Aponye Empire crumbles as banks list properties for auction over debt

Kampala, Uganda: The vast Aponye business empire founded by the late tycoon Apollo Nyegamehe, widely known as Aponye, has been put up for public auction and private treaty, barely two years after his death, following failure to clear outstanding loan obligations running into billions of shillings.

A Notice of Sale by Public Auction/Private Treaty published in the newspapers by AF Mpanga Advocates and Cristal Advocates, acting on behalf of registered mortgagees, listed multiple high-value properties owned by Aponye (U) Limited that are set to be sold unless all outstanding loan balances, accrued interest, legal fees and related costs are paid within 30 days from the date of publication.

According to the notice, the properties earmarked for sale include prime commercial, industrial and residential holdings in Makindye, Nalukolongo, Wankuluku, Wakiso, Masaka and Mubende, among other areas. The listed assets range from office blocks, warehouses and processing plants to residential homes, storage silos, power rooms and expansive land parcels measuring several hectares.

Some of the properties sit on leasehold titles registered under the company, while others are held in the names of related entities and individuals linked to the Aponye business network. Several of the assets are described as fully developed with storied office blocks, maize processing facilities, laboratories, storage warehouses, dryers, silos and paved driveways.

Apollo Nyegamehe died in July 2023 after a fatal road accident along the Ntungamo–Mbarara highway, bringing sudden leadership uncertainty to one of Uganda’s most recognisable indigenous business conglomerates.

At the time of his death, the Aponye Group had interests spanning agro-processing, grain trading, transport logistics, manufacturing and real estate, employing hundreds of Ugandans directly and indirectly.

But just months into his passing, the company reportedly struggled to service existing loan obligations amid operational disruptions, prompting creditor banks to initiate foreclosure processes. Reports indicate that the group’s accumulated debt runs into tens of billions of shillings, some of which fell into arrears shortly after Nyegamehe’s death.

In 2024, President Yoweri Museveni directed government agencies to explore possible intervention measures after appeals were made by the family and management, citing the strategic role of Aponye businesses in national food security and employment. However, the foreclosure actions suggest that efforts to restructure or halt enforcement may not have yielded the desired outcome.

The auction notice states that bids must be submitted in sealed form and that all occupants on the listed premises have been given 14 days to vacate, failure of which eviction will be enforced at their own cost, in line with the law.