HOW CRANE (NOW DFCU) BANK CONNED TYCOON NABUKERA IN SHS9BN DEAL
Christine Nabukera, a Kampala CBD property mogul who is also the sister to the Muwonge/Sebalamu brothers, is facing a period of economic turmoil while choking on the Shs8.5bn loan she took from a city bank in order to acquire additional property. The property in question is located along Nabugabo road plot 47 and it comprises of a commercial building housing 888 Hotel. Proceeding under Namaganda Ltd which is one of her companies, Nabukera contracted the said loan from Diamond Trust Bank way back in 2016 but it was also expensive money because the interest charged was prohibitively too high. She borrowed after Crane/DFCU bank advertised the building in the newspapers as available for sell on auction to the highest bidder that turned out to be herself at Shs8.5bn. Fit Auctioneers & Court Bailiffs handled the auction on behalf of Crane/DFCU bank. The selling bank went as far as effecting title transfer from the names of mortgagor Miao Hauxian (a Chinese investor) into the names of Christine Nabukera. The bank also took the responsibility to notify the tenants of the new owner and asked them to vacate for Nabukera, who intended to demolish and rebuild the place, to take vacant possession. As she moved to take possession, Hauxian run to Court and got an order staying the transaction and transfer. The very crippling court order was to the effect that Nabukera couldn’t take possession until the main dispute/suit Hauxian filed against Crane/DFCU bank was resolved to its finality. Now having failed to enforce any remedy against the clueless DFCU bosses, Nabukera too has resorted to court seeking a refund plus additional damages to atone the loss she has incurred in the last three years of DFCU bank managers playing hide and seek games on her.
In her claim lodged in the Commercial Division of the High Court before Justice Billy Kainamura, Nabukera wants DFCU bank to refund her Shs8.5bn and another more than Shs3.3bn in mesne profits. She also wants DFCU bank to refund another over Shs2.8bn that she had spent so far repaying the loan with DBT Bank. Nabukera is aggrieved that, despite doing her part (on January 28th 2016) of the sale contract that required Crane/DFCU bank to surrender the property to her on paying the full price, she has continued to be ignored by DFCU bank officials and wants court to compel them to do justice to her. Wealthy Nabukera owns a string of other commercial properties in Kampala and her estate inter-alia comprises of NANA Arcade in Nabugabo, Victor Plaza in Kikuubo and Kisekka Auto Center Plaza which is now being rented by hundreds of mechanics that were flushed out of Kisekka market to enable re-construction civil works take place on their old Kisekka market. Her multi-storied Kisekka building is a three in one and it occupies a vast piece of land. Nabukera’s experience, and the indifference the DFCU bank top managers have exhibited, has prompted many Kwagalana group members to develop a hostile attitude towards Juma Kissame’s DFCU bank whose sales persons these days struggle to get down traders transact with it. To comment on this & other Mulengera news stories, reach us on 0703164755