Former State Minister for Health and businessman Capt. Mike Mukula is facing a major financial challenge after Diamond Trust Bank Uganda Limited (DTB) moved to enforce security over properties linked to his business interests over a debt reportedly exceeding Shs3.42 billion.
The development places renewed scrutiny on the business empire that Mukula has built over several decades, spanning property, hospitality, aviation, media and healthcare, even as the businessman has continued to project an image of resilience amid mounting financial pressures.
According to enforcement notices published in the local media on instructions from DTB, the bank, through its lawyers K&K Advocates, issued demand and mortgage enforcement notices to the borrowers, warning that failure to settle the outstanding obligations could result in the public sale of the mortgaged properties.
Among the properties exposed to enforcement is the Jumabhai Road Commercial Building, a prominent commercial property in Soroti City that houses offices of the National Social Security Fund (NSSF).
Another property named in the enforcement process is Cambi Jaluwo land, together with approximately 12.754 hectares of land in Soroti District that had reportedly been pledged as security for credit facilities extended to companies associated with Mukula.
The dispute reportedly arises from a restructuring of approximately Shs1.9 billion in May 2025, which attracted an annual interest rate of about 20 per cent. With interest and other obligations accumulating, the liability has since reportedly grown to more than Shs3.42 billion.
The enforcement notices give the affected borrowers an opportunity to regularise the debt before the secured properties can be subjected to realisation proceedings.
Mukula’s expanding business empire
The DTB dispute represents a significant test for a businessman whose career has been characterised by ambitious investments and repeated attempts to reinvent himself.
Mukula first rose to prominence through business ventures, including Bimbo Ice Cream, before expanding into the aviation sector.
His aviation interests included Sunair, through which he was associated with a fleet of aircraft, including helicopters and Cessna 208 aircraft. His involvement in aviation also helped establish his public profile as a businessman with an appetite for high-risk ventures. His business success coincided with a rapidly rising political career.
Mukula served as a Member of Parliament before being appointed State Minister for Health. However, his ministerial career was interrupted by controversy surrounding Global Alliance for Vaccines and Immunization (GAVI) funds.
He was subsequently prosecuted and jailed in connection with the controversy, an episode that severely damaged his political standing at the time and eventually brought his ministerial career to an end. After leaving government, Mukula concentrated more heavily on his private business interests.
His investments expanded into media, hospitality and education. These included Voice of Teso, Soroti Hotel and the Uganda Aviation Academy, which emerged as one of the privately owned aviation training institutions associated with him.
Rather than disappearing from public life, Mukula also maintained a strong political presence, particularly in eastern Uganda.
Political influence under pressure
Mukula became a prominent figure within the National Resistance Movement (NRM), eventually serving as the party’s vice chairman for the Eastern Region.
For years, he remained an influential political mobiliser in Teso and other parts of eastern Uganda, combining his business networks with a strong political presence.
His influence, however, has faced competition from a new generation of politicians, including Hon Calvin Echodu, who emerged as a significant political force in the region.
Despite these political changes, Mukula’s business interests continued to provide him with a platform and economic base.
The latest financial dispute with DTB therefore comes at a sensitive moment for the businessman, raising questions about the financial health of some of the companies and properties associated with his wider business network.
Fortune Group and the Healing Way expansion
Mukula’s business interests later extended into healthcare through the Fortune Group. The group acquired the Bugolobi-based Pragaon Hospital, which had previously been associated with the Lalobo brothers and their partners. The facility was subsequently renamed Healing Way Hospital.
The hospital was officially opened by then Speaker of Parliament Anita Annet Among, representing President Yoweri Museveni. The investment was presented as another chapter in Mukula’s continuing diversification away from aviation, politics and traditional businesses into the lucrative healthcare sector. But the hospital venture has also encountered challenges.
There have been complaints from some former and current employees over alleged delays or failure to meet certain financial obligations, with some workers reportedly quitting amid the disputes.
Such complaints, although separate from the DTB enforcement proceedings, have contributed to questions surrounding the financial pressures facing some of Mukula’s enterprises.
Assets under pressure
The properties targeted by DTB enforcement are significant because they represent established commercial and land holdings rather than ordinary business assets.
The Jumabhai Road building, in particular, is a prominent property in Soroti and benefits from its location within the city’s commercial centre. Its association with NSSF offices also gives the property strategic commercial importance.
The 12.754-hectare tract of land in Soroti District is another substantial asset. The prospect of such properties being advertised for sale would represent a major development for Mukula, whose business reputation has long been built around an extensive property and investment portfolio.
However, enforcement proceedings do not automatically mean that the properties will be sold. Borrowers can still negotiate with lenders, restructure obligations or settle arrears before the realisation process is completed, depending on the circumstances of the case.
For Mukula, therefore, the immediate challenge is finding a way of resolving the Shs3.42 billion exposure before the bank proceeds further with enforcement.
A familiar test of resilience
Mukula’s career has been defined by dramatic highs and lows. From aviation and politics to hospitality, media, education and healthcare, his business journey has involved repeated expansion into new sectors, often accompanied by considerable financial risk.
His supporters have frequently pointed to his ability to recover from setbacks and rebuild his businesses.
The current DTB dispute presents perhaps another such test. The Shs3.42 billion liability is substantial, but it is set against an empire whose assets span several sectors and whose proprietor has survived political setbacks, business controversies and difficult economic periods before.
The question now is whether Mukula will negotiate a settlement with DTB, restructure the outstanding obligations or be forced to surrender some of the properties pledged as security.
For a businessman who built much of his reputation around calculated risk-taking — from flying aircraft to rallying and investing in ambitious ventures — the unfolding DTB saga could become another defining chapter.
For now, however, the enforcement notices have placed the financial foundations of Mukula’s business empire firmly under the spotlight, challenging the public image that all is well within the sprawling business network.
Author Profile
- Mr. Jacko David Waluluka is another unique entertainment and general investigative news writer, a field he has diligently covered for over fifteen years. He’s also the Chief Administrator at The Investigator. He can easily be reached via [email protected]
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