CITY PASTOR ON VERGE OF LOSING CHURCH OVER LOANS
A renowned city pastor is on the verge of losing his church and schools over unpaid loans.
The showy confrontational pastor whose church is based on the outskirts of Kampala Central Business District and to be specific in the Kawempe division is said to have accrued the loans over a while.
According to sources, the pastor is said to have first used his schools that are located as one drives towards Mukono as collateral but they were not an enticing choice for the money lenders.
” since he was in dire need of more and more money to finance his crumbling ministries he later chose to use the church premises as security for the loans.”
The source further states that the controversial man of God first borrowed 700m in 2016, and cleared 200m after one year as interest on the balance grew.
The source adds that during the period of lockdown as a result of Covid the pastor borrowed another 500m and cleared only 180m remaining with a balance of 320m.
However, as a result of no payments, the interest has grown to about 3bn.
The source reveals that those he borrowed money from licking their lips like hungry wolves as they close in for the kill.
” The church is located on prime land that will favour a number of businesses like shopping arcades and thus the money lenders want to sale.”
The source adds that the pastor has done everything humanly possible to keep his problems out of the media but alas a cat has only nine lives.
” A notice of auction of the church and schools was to be placed in the Newspapers but he bought off the auctioneers pleading with them that he would sort those he owed money.”
This isn’t the first time that he is facing such a dilemma.
The source reveals that the Man of God owns a home abroad which he mortgaged and after failure to clear remortgaged again as his debts kept piling.
The source claims that the woes of the pastor stem from the fact that minus living large he also tries to out-compete other pastors instead of staying in his lane.
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