Two prominent Kampala law firms of AF Mpanga and Cristal Advocates have been instructed by a financial institution to kick off the process of publicly auctioning fallen tycoon Apollo Nyegamehe commonly known as Aponye’s multibillion assets to recover the money they loaned to the tycoon.
According to the public notice placed in one of the dailies, the occupants in the targeted properties which were mortgaged have been given only 14 days to vacate the premises on their own cost and failure to do so, they will use the long arm of the law to evict them.
According to the notice, the targeted properties include, land situated on Block 273 plot 22141 Makindye Division Kampala City measuring Approx 0.9806 hectares
Another property is a leasehold registered on Volume 4197 Folio 5 Plot 4 Cross Roads Nalukolongo measuring Approx 0.592 hectares. They are also targeting leasehold registered Volume 3446 Folio 6 plot 6 at Wankulukuku road measuring Approx 0.780 hectares which is developed with an office block, ground floor has a power room, maize processing area, front shed, processed maize store, plant manager’s office, control room, mash processing area and intake room.
More Read
Lawyers are also targeting leasehold registered on Volume 2629 Folio 4 Buddu plot 52 Block 423 Plot 52 land at Masaka district measuring Approx 2.40 hectares which is developed with an administration block, worker’s house, store block. Warehouse block, gate house, chain link.
They are also selling leasehold land registered volume HQT642 Folio 24 plot 81 Buwekula Block 229 at Bakijulula Estate Mubende district with developed stored office block, warehouse block plus Kibuga Block 33 plot 887 land at Nalukolongo measuring Approx 0.249 hectares developed with a storage warehouse
“On behalf of our clients, the Registered Mortgagees, we shall proceed to sell by Public auction the properties mentioned together with the developments thereon unless Aponye Uganda Limited debtor pays our clients all the outstanding loan balance (principal and interest), our fees and costs before the expiry of thirty days from the date of publication,” a statement reads in parts
In 2023, Aponye died in the motor accident when he was traveling to Western Uganda and by the time of his death, his multibillion empire was financially struggling because of the troubles he faced during the Covid-19 lockdown and he nearly survived imprisonment
Aponye secured a multibillion deal from the government to supply food to needy people in the Kampala ghettos during the Covid-19 lockdown which annoyed fellow businessmen who connived with government officials and accused him of supplying rotten food to the public.
President Museveni was bitter with him and it took the intervention of his relative former Prime minister Ruhakana Rugunda for him to survive jail.
Aponye Mall, a multibillion building which houses a mega supermarket along Burton Street in Kampala above the Old Taxi Park was the first to be sold to city businessman John Bosco Muwonge.
