As you read this, the flamboyant rich lad, who won the tender to develop Nakivubo stadium, is facing it rough after a Kenyan bank confiscated the land title for his mufti-billion shilling multi-storied Ham Towers located near the main gate of Makerere University.

Ham Towers (Makerere)

Ham Towers (Makerere)

This website can reveal that Hamis Kiggundu and his Ham Enterprises empire are sinking in the deep waters of the Pacific, after it emerged that he is entangled in a debt trap with banks.

Kiggundu’s misery stems from a US$2 million loan – equivalent to Ushs6.7 billion, which he took from Imperial bank, a Kenyan bank before it ran into capital problems. xclusive ug established that Ham as he is popularly known obtained the loan on September 26, 2014. He deposited the title for his beautiful and strategically located Ham towers at Makerere as security for the financing.

The young man who shocked many in Kampala with his overnight riches that include a hotel like mansion on the shores of late Victoria, has now resorted to court to fight it out with Exim Bank, the one that took over Imperial Bank, to recover the title whose particulars are LRV 296, Folio 1, Plot 409 and its physical locality is Makerere Hill road.

Along the way, Ham found problems repaying the loan. Consequently, the bank recalled the loan on August 7 last year.

At the time the bank sent the demand notice, the loan facility stood at USD4,337,065. The lender threatened to auction the security upon Ham’s failure to settle his liability.

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HAMIS Kigundu