Martin Kivumbi, a Kampala-based businessman, says he is about to break down, mentally, after a microfinance company, co-owned by Sam Kutesa’s son, took his prime Kigo plot over what he termed as unfair loan terms.
“My mental health is not good. They have deployed soldiers on the land. My children are traumatized because they have been using part of this land as a demonstration garden,” Kivumbi told us.
This is how it all started.
In April 2024, Kivumbi borrowed Shs 180 million from Impala Credit Limited at 6% interest rate per month as a quick loan payable in six months. He told Bbeg media that he needed the money to capitalize his business.
The shareholders of Impala Credit are: Isaac Muhwezi Kutesa, Kutesa’s son; Peter Muzoora, Joshua Mazune, Jasi Kassami, and Samuel Sebide Sentongo.
To get this loan, Kivumbi staked his three plots of land (Plot 346, 347, 348) as collateral. He says he was told that he needed to pay at least Shs 10 million per month to cater for interest payments.
By October 20, Kivumbi had cleared Shs 84.5 million of the loan, leaving a balance of Shs 96.5 million.
However, in November, Impala issued him a demand notice to pay all the money, or they would take his property.
With interest accruing in addition to penalties, Kivumbi reached out to ABC Capital Bank and asked them to buy off the loan.
Penalties and late payment fees, according to the loan repayment statement seen by Bbeg Media, ranged between Shs 1.5 million and Shs 2 million per month.
In March 2025, ABC Bank paid Impala Shs 150 million after taking over plots 346 and 347. In essence, Kivumbi said he had now repaid Shs 234 million to the microfinance.
That is why he was shocked when Impala told him they still owed them Shs 62 million.
“They told me that they were going to take the remaining plot, 348, if I did not clear the money,” Kivumbi said.
Panicking, Kivumbi went to Impala and tried to explain to them that, based on his calculations, he was confident he had cleared the loan.
Impala argued that due to interests and penalties, the money had since ballooned to Shs 62 million.
He told them he was expecting a consignment of goods from which he would clear the money.
“They said no. We want our money now,” they told me.
So in June 2025, Kivumbi went back to ABC, which again expressed interest in buying off the loan.
Kivumbi says the major reason he went to ABC is that he wanted to save his plots of land.
However, by the time the bank started engaging Impala, they were told that the money had now risen to Shs 71 million.
“I put my foot down and said This is broad daylight thuggery. It can’t be,” he said.
On July 7, 2025, Impala advertised his plot in the Daily Monitor, giving him 30 days to clear the loan and interest.
In August, Kivumbi received a message that the plot (348) had been sold.
“ I was confused. I tried to put a caveat on the land, but there was a mortgage (which overrode the caveat). I wrote to the Ministry of Lands for intervention, but nothing came of it,” said Kivumbi.
Enter UMRA
In November, Kivumbi took the matter to the Uganda Microfinance Regulatory Authority (UMRA). UMRA summoned both parties for a meeting. Kivumbi narrated his ordeal in a meeting. Benon Mugambe, the UMRA Compliance Officer who chaired the meeting, told the parties to come back with documents in the second meeting.
“That is when I realized that Impala had not given me a copy of the loan agreement. When I signed the agreement, they told me one of the signatories was not around, but that they would send me a copy after he appended his signature. They never did,” Kivumbi said.
He engaged his lawyer, who managed to secure some of the documents. The second meeting took place on November 25th.
“UMRA said the loan restructure was wrong and illegal. They told us to each get independent auditors to look at the loan agreement and statement,” he said.
In the third meeting, this time chaired by Sheila Birungi, UMRA’s legal officer, the tune changed.
“Our auditor said after I had paid Shs 150 million, the remaining balance was 40.9 million according to his analysis. This included interest and the principal,” he said.
But Kivumbi says UMRA said the auditor had used a defective method to arrive at the figure. The formula they were proposing would come to what Impala was demanding.
Kivumbi said, “The lady told me to take it or leave it. But she told officials from Impala to ‘forgive me’ and let the matter go since they had taken my land. She said that was the end of the matter.”
In the meantime, Kivumbi says, the buyer of his plot 348 had even started erecting a perimeter wall around it.
He went to court and asked for an order to stop any development on the land until the dispute is settled.
In December, he secured the order, but the developer ignored it. He says he has even deployed policemen and security guards on the plot. He says he has engaged the police from Kajjansi Police Station, but they are just tossing him around.
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Impala responds
Peter Muzoora, one of the directors of Impala Credit, told Bbeg Media that they had been so lenient with Kivumbi to the extent that they had forgiven him Shs 8 million, which he still owes.
Muzoora said Kivumbi was not being truthful about the whole affair and was just seeking sympathy.
“His statements are factually not correct. He went to UMRA, and they ruled in our favour. His own auditor also concluded that he owes us money. So did we influence the regulator and his auditor? In fact, we were so lenient,” Muzoora said.
Muzoora said they had gone far and above to try to have the matter settled amicably.
“We even forgave him some penalties. If he were honest, he would have told you the truth,” he said.
Muzoora said they are not in the business of real estate, so they have no interest in his Kigo plot.
“All we wanted was to get our money back, nothing else. That is why even the first two plots, which he had offered, are still his because we accepted ABC Bank’s offer to buy off the loan. Why didn’t we take them?” Muzoora queried.
Kivumbi has now gone to the commercial court to attempt to reclaim his land.
“The aim was to take my land because when you look at all the documents, I cleared the loan. But since Kigo is a prime place, they wanted the land,” Kivumbi insists.
“It is not fair.”
