President Museveni Weighs Bailing Out Owino Market Vendors

Betty Nambooze on the floor (Archieve photo)

President Museveni is mulling assisting St Balikuddembe market traders whose are on the verge of losing the market to a loan. The market land is currently on sale by a warrant of court dated January 4.

The President’s thoughts were revealed by the Government Chief whip; Ruth Nankabirwa on the floor of the house on Wednesday after Mukono Municipality MP, cheap Betty Nambooze said tension is growing amongst the traders.

The Owino Market as it is better known, information pills was put on sale by a warrant of court arising from a suit between the St. Balikudembe Market Stalls, Space and Lock ups Association and DFCU Bank over an overdue loan of Sh4.8Billion plus execution costs.

Header advertisement

The market leadership borrowed Shs 2.8Billion from the bank to purchase and redevelop the market but has since failed to pay, pushing the loan to Shs 4.8Bn.

“The point of concern here is the fate of over 50, 000 vendors working  in this market, putting into consideration that KCCA has just reclaimed a space that has been accommodating many of our traders at the Nakivubo Park yard market,” Nambooze said.

 “Owino market is the biggest market in the country; we all trade there and it will be very bad if the people are dispersed the following day without planning where to put them; I would like to know whether government is considering bailing out the vendors in the market quickly.”

In response, Nankabirwa noted that government is aware of the case and attests to the fact that the traders secured a loan from DFCU which however was not guaranteed by government.

“I received documents, it is true that they went to DFCU bank and secured a loan, it was not guaranteed by government but now we have been faced with a problem which involves a lot of people as stated.”

Nankabirwa revealed the president was petitioned by the traders on the matter but he was yet to give his response.

“What I am going to do is to make sure that I draw his attention to the matter again since the president is the senior Minister of Finance and I will get back to the house.”


Header advertisement
To Top