Suleiman Kasule, the chairperson of Nakaziba House, dealing in second hand shirts, said the situation remains a case of confusion.

"Some traders are saying that the market is going to be sold off, others are saying that the land we bought in Kisenyi is going, we do not know what is happening. It is best you contact the chairman," he said.

Janat Nakityo, a food vendor said the traders only heard that the bank has given them more time to find money to clear the debt. ​

To solve the impasse, some political leaders in Kampala have urged the traders to seek for a bail out from President Yoweri Museveni.