By Ivan Mwine
Ugandan real estate mogul Joseph Yiga Magandaazi, the proprietor of JOMAYI Property Consultants, a real estate dealership, is wallowing in a deep financial quagmire.
As you read this, Yiga is having sleepless nights because commercial banks are moving to attach his property after he encountered problems in clearing loans from the said banks
As a result of his financial woes, the banks have since instructed their bailiffs of FIT Auctioneers and Court Bailiffs, to distress some of his properties and so far his stone quarry in Mukono has already been advertised in newspapers, with intent to auction the property unless he clears his loan dues.
The property registered under JOMAYI Stones and Concrete Products Limited, Plot 2161, Block 184 Kyaggwe, at Buligobe, Mukono District, measuring 6.292, is to be auctioned according to an advert in the Daily Newspaper dated December 16, 2021, unless he pays within 30 days.
However, it should be noted that JOMAYI has over the years been battling financial woes especially those arising from disputes between the company and clients who bought land but were not issued with land titles.
But that’s a story for another day, so watch this space!