Ndere Centre, a popular cultural and tourism hotspot in Kisaasi, Kampala, has been put on sale after its owner Stephen Rwangyezi accumulated debts that he is struggling to repay.
According to a notice by Quickway Auctioneers and Court Bailiffs in one of the local papers, Rwangyezi has up to 30 days to clear his outstanding loan from a leading bank.
We understand Rwangyezi offered the centre, which sits on eight acres, and his other properties as collateral for a loan but has been unable to service it in time.
Sources have told us that five years ago, Rwangyezi, using Ndere Troupe, obtained a loan north of Shs 800 million to renovate and expand the centre. However, we have been told that the outstanding figure is now more than Shs 1 billion due to accumulating interest. He could also lose other properties including a residential house in Kisoro.
Like many entrepreneurs, the operations of the centre were affected by the Covid-19 lockdown in 2021 and it is yet to fully recover.
The centre is popular for holding functions like weddings and corporate retreats. It is also a magnet for tourists eager to learn about Uganda’s rich cultural heritage.
It has a variety of accommodation options for guests including cottages. It is also the home of Ndere Troupe, founded by Rwangezi in 1984 as a cultural organisation for universal unity through music, dance and drama.
