The NC Bank Limited has announced the takeover of all assets of Jomayi Property Consultants Limited after the company failed to pay a loan to a tune of Shs868M.
Through renown lawyer, AF Mpanga Advocates NC Bank published a notice in local media that read in part, “Take notice that on 4th March 2020, a petition for winding up in respect to Jomayi Property Consultants Limited was lodged by NC Bank Uganda Limited in High Court of Uganda at Kampala for failure to pay the sum of Shs868,250,000 arising out of a consent judgment dated 11th September 2019.”
On its website, Jomayi Property Consultants noted that it has been in real estate business for 17 years with the company’s area of land development covering a 30Km radius around Kampala city in central region for easy access of city commuters, due to shortage of housing units throughout Uganda we are expanding beyond central.
The company claims to have set off its journey in 1997 and to date and have issued over 50,000 mailo land titles to our customers and over 30,000 plots are now homes to Ugandan families.
The company is owned by Joseph Magandaazi Yiga, a businessman and entrepreneur who is the managing director and chief executive officer of Jomayi Property Consultants Limited, and was reported to be one of the wealthiest individuals in Uganda, with net assets of approximately US$10 million as of January 2012
After several odd jobs, including as a telephone booth operator, Yiga founded Jomayi in 1997, naming the company from the first two letters of each of his three names.
However, it isn’t the first time Jomayi Property Consults has been embroiled in legal woes with its banker, in 2016, several assets belonging to Jomayi Property Consultants including the company’s office building in Old Kampala, a stone quarry in Bulingombe, Mukono District and a piece of land in Nalumunye, Wakiso District was put on sale over failure to pay debts amounting to more than Shs1.5b the company acquired from Centenary Bank Limited