A consortium of commercial banks has initiated proceedings to auction off several prime properties belonging to the late billionaire businessman, Apollo Nyegamehe, popularly known as Aponye, in a sweeping debt recovery effort targeting loan arrears exceeding UGX 15 billion. According to sources close to the matter, dfcu Bank and the Uganda Development Bank (UDB) are among the financial institutions actively pursuing recovery of non-performing loans that were extended to Aponye’s business empire, primarily through his flagship company, Aponye (U) Limited. The debt portfolio, which has grown due to interest accumulation and prolonged non-repayment, is reportedly higher than initially estimated, with…
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