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The past five years have not gone particularly well for Uganda’s billionaire class. Once the undisputed symbols of local enterprise and ambition, several of the country’s most prominent businessmen have found themselves entangled in complex financial and legal battles — most of them involving commercial banks and cross-border lenders. Among them, Hamis Kiggundu, the property and retail magnate behind Ham Enterprises, waged one of Uganda’s most closely watched banking disputes. His companies owed USD 4,014,444 to Diamond Trust Bank Uganda and USD 6,974,600 to Diamond Trust Bank Kenya — a combined USD 10.99 million (approximately UGX 40 billion) in credit…
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When Uganda’s Supreme Court hears the final appeal in Kampala International University Limited vs Housing Finance Company Limited (Kenya), it will not only be deciding the fate of a legal contest. It will also be ruling on the financial lifeline of one of Uganda’s most enduring business empires: the Basajjabalaba family fortune. For Hassan Basajjabalaba, the flamboyant tycoon and political heavyweight, this is no longer a matter of law. It is an existential test. At stake is a UGX 80 billion liability, roughly $23 million, whose enforcement could trigger a chain reaction across the billionaire’s education, healthcare, tea export, and…
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London-based African Leadership Magazine has crowned Kampala International University Chairman of the Board of Trustees, Al Hajj Dr. Hassan Basajjabalaba as the African Educationist of the Year 2024. Dr Basajjabalaba…
The pre-Covid19 lockdown news that Hassan Basajjabalaba, the former chairman of ruling party NRM Entrepreneurs’ League and frontman for a string of briefcase companies, has been ordered by court to refund hundreds of billions of shillings which he was paid as ‘compensation by government’ was not only profoundly disappointing but also sadly predictable. It depicts the failure of our judiciary, civil society and the media to maintain alertness, honesty, and impartiality in the fight against grand corruption. There is so much wrong with the verdict of the constitutional court delivered on 24th March 2020 that it is hard to know…
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