Exim Bank Uganda has initiated the process of auctioning a high-value commercial arcade in Kampala reportedly owned by businesswoman Teopista Nabbaale through her company, Jesus and Nabbaale Limited. The move is aimed at recovering money owed to the bank following financial difficulties involving the property.
The commercial property is located in Kabalagala, a busy Kampala neighbourhood known for its businesses, shops, offices and commercial buildings. Its proposed sale has drawn attention because of the reported value of the property and the substantial debts associated with the businesswoman’s financial obligations.
According to the information provided, Nabbaale’s financial difficulties involve outstanding debts totalling approximately Shs12 billion across three different commercial institutions. The amount reportedly owed to Exim Bank is estimated at Shs6.5 billion, which the bank is seeking to recover through the auction process.
The bank is reported to have obtained authorisation from the Commercial Court to proceed with the sale of the property. Such proceedings are generally intended to enable a lender to recover outstanding funds when a borrower fails to meet agreed financial obligations, subject to the applicable legal procedures.
Court Brokers and Associates, identified as the court bailiffs handling the matter, were reportedly tasked with finding a buyer for the commercial arcade. Their role is to facilitate the sale process in accordance with the relevant court authorisation and applicable requirements.
The information also indicates that Nabbaale reportedly consented to the sale of the property. However, further details about the terms of that consent, the outstanding loan arrangements and the specific court orders have not been independently established from the information available.
If completed, the auction could allow Exim Bank to recover some or all of the money it is seeking, depending on the final sale price and the terms governing the recovery. Any proceeds beyond the amount legally recoverable would be handled according to the relevant loan agreements and legal requirements.
The development highlights the financial and legal risks that can arise when commercial property is used to secure borrowing. Further details from Exim Bank, the Commercial Court or the parties involved would help clarify the auction timeline, the property’s valuation and the outcome of the recovery process.
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