By Johannah Nantongo

President Yoweri Kaguta Museveni has intervened to save Andy Mwesigwa Sports College High School, owned by former Uganda Cranes captain Andy Mwesigwa, from a potential bank auction over an outstanding loan.

Mwesigwa said the President facilitated the payment of Sh180 million, which he had been required to deposit before his case against ABC Capital Bank could proceed in court.

“My school is now safe, and I thank President Museveni for clearing the money the bank was capitalising on to sell my school, which is worth billions of shillings,” Mwesigwa said.

He made the remarks on Monday while addressing journalists at Andy Mwesigwa Sports College High School, located in Bugwanya Village, Kakiri Sub-county, Wakiso District.

Mwesigwa explained that the dispute arose from a Sh480 million loan he obtained from ABC Capital Bank, which he accused of pursuing the sale of his property despite his objections.

He said he subsequently filed a case against the financial institution but faced difficulties proceeding with the matter because he could not raise the required Sh180 million deposit, reportedly representing 30 per cent of the disputed amount.

According to Mwesigwa, Commissioner for Patriotism Helen Sakku intervened by presenting his concerns to the President, who directed the State House Controller to handle the matter. The Sh180 million was subsequently paid, enabling the legal process to move forward.

He added that the court had since provided an opportunity for the two parties to engage in negotiations in an effort to resolve the dispute.

However, the parties remain divided over the outstanding debt. Mwesigwa said ABC Capital Bank claims he owes Sh1.3 billion, an amount he disputes.

He maintained that his outstanding obligation was approximately Sh321 million, with accumulated interest of about Sh40 million, bringing the total to roughly Sh360 million.

Mwesigwa further explained that the loan originated from Equity Bank, where he initially borrowed Sh380 million. ABC Capital Bank later took over the facility and advanced him an additional Sh100 million, bringing the total borrowing to Sh480 million.

He said he had already repaid Sh351 million towards the loan.

In appreciation of the President’s intervention, Mwesigwa announced that students at his school would only be required to pay for meals, with other school-related costs being waived under the arrangement he described.

Meanwhile, ABC Capital Bank Chief Executive Officer Chris Kabagambe confirmed that the bank was willing to engage Mwesigwa in negotiations to resolve the disagreement.

Kabagambe said dialogue between financial institutions and their clients was a normal approach whenever disputes arise, noting that some disagreements had previously been resolved through mutual discussions and withdrawal of court cases.

The proposed negotiations are expected to provide an opportunity for both parties to reconcile their positions regarding the loan and determine an amicable way forward.