Traders set to lose Owino market over sh6b debt

By Hannington Nkalubo

Traders operating in St. Balikuddembe market, formerly known as Owino, are in untold panic over a looming sale of their premises for failure to clear a bank loan that has now accumulated to sh6b.

The traders under their umbrella organisation St. Balikuddembe Market Stalls, Space and Lockup Shop Owners Association Ltd [SSLOA] took a loan of sh3.8b from DFCU bank on February 3, 2011 that has now accumulated to sh6bn in arrears.

Odens and Wanders Bailiffs and Auctioneers are set to auction the land should 30 days running up October 17, 2013 elapse before the debt is cleared.

The land comprised of plots 388, 1431 and 1339 sits on over 3 acres in Kisenyi. The land was bought by the traders after an intervention by President Museveni to give them priority to purchase it to construct a modern market.

The SSLOA chairperson, Godfrey Kayongo Nkajja, said he had convened a meeting of all association members tomorrow Thursday  to chat a way forward lest they lose their hard-earned money.

Kayongo said in the beginning they were servicing the loan but the association hit hard times when KCCA stopped them from collecting market dues from members.

The panicked traders have now appealed to the President to intervene and save them from impending disaster.

Some traders have however blamed KCCA for interfering in their operations. "I have heard all that but I blame KCCA. Why do they stop traders from paying market dues? I get my own money and pay dues; why do those who don't like the arrangement frustrate us? Godfrey Kasiita, a trader says.

Another trader, Godfrey Kamugisha says: " No one can sell our land because the money we owe is little compared to what we are supposed to pay. If every trader pays his dues to run a lockup we can comfortably clear that debt."