President Yoweri Kaguta Museveni has officially stepped into the unfolding financial crisis surrounding Aponye (U) Ltd, one of Uganda’s largest agro-logistics conglomerates, directing urgent government intervention to address the company’s rising debt burden.
In a letter dated April 28, 2025, and addressed to Mrs. Vangi Nyegamehe, a shareholder in Aponye (U) Ltd, the President acknowledged receipt of a prior communication from the company dated April 3, 2025, in which it highlighted serious indebtedness threatening its operations.
“This is a kind reminder in the matter of Aponye (U) Limited,” reads the letter bearing the presidential seal and signature. “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.”
The directive, which has been copied to top government offices including, the Vice President, Ministry of Finance, Ministry of Trade and Industry, PS/Treasury, and the Attorney General—signals a high-level push to stave off what could become one of Uganda’s largest corporate collapses in recent years.
The President’s intervention comes amid growing concern over the fate of Aponye (U) Ltd’s vast property empire, which is currently under threat of foreclosure by several commercial banks seeking to recover loans estimated at over UGX 15 billion.
The company, founded by the late billionaire Apollo Nyegamehe (popularly known as Aponye), has faced increased financial pressure since his passing, compounded by post-COVID economic shocks and succession hurdles.
How Stanbic Bank CFO Ronald Makata Blends Governance, Technology and Human Leadership to Drive PerformanceYesterday, the CEO East Africa Magazine detailed in this story, https://www.ceo.co.ug/three-banks-move-to-auction-late-billionaire-aponyes-properties-over-ugx-15-billion-loan-arrears/, how several prime assets belonging to Aponye (U) Ltd have already been listed for auction and private treaty sale by law firms acting on behalf of creditors.
It is yet to be seen whether the President’s letter could prompt a halt or delay in foreclosure proceedings as the government explores a coordinated rescue plan.
Aponye (U) Ltd has been a key player in Uganda’s agro-business value chain, particularly in maize trade, processing, and logistics, and has also served as a key supplier under several government food procurement programs.
However, the directive sparks a debate on state support for distressed but strategically significant enterprises and whether the intervention sets a precedent for similar private sector bailouts.
