In a transaction that has shaken Kampala’s real estate market, property tycoon John Bosco Muwonge, better known as Ntere Nfune, has reportedly purchased Mukwano Mall for a jaw-dropping UGX 250 billion (approximately $65 million) — paid entirely in cash.
Once part of the Mukwano family’s symbolic commercial empire, the mall has now quietly changed hands, with no press conferences, no flashy photos, and no bank financing. Just a quiet man with a bank slip and a plan that few can predict but all have come to respect.
The Invisible Mogul Who Owns the Streets For years, Muwonge has operated in silence. He doesn’t attend launch parties, rarely speaks to the media, and never features on real estate billboards. But those in downtown Kampala know his presence well — he owns much of it.
Some sources claim he controls:
- 98% of Kisenyi,
- 68% of Nabugabo Street,
- Over 50% of the William–Wilson Road corridor,
- Key blocks around the Old Taxi Park.
Every morning, thousands of traders open shop inside buildings whose paperwork traces back to one man, Muwonge.
While most developers secure funding through foreign partners, local banks, or joint ventures, Muwonge moves differently. He buys land outright, builds with cash, and holds with unshakable grip.
His empire — which includes Namaganda Plaza, Cornerstone, Discount Mall, and dozens of other arcades — runs on pure rental income, reinvested to acquire even more. The Mukwano Mall purchase is simply the latest — and boldest — addition to his growing legacy.
Real estate analysts say rents around Mukwano Mall have already started shifting. Landowners are halting ongoing negotiations to reassess. Urban planners are reportedly reviewing how a single man’s dominance may impact zoning, taxation, and infrastructure.
