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He claims to have been short-changed by BBS Television before being accused of breach of contract.
Lwasa was picked up from his home last week and arraigned before the Mengo Grade One Magistrates Court, from where he was remanded for non-payment of a Shs 18 million debt.
Speaking for the first about the ordeal on Wednesday, the businessman and events organizer said an advertisement contract with the Buganda Kingdom-owned media house was what landed him in trouble.
He said he and the station entered a one-year contract to run adverts for his “Lwasa Events” company on the Kiri Kitya show which is hosted by Diana Nabantazi.
“I initially paid Shs 9 million out of the Shs 25 million. Everything went well for about three months, and then Nabatanzi stopped running my adverts," he said.
"How can they expect me to pay the rest of the money if they stopped running my ads?” .
Lwasa during the interview also dispelled claims that he failed to to raise the Shs. 18 million after he was arrested.
He described as “foolish” claims by journalist Jenkins Mukasa that he even sold his phone to try to raise the money.
“In the end, I paid them a total of Shs 22 million and my phone is here with me,” he said.
“If anyone came out and said they contributed money for my release, they should bring the evidence."
On the other hand, Lwasa expressed dismay at BBS and Buganda Kingdom which he said he had worked with for a long time, only for them to turn against him.
"BBS is likely to lose its viewers because you cannot get a Muganda man like me who has supported the kingdom for all this time, and arrest me like that," he said
“I have been giving them ads and supporting the kingdom activities. One time I gave them Shs 11 million, six for my ads and 5 for the kingdom,” he added.
Last year in April, Lwasa was arrested and jailed for allegedly forging signatures for his mining licenses.