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*Owner Already Entangled in Stanbic Bank Fraud Case Involving Illegal Property Sale
The heat is turning up for Soroti businessman Emmanuel Abunyang, owner of Strikers Hotels and Clubs Limited, after the Uganda Development Bank (UDB) issued a Notice of Default demanding the repayment of over Shs1.57 billion in overdue loan arrears — or risk losing his property.
A leaked document dated June 20, 2025, and signed by Erina Sarah Namayanja, Acting Director of Credit at UDB, shows that the bank has lost patience with the hotelier’s continued failure to clear his debt.
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UDB’s internal statement indicates that as of June 20, Abunyang owed the bank Shs1,579,867,936, while the total due under his loan facility had ballooned to a staggering Shs6.06 billion — with interest continuing to accumulate daily.
The notice warns Abunyang to clear the arrears within 45 working days or face the wrath of the bank.
UDB has vowed to take “immediate action” if the debt remains unpaid, including appointing a receiver, leasing, or outrightly selling the Strikers Hotel property in Soroti.
“Refusal, neglect, and/or failure to pay has continued for a period of more than 30 days and this has amounted to a fundamental breach,” the toughly worded letter reads.
STANBIC BANK FRAUD CASE STILL HAUNTING ABUNYANG
This isn’t the first time Abunyang has found himself in the eye of a financial storm.
Earlier this year in May 2025, Stanbic Bank Uganda Ltd came under heavy scrutiny following a High Court judgment that exposed a fraudulent sale of a client’s property to none other than Abunyang himself.
The case — Civil Suit No. 28 of 2021 — involved the Ministry of Lands, Housing, and Urban Development, which canceled a fraudulently acquired land title (LRV 3481, Folio 9) for Plot 14 Akakai Lane in Soroti City West Division. The property, which had been irregularly transferred to Abunyang, was initially owned by Sarah Abuto and Isaac Eriaku, who sued Stanbic Bank and Abunyang for illegal sale and theft of their guesthouse property and equipment.
Court documents revealed a web of fraud, undervaluation, and backdoor dealings, with Stanbic Bank and its lawyers, S&L Advocates (formerly Sebalu & Lule), selling the plaintiffs’ guest house for just Shs95 million — less than half its real market value of Shs200 million.
Worse still, no public auction or advertisement was ever carried out, and the plaintiffs were not informed of the sale. Shockingly, S&L Advocates pocketed Shs12.7 million as “commission and advertising fees” — for an auction that never took place.
Justice Dr. Henry Peter Adonyo, in his scathing ruling, called the sale “illegal and fraudulent”, declaring that any property sale conducted without a pre-sale valuation is null and void.
BANK LAWYERS AND FAKE BAILIFFS EXPOSED
The judgment also unmasked deep rot in the process — with Stanbic’s agents allegedly colluding with fake bailiffs to disguise the transaction. The purported bailiff, Turyagenda Elly, was found not to be a licensed bailiff, and his testimony was struck out after he went into hiding.
In court, Stanbic Bank’s legal officer, Mutahunga Norris, tried to deny the bank’s own sale documents, but Justice Adonyo ruled that the bank could not “deny a deed from which it benefited.”
Despite the damning findings, Stanbic Bank has since filed a Notice of Appeal and Miscellaneous Application No. 147 of 2024 to stay execution of the judgment.
The bank now blames Abunyang for alleged fraudulent conduct that led to the land title’s cancellation. However, a lawyer linked to Abunyang claims the businessman paid Shs280 million for the property — far above the declared Shs95 million — suggesting a massive kickback scheme between Abunyang and bank officials.
With UDB now moving to seize his hotel over loan defaults and his name still tied to the Stanbic fraud saga, Abunyang’s empire appears to be crumbling under the weight of debt and controversy.
The Big Question
As investigations deepen, financial watchers are asking: How did Abunyang continue accessing multi-billion-shilling loans despite his tainted record with Stanbic Bank? And will the UDB foreclosure finally expose the network of collusion between businessmen and bankers in Uganda’s credit sector?
For now, Abunyang has a few days to act — or risk seeing Strikers Hotel fall under the hammer.
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