President Museveni Orders Intervention to Save Aponye Business from Collapse

Aponye Uganda Limited, the sprawling business empire founded by the late prominent businessman Apollo Nyegamehe, is teetering on the brink, with a series of its prime properties facing public auction due to an outstanding Shs15 billion loan. The impending sales highlight the severe financial strain on the company following the tragic death of its founder two years ago.

Among the properties slated for auction is the iconic Aponye Complex, a commercial building along Semawata Road in Ntinda, Kampala, valued for its prominent location and relatively recent construction. Opened just three years ago, the complex sits on approximately 0.35 acres. Adjacent land parcels (Folio 12, Plots 2–4) also on Semawata Road, leading towards Nakawa, are similarly marked for sale.

The auction process is being coordinated by Jalds (U) Limited, a debt recovery and property management firm. In a public notice issued in June, the company stated that the sales are being conducted under instructions from a financial institution. Aponye Uganda Limited or its guarantors have been given a 30-day window from the notice’s publication to clear all outstanding loan balances, accrued interest, and associated fees. “Unless the debtor satisfies all outstanding obligations within the specified timeframe,” the notice reads, “we shall proceed to sell by public auction or private treaty the properties listed below.” Occupants of the affected properties have been given 14 days to vacate, facilitating property inspections for potential buyers.

Further warnings of impending auctions have been issued by law firms AF Mpanga and Cristal Advocates, acting on behalf of registered mortgagees. Their advertisements list additional properties at risk, including:

• Block 273, Plot 22141, Makindye – approximately 0.9806 hectares
• Folio 5, Plot 4, Cross Roads, Nalukolongo – approximately 0.5962 hectares, developed with a multi-storey office block
• Folio 6, Plot 4, Wankulukuku Road – approximately 0.760 hectares, also developed with an office block

Apollo Nyegamehe, widely known as “Aponye,” was a highly respected entrepreneur from Rukiga District. He established Aponye Uganda Limited in 1989, meticulously building it into a diversified conglomerate with significant interests in agribusiness, manufacturing, transportation, and hospitality. The company notably partnered with the World Food Programme for food supply.

Nyegamehe’s unexpected death on July 6, 2023, in a road accident on the Mbarabara–Kabale highway in Ntungamo District, left a void at the helm of the company. His son, Harold Byamugisha, subsequently assumed the role of Managing Director.

In a significant development, President Yoweri Museveni has intervened, directing Prime Minister Robinah Nabbanja to spearhead a government effort to rescue the embattled business. This directive came in response to an appeal from Ms. Vangi Nyegamehe, a shareholder, who outlined the severity of the company’s financial distress.

In a letter dated April 28, 2025, from State House, President Museveni acknowledged the appeal, stating, “I have received your letter dated the 3rd of April, 2025, regarding the indebtedness of your companies. By copy of this letter, I direct the Rt. Hon. Prime Minister to coordinate the Ministries of Finance and Science and Innovation in the effort to rescue Aponye’s businesses.”

The government’s intervention offers a glimmer of hope for Aponye Uganda Limited. However, it remains to be seen whether these efforts will materialize in time to halt the planned auctions. The situation serves as a stark reminder of the inherent challenges businesses often face in the absence of their visionary founders and underscores the delicate balance between stringent debt recovery measures and the broader objective of economic preservation.