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By Mulengera Reporters

Vowing to go down fighting, NRM Luwero Chairman Ronald Ndawula has petitioned State House demanding for the President’s intervention to probe the circumstances under which the top Equity Bank executive officials facilitated Denis Sekabira, a top fundraising official and newly elected Katikamu North MP for NUP, to cheaply purchase his Everest Secondary School based in Luwero.

Ndawula claims that the bank sold off his school, over a loan balance of Shs700m, without following proper procedures which require a valuation report and proper public advertisement calling for buyers who must purchase the mortgaged property through a transparent public auctioning process. It’s Ndawula’s contention that all these weren’t done. He also informs State House that his school was undervalued simply because the bank wanted to cripple him to avenge his NRM links for the benefit of their man Denis Sekabira who is a diehard NUP member.

That the money that was reflected in the transfer forms was under declared in order to diminish the resultant state tax obligations. Ndawula also wonders why Sekabira was advanced and allowed to take out a Shs2.7bn loan using his school as security weeks before he even became the lawful owner of the school. “They used my school as security to advance to him a loan of Shs2.7bn at a time the ownership of the same school hadn’t yet been transferred to his names,” Ndawula asserts imploring HE the President to become more interested in investigating the possibility that the Shs2.7bn loan Sekabira was curiously advanced could have been used to finance the NUP final onslaught on the NRM in Luwero and other parts of Buganda where NUP defeated NRM like never before.

Ndawula has also written to the DPP disputing many of the things Sekabira and Equity bank bosses had revealed to that same office. Ndawula wants them sanctioned for availing the DPP with inaccurate information. (Here is some of the stuff Mulengera News has previously reported about the Ndawula-Equity bank dispute;;).


In a related development, the Simbamanyo tycoon Architect Peter Kamya has also, through his lawyers, intensified pressure on the same Equity Bank with his lawyers notifying court of readiness to adduce evidence showing that Luwaluwa Investments Ltd owner Ronald Luwangula must have been a proxy who acquired the Mutungo-based Afrique Suites hotel on behalf of some other powerful people including an Indian tycoon and some high flying lawyers.

Kamya’s lawyers say they have since obtained information showing that Sydney Asubo’s Financial Intelligence Authority (FIA) ought to intensify investigations into the circumstances under which $4.3m came to suddenly be posted on Luwangula’s newly opened dollar account at Equity Bank. That this dollar account was opened in the same period just days close to the transaction between Luwangula’s company and Equity Bank relating to the Mutungo property.

As we have previously reported, the Kenyan bank curiously sold off both Afrique Suites and Simbamanyo House in Kampala claiming Peter Kamya, the owner, had failed to repay a loan of $10m. The tycoon denies this claim and that is why he is in court challenging the purchase made by both Sudhir Ruparelia through Meera Investments Ltd and Luwangula. The Simbamanyo lawyers want court to inquire into the extent to which Equity Bank was complicit regarding the source of the cash (in dollars) that suddenly popped up at Luwangula’s newly opened dollar account at the same bank.

The lawyers also want court to inquire into circumstances under which Luwaluwa Investments Ltd, which had no prior history purchasing such vast properties, developed the appetite to acquire the same all of a sudden. Their new evidence shows that the company’s share capital stands at Shs4m with Luwangula, wife and children (all of them minors) being the shareholders. That the company had always carried out modest reconditioned car sales transactions in Nyanama and the Afrique Suites acquisition was their first ever major transaction. The lawyers, acting on behalf of their client Kamya, have since vowed to use the court processes to unveil and unmask the invisible hand behind the bank transaction resulting into Luwaluwa Investments Ltd’s miraculous acquisition of Afrique Suites Hotel.

Available court file details show that Luwaluwa Investments Ltd, which is a limited company with a minimum shareholding of 100 shares, has the following shareholders: Luwangula Ronald (10 shares), Clare Luwangula (10 shares), a minor Rodney Jjuuko Luwangula (20 shares), a minor Rodrick Jjunju Luwangula (20 shares), a minor Ronell Chwa Luwangula (20 shares) and a minor Clara Ndagire Luwangula (20 shares).

The lawyers want to adduce evidence showing court that there is something anomalous and unusual about a company, whose majority shareholders are all minors, acquiring such a huge property worth billions of shillings. The lawyers intend to use the court process to inquire into circumstances under which Luwangula got so much money on the company’s dollar account held at the same Kenyan bank called Equity.

Their well-founded suspicion, which they want to subject to further scrutiny through the court process, is that someone very rich and powerful was always keen at financially liquidating and crippling their client Peter Kamya and that that person found a willing acquaintance in Equity Bank and thereby getting Luwangula into the picture resulting into the Simbamanyo tycoon losing his property under very intriguing circumstances.

That the powerful rich man was tipped by some of the Bank’s external lawyers who ensured everything went according to plan. That the city lawyers are the ones through whom the relevant cash was channeled resulting into Peter Kamya being deprived of his property under the guise of recovering the pending balance off a loan facility whose authenticity he disputes up to this day.

And as State House (whose head President Museveni recently spoke to a team of journalists from Vision Group communicating readiness to inquire into circumstances under which majorly foreign-owned commercial banks have used the COVID19 period to grab several local tycoons’ properties) gets down to specifically study the general conduct of business by Equity Bank, architect Kamya is equally counting on the investigations being conducted by FIA and Police all aimed at establishing evidence linking Equity Bank to any inappropriate banking conduct and practice. He hopes that once culpability and bad faith is established on part of Equity Bank, the rest will fall into place. (For comments on this story, call, text or whatsapp us on 0705579994, 0779411734, 0200900416 or email us at




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