Housing Finance Bank has failed to provide cheap mortgage for Ugandans instead its top managers have resorted to envying other government officials who working to provide reasonable and affordable housing facilities, this is according to President Yoweri Kaguta Museveni.
A furious Museveni, State House sources say has lately been heaping praises on National Social Security Fund (NSSF) for the long term housing project known as Solana Lifestyle and Residences worth $400 million which he recently launched at Lubowa, an upscale suburb of Kampala.
Once the project is finished, it will be the largest project in East Africa, comprising 2,750 residences with apartments, townhouses, bungalows, and villas.
Museveni, in every meeting he holds with government officials about investment and development wonders why Housing Finance Bank bosses couldn’t think of such a scheme aimed relieving Ugandans rent burden.
“Our people like living a good life but at cheaper cost. This what Housing Finance Bank should have done. Instead they are interested in grabbing people’s properties,” Museveni is quoted to have said.
Museveni distrust in Housing Finance Bank doesn’t stop in State House corridors, he has publicly questioned the bank’s capabilities by calling out the Managing Director Michael Mugabi who stammered in his response. This was at Lubowa.
Museveni whose face was beaming with a smile as he launched the NSSF multi-billion project asked Mr Mugabi why he had failed to implement a similar investment and wondered whether the bank is bankrupt.
“Why have you failed to provide cheap mortgages?” Museveni compelled Mugabi to respond to the cause.
Doused in millions of thoughts but as a managing director, Mugabi maneuvered how to defend himself if he was not also envious of NSSF for, it had thought of such investment.
“We are handling all issues concerning lower markets and enabling more Ugandans to join the business. And sir Mr. President I don’t have envy,” Mugabi responded.
A separate State House told this website that Museveni confidence in Housing Finance Bank waned when it defied his directive and attached a property of a widow whose husband had tremendously supported the NRA bush war.
The widow Ida May Kwesiga died last year and it is believed that the stress and depression over the loan acquired from Housing Finance Bank contributed to her quick demise.
On the other hand Museveni has not stopped appreciating NSSF NSSF Managing Director, Richard Byarugaba for being a good manager and investing in such a big project that will yield much profits in the near future.
At the Lubowa event Museveni said: ““I am very happy with this project. This is a good initiative and I want to congratulate NSSF for this big investment.”
However, he said that Byarugaba is a good manager but a poor strategist.
“Byarugaba, you are a good manager but a poor strategist. I instruct you to visit Minister Kasaija for some lectures,” Museveni said.
He went ahead and encouraged Ugandans to get involved in economic agriculture, manufacturing, entertainment, and income accumulating services like boda boda and driving.
“NRM is struggling so much to get all Ugandans into a money economy. You must create wealth for yourself and your household, stop working for ekida kyonka (working for stomach satisfaction),” he said.
Byarugaba believes the project will help solve the problem of housing in the country.
“There are about 13 million people in urban centers in the country. Over 50% of Ugandans by 2050 will be in cities and above 35 million people in total yet housing is an integral part in developing our nation. This project will reshape the future of housing in this country since it will have a multiplier impact,” Byarugaba said.
He noted that in the first phase of the project, 73.3 million dollars has been spent while employing over 1500 people directly and 3200 people indirectly.