Two years after the tragic death of Apollo Nyegamehe, popularly known as Aponye, a prominent businessman his once-thriving business empire is facing significant challenges, with key assets being sold to settle outstanding debts.
The first building to go was Aponye City Mall on Burton Street in Kampala above the Old Taxi Park, which was snapped up last year by businessman John Bosco Muwonge for an undisclosed fee. The building houses Mega Standard.
This week, Cristal Advocates, a commercial law firm, issued a notice in the newspapers saying it had been instructed by its client, a financial institution, to sale several properties of Aponye due to failure to settle an outstanding loan.
The properties include two warehouses in Nalukolongo, along Wankulukuku Road in Rubaga division, a warehouse in Masaka sitted on six acres, a storied building in Mubende with a warehouse and another warehouse in Wakaliga, Kampala. The administrators of Aponye’s estate have been given 30 days to clear the loan or else the properties will be auctioned.
The self-made billionaire left behind a vast conglomerate which spanned grain trading, real estate, logistics, and hospitality.
His business acumen transformed Aponye Uganda Limited into a powerhouse, with ventures including the Aponye Mall in downtown Kampala, the Aponye Complex in Ntinda, Mega Standard Supermarket, and Aponye Hotel on Ben Kiwanuka Street.
The company also operated grain processing plants in Nalukolongo, Kyazanga, and Mubende, and was a major supplier to the World Food Programme, the Office of the Prime Minister, police, prisons, and the East African region.
Aponye’s fleet of trailers and partnerships with companies like Afrokai and Kibungo Enterprises further solidified his dominance in grain trading and logistics.
His net worth was estimated at over $ 25 million at the time of his death in July 2023. (WATCH VIDEO BELOW)
While specific details about Aponye’s debts remain scarce, sources suggest that the financial strain may stem from operational challenges and the absence of Aponye’s strategic leadership, which was instrumental in navigating the complexities of his diverse business portfolio.
Analysts point to several factors contributing to the current crisis. Aponye’s hands-on management style meant that much of the business’s success relied on his personal networks and decision-making.
His son, Harold Byamugisha, who serves as the executive director of Aponye Uganda Limited, has faced challenges in maintaining the company’s momentum.
In January 2023, Byamugisha briefly made headlines when he was reported missing, only to resurface after a few days, highlighting potential internal instability.
Additionally, controversies during Aponye’s lifetime, such as allegations of supplying substandard food during the COVID-19 relief efforts in 2020, may have strained relationships with key stakeholders, further complicating the company’s financial position.
The sale of key assets like the Aponye City Mall and Nalukolongo warehouses signals a significant downsizing of the empire. It also brings to memory similar tales of once thriving business empires like Zzimwe Enterprises (and now BMK Group) which collapsed or struggled to survive after the death of their influential founders.
