Inside high stakes fight to save Aponye business legacy

KAMPALA - On July 6, 2023, the life of business tycoon Apollo Nyegamehe aka Aponye, whose surname in Runyankore/Rukiga eerily translates to “where should I shelter”, was tragically cut short in a grisly crash along the Ntungamo-Mbarara highway.

His Toyota Land Cruiser V8 rammed into a stationary truck, bringing to a sudden halt the journey of a man who had carved his way, brick by brick, into Uganda’s business elite.

More so, in an age of ‘balloon tycoons’, a term coined by Kira MP Ibrahim Ssemujju Nganda to describe wealthy individuals with mysterious sources of income.

But it is not how Aponye died that has gripped the nation; it is how he lived. Aponye was not handed success; he chased it, built it and wore it like a crown.

Speaking to New Vision Online a day after the 65-year-old’s death, Bukimbiri County lawmaker Eddie Kwizera Wagahungu, MP for Bukimbiri County (NRM), remembered the late magnate with a mixture of admiration and awe.

“I was in business with him. We used to trade in Kasese. I have known him for more than 30 years,” Kwizera alluded.

“He started out small, buying and selling cement in Kabale, then buying produce which he would export to Rwanda. That’s where he started from before coming to Kampala. He was their (Hima Cement) agent in Kasese and Kabale. That was in the late 1980s,” he added.

Despite a modest education, by the time of his death, Aponye’s business footprint stretched across the country. With ventures such as Aponye City Mall, Aponye Complex in Ntinda, real estate portfolios and a footprint in agrobusiness where he milled posho for over 17 years and featured prominently among suppliers during the COVID-19 procurement drive.

One often overlooked aspect of Aponye’s legacy is his quiet but consistent involvement in politics and his deep, unwavering love for the Banyakigezi (natives of Kigezi).

“Aponye has been a personal friend. We have been working with him for quite a long time in the NRM. He has been the chairman for NRM in Rukiga district in the greater Kabale area,” finance state minister Henry Musasizi eulogised him two years ago.

“He has also been involved in philanthropy and many community support projects both here in Kampala and at home. Recently, single-handedly built a catholic parish at his village where he comes from.”

In this file photo, the late Aponye is congratulated by wife Vangi Nyegamahe, after winning the Rukiga NRM chairmanship.

The church in question is St Luke Catholic Church in Muhanga, Rukiga district.
Yet, barely two years after his demise, the empire he built now teeters on the brink of collapse, weighed down by a reported shillings 15 billion debt.

Early last month, Jald Uganda Ltd, a debt collection company, placed a media advert threatening to auction LRV KCCA 294 Folio 12, Plots 2–4 Semawata Road in Ntinda (approximately 0.35 acres) within 30 days unless the company or its guarantors fully settle the outstanding balances, interest, plus Jald’s fees.

Presidential directive

On April 28 this year, President Yoweri Museveni is understood to have instructed Prime Minister Robinah Nabbanja to do the needful. The message was contained in his letter to Mrs Vangi Nyegamehe, the late’s widow.

“I have received your letter dated 3rd of April 2025 regarding the indebtedness of your companies,” Museveni acknowledged.

“By the copy of this letter, I direct the Rt. Hon. Prime Minister to coordinate the Ministries of Finance and Science Innovation in the effort to rescue Aponye’s businesses,” he ordered.

The letter is copied to Vice-President Jessica Alupo, finance minister Matia Kasaija, finance ministry permanent secretary and secretary to the Treasury Ramathan Ggoobi and Attorney General (AG) Kiryowa Kiwanuka.  

Snail-paced progress

However, while addressing the media on Friday, July 4, 2025, Rukiga MP Roland Ndyomugyenyi (Indep.) lamented that the process is taking abnormally long.

“It (President’s letter) was not advisory, it was a directive. Therefore, I expected the Ministry of Finance to either come to Parliament and maybe seek a supplementary budget or something of that nature. Or there should have been some relief in terms of commitment given to the banks so that the assets are secured,” Ndyomugyenyi noted.

Speaking to New Vision Online by telephone, Kabale Municipality MP Dr Thadeus Nicholas Kamara (FDC) emphasised the importance of government support for local entrepreneurs who have demonstrated expertise in manufacturing and provide significant employment, as a vital stimulus for the economy.

“As you are aware, the Government of Uganda has been having subsidies, tax incentives and tax holidays for foreigners. I don’t know why they cannot do it for local entrepreneurs. Sembule and Zzimwe (local construction firm), had they been alive, probably would still be alive. But they died of stress and pressure,” Kamara alluded.

Sembule, which was co-founded by the late Christopher Sembuya and his younger brother Henry Buwule, was the first steel rolling mill in Uganda. Two decades ago, the company lost its Shillings 27 billion factory in Nalukolongo, reportedly due to a bad $5 million (approximately eight billion) loan. Despite appeals for a bailout, none was granted.

On the other hand, Zzimwe construction was established by Andrew ‘Zzimwe’ Kasagga, who died aged 63 years old in May 2010.

An advert for the sale of Aponye properties.

Capitalisation procedure

However, Elgon County MP Ignatius Womakuyu Mudiimi said before any intervention is made, the Government must first assess the company’s current activities and financial health to determine an appropriate course of action.

“If Government is to provide funding, will it be in the form of a loan, or through equity acquisition under the Uganda Development Corporation (UDC)?” Mudiimi pointed out.
“If the Government intends to partner with the estate, it should do so through UDC by investing in the company, just as it did with Atiak Sugar and others. But the Government cannot just dish out public funds without clear commitments for repayment. The best approach is through equity,” he stated.

Backlash

However, Samia-Bugwe Central MP Dennis Nyangweso (Independent) disagrees with the practice of dangling public funds indiscriminately.

“This ad hoc way of trying to respond to the economic crisis of some of these companies is not sustainable, not guided by any regulations or policy. It is almost to whom it may concern or survival for the fittest. Otherwise, we would like Government to come up with a policy that can guide it to intervene or support businesses that are collapsing,” said Nyangweso.

“What would guide this is, one; an economic analysis in terms of how much taxes these institutions pay and how many employees do they take on. And what is the likely implication in case they collapse? Because some of these agencies have been benefiting but there is no big economic impact apart from just supporting families and so forth. So, I am not in support of these isolated cases where the Government intervenes to support family businesses to remain afloat,” he retorted.  

Nyangweso cautioned that without proper procedures, the Government risks investing in a financial sinkhole. Only for the company to continue limping.

“We must have a stop. Some of us have not been supportive of such decisions. It is not only Biyinzika. We saw Abubakar Technical Services getting money and Biyinzika getting money from Government. But when you look at the level of social connection to the bigwigs in Government who are responsible for making such submissions to Parliament, you find that these are just like social clubs,” he cited.

New Vision tracked down State Minister for Finance Henry Musasizi to Hotel Africana where he was attending an NRM function, but he declined to comment.

In the same vein, repeated calls to ICT and National Guidance Minister Dr. Chris Baryomunsi who hails from the same region as Aponye and to Permanent Secretary Ramathan Ggoobi went unanswered.

Meanwhile, the phones of Finance Minister Matia Kasaija and State Minister David Bahati were switched off.