Accountant faces land loss over excessive loan interest
Chris Mukooli Henry, a 56-year-old accountant, is at risk of losing his six-acre land in Kagwe, Mukono, to a moneylender due to alleged unjustifiable interest accumulation. Mukooli took out an Shs11 million loan from Bei Investment Ltd, but after defaulting for seven months, he received a notice demanding Shs60 million for the land. Mukooli claims that the moneylender never provided a payment schedule or a copy of the loan agreement. Last year, the government passed a law regulating moneylenders to address excessive interest rates.