Freedom City Tycoon Ssebalamu In Financial Quagmire, Sells Off Arcades To Service Debts

Freedom City Tycoon Ssebalamu In Financial Quagmire, Sells Off Arcades To Service Debts

By Ivan Mwine

All is not rosy for city businessman John Ssebalamu, who is said to be in a severe state of financial quagmire and as a result, he is selling off many of his building so as to  settle his pressing debt burden which is   worth billions of shillings.

Word coming in from our Moles in downtown Kampala is that Ssebalamu, who owns Freedom City, a shopping arcade in Namasuba, along Entebbe Road, has since sold off a building known as Freedom Centre, which is in Nakivubo.

Moles reveal that Ssebalamu reportedly sold the building to another tycoon known as Daudi Mutebi, who has since introduced new tough rules for the tenants,   many of which have since been branded by the tenants as exploitative.

Naiga Chambers once belonged to John Ssebalamu

However, the Moles reveal that this is not the first building Ssebalamu is selling, because some time back he sold Capital Arcade,  then later sold Mini Price building and Naiga Chambers.

He thereafter sold Sebco Planet building in Container Village and according to Moles some of Ssebalamu’s buildings were bought by tycoon Drake Lubega.

Currently, Ssebalamu remains with two buildings; Freedom City and Capital Center.

Meanwhile, Moles  reveal that Mutebi, who reportedly  bought Ssebalamu’s Freedom Arcade was until recently not known to be a wealthy businessman since he was a renowned broker and some time back a clothes vendor, but he surprised many traders in Kampala by buying the multimillion building.

Besides the building he bought from Ssebalamu however, Mutebi is also said to own other buildings in Kampala among them Lutungo Arcade, Arrow Center, Premier Center.

But many Ugandans have been left wondering why Ssebalamu, a member of Bagaga Kwagalana, an umbrella group for city tycoons led by Godfrey Kirumira, is selling off his buildings one after the other.

Meanwhile, it should be recalled that Ssebalamu was some time back rumoured to be   dead after battling illness for a long  time, although he later came out and trashed the death rumours.

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