CHARLIE LUBEGA is reportedly selling off EM Plaza along Kampala Road, just a few years after buying it from troubled businessman Ephraim Ntaganda.
Our exclusive snoops intimate that Charlie is hunting for the highest bidder, after realizing that he is incurring losses instead of profits. The Snoops further reveal that “After failing to get viable tenants to occupy the building, Charlie has contacted city property brokers to hunt for buyers, such that he can recover the money he used to buy it from Ntaganda, who was then choking in debts.
Ntaganda lost the plaza after failing to service a
multimillion loan with Crane bank .
He had secured the said loan with the help of Drake Lubega, prompting him to seek bailout from Charlie by selling him the building.
By the look of things, seems like Charlie would need lots of luck as insiders reveal that the longer he stays with the building the more expenses he is bound to incur in form of security, water and electricity bills property tax, insurance and others.
Charlie owns a string of businesses around the city centre including Club Guvnor, Rwenzori Towers, Rwenzori House among others.