National Social Security Fund (NSSF) and businessman Amos Nzeyi have agreed on a plan to resolve their long-running dispute over 55 acres of land in Temangalo.
Under the agreement, Nzeyi will hand over 10 acres of the disputed land to NSSF and buy the remaining 45 acres at the prevailing market price.
The value of the 45 acres will be determined after the land is assessed by a government valuer, an independent valuer and Nzeyi’s own valuer. The three valuers will establish the current market value of the property.
NSSF Managing Director Patrick Ayota disclosed the agreement on 24 August when he and Nzeyi appeared before Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE).
The committee subsequently postponed its inquiry to allow the land to undergo valuation.
The disputed 55 acres are part of the 463.87 acres that NSSF bought from Nzeyi and ARMA Limited in 2008 for Shs11 billion.
The entire property is covered by six certificates of title, all registered in NSSF’s name and currently in the fund’s possession. However, NSSF has never taken full physical possession of the land because Nzeyi has continued to occupy the disputed 55 acres, where his country home is located.
NSSF Legal Director Agnes Tibayeita Isharaza told COSASE that the proposed settlement followed negotiations between the two parties.
She said Nzeyi had agreed to buy back the disputed 45 acres at the prevailing market price, subject to valuation.
However, Isharaza stressed that the agreement was not yet final because it still requires several statutory approvals and clearances.
