By BigEyeUg Team
Masaka businessman and socialite Emmanuel Lwasa has announced that his popular entertainment spot, Tavern Kick, together with the land it sits on, is up for sale as he seeks to clear a longstanding loan with Equity Bank.
Lwasa revealed that the property is being sold at Shs2 billion, a decision he says is aimed at stabilizing his financial position after failing to meet the bank’s repayment deadlines.
The businessman disclosed that he secured the loan to boost several of his ventures but was unable to settle it within the agreed period.
So far, he has managed to pay about Shs500 million, leaving a balance of over Shs600 million still owed to the bank.
Speaking during an appearance on Kasuku Live, Lwasa explained that although the building is still under bank seizure, he negotiated with Equity Bank to allow him to sell the property himself.
He believes this will help him clear the outstanding balance and use whatever remains to rejuvenate his other businesses.