The Aponye Shopping Mall and Supermarket
HABARI DAILY I Kampala, Uganda I State House has intervened to protect the assets of one of Uganda’s wealthiest local tycoons, the late Apollo Nyegamahe, commonly referred to as Aponye.
Reports indicate that the Aponye Group, which was once a significant contributor to Uganda’s economy in agro-processing and manufacturing, started crumbling just two years after the demise of its founder, tycoon Apollo Nyegamehe.
Information suggests that properties associated with the group are currently being auctioned off to settle substantial debts, marking the end of a significant era.
A notice released this week by AF Mpanga Advocates lists several key assets, including estates in Makindye, the Nalukolongo Grain Factory, and facilities in Masaka and Mubende, for public auction.
Cristal Advocates is also managing the sale of the Quality Polybags Factory, another essential business within the group.
Nyegamehe, a self-made businessman, tragically lost his life in a car accident in July 2023. His untimely death appears to have created a leadership void that many believe contributed to the group’s decline.
Sources attribute the empire’s financial downfall to factors such as internal disputes, debts, and a clear succession plan.
As creditors take action, the over 500 employees tied to Aponye’s operations are facing uncertainty and may soon find themselves jobless. Additionally, the business empire supports more than 1.5 million people, both directly and indirectly.
News that has reached Habari Daily is that President Yoweri Museveni has directed Prime Minister, Robinah Nabbanja to explore ways to salvage this empire, particularly those crucial for the nation’s food security and employment.
“The President is greatly worried about the consequences of Aponye’s collapse on employment, suppliers, and the agricultural value chain. He is calling for prompt measures to be taken,” a source familiar with the situation stated.
