The Big Story

Olive Kigongo, Cedric Babu’s Widow and KCB Bank in UGX 1.2b Kololo Property Fight At stake is not just a luxury Kololo condominium, but a legal question that could redefine banks’ obligations under mortgage insurance arrangements, and determine whether a grieving family keeps its UGX 1.2 billion home or loses it to foreclosure.

Olive Zaitun Kigongo (left) and Alison Gallagher, mother and widow of the late Cedric Ndilima Babu, respectively, are seeking court declarations that KCB breached its mortgage agreement, an injunction blocking foreclosure of the Kololo condominium, a write-off of the outstanding loan, return of the property title, damages, and legal costs.
Olive Zaitun Kigongo (left) and Alison Gallagher, mother and widow of the late Cedric Ndilima Babu, respectively, are seeking court declarations that KCB breached its mortgage agreement, an injunction blocking foreclosure of the Kololo condominium, a write-off of the outstanding loan, return of the property title, damages, and legal costs.

A high-value property in Kololo purchased at a value of UGX 1.2 billion has become the subject of a legal showdown between businesswoman Olive Zaitun Kigongo, her co-administrator Alison Gallagher, the wife of deceased Cedric Ndilima Babu and Kenya Commercial Bank (KCB). The condominium unit at Plot 1, Fumu Lane, was acquired through a combined investment of $125,000 (UGX 447.4 million) contributed by the late Babu and a $200,000 (UGX 716 million) mortgage advanced by KCB. Together, the contributions brought the purchase price to roughly UGX 1.2 billion. Now, the Commercial Division High Court must determine who bears responsibility for…

This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!

Tagged:
beylikdüzü escort beylikdüzü escort