Mohammed Hamid (entrepreneur)
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Mohammed Hamid | |
|---|---|
 | |
| Born | 1976 (age 47–48) Wau, Sudan |
| Nationality | Ugandan |
| Alma mater | Makerere University |
| Occupation(s) | Businessman, entrepreneur, investor |
| Years active | 1987 - present |
Mohammed Hamid (born 1976) is a Ugandan businessman. He is the owner and chairman of the executive board of directors for the Aya Group.[1]
In July 2015, he was reported by Forbes to be one of the Richest Ugandans with a networth of USD$200 Million but run bankrupt in April 2023 after liquidation of his company AYA investments Uganda Ltd started resulting from failure to clear accumulated debts from creditors, suppliers, utility bills and government taxes.[2][3][4]
Background[edit]
Hamid was born in the Sudan circa 1976. In 1987, he traveled to Uganda for the first time to visit his elder brother, Mohammed El Hamid, who operated a commodity trading business called Pan Afric Impex. He fell in love with the country and stayed.
The younger Mohammed worked with his elder brother until the early 1990s when he started his first company, Pan Afric Commodities, also a commodities trading business. In 1997, he bought a 15 acres (6.1 ha) piece of land in Kawempe, a suburb of Kampala, where he relocated the machinery and started milling wheat. Later he bought more mills and started baking bread and confectioneries.[5]
Later, he started a trucking business, FIFI Transport Uganda Limited, later renamed Panafric Transport, which is a leading hauler in the East and Central African region", with a current fleet of hundreds of heavy duty Scania and MAN prime movers and semi trailers
.[6] One of his companies, Aya Investments, is the developer of the Pearl of Africa Hotel, launched in 2017 by President Yoweri Museveni. In 2018, Forbes listed Hamid among the 5 young African Millionaires to watch.[7]
Bankruptcy[edit]
In April 2023, Hamid run bankrupt after court court-appointed the director of insolvency and receivership at the Uganda Registration Services Bureau (URSB), the official receiver, and subsequently, the provisional liquidator after liquidation process of his company AYA Investments Uganda Ltd commenced, his hotel was subsequently renamed from Pearl of Africa Hotel to Win 5 Hotel .[3][8]
His bankruptcy resulted from Aya's failure to clear accumulated debts in excess of US$300 Million from creditors, supplier, accrued government taxes arrears, failure to pay utility bills and breach of insurance contracts.[9][10][11]
See also[edit]
References[edit]
- ^ Independent, The (25 April 2023). "How Aya Hotel owner went bankrupt". The Independent Uganda. Retrieved 3 November 2023.
- ^ Nsehe, Mfonobong (7 February 2015). "Meet Mohammed Hamid, The $200 Million Milling Tycoon Of Uganda". Forbes.com. Archived from the original on 7 February 2015. Retrieved 9 February 2016.
- ^ a b URN (25 April 2023). "How Aya hotel owner went bankrupt". The Observer - Uganda. Retrieved 3 November 2023.
- ^ "Fresh Cuts wants court to declare Aya bankrupt". Monitor. 9 June 2021. Retrieved 3 November 2023.
- ^ Kiggundu, Joseph (31 January 2016). "How Ugandan investor of Sudanese origin milled his way to become Forbes second richest African under 40". Daily Monitor. Kampala. Retrieved 9 February 2016.
- ^ Wanyenya, Prisca (8 February 2016). "Mohammed Hamid: From Vending To Shs900bn Aya Empire". The Red Pepper Newspaper. Kampala. Retrieved 8 February 2016.
- ^ Nkaheebwa, Rowland (8 September 2014). "Hilton Hotel Boss Lives Like A king". The Red Pepper Newspaper. Kampala. Retrieved 9 February 2016.
- ^ cfeditoren (26 April 2023). "10 creditors file claims at URSB to recover their money from AYA". Uganda. Retrieved 3 November 2023.
- ^ Reporter, Real Muloodi (27 April 2023). "Aya Hotel Owner Goes Bankrupt: The Hotel's Financial Woes". Real Muloodi News Network. Retrieved 3 November 2023.
- ^ "Fresh Cuts wants Aya declared bankrupt over Shs44 million debt". Eagle Online. 7 June 2021. Retrieved 3 November 2023.
- ^ Limited, Mirror Digital; Network, Uganda Radio (25 April 2023). "The Rise & Fall Of Pearl Of Africa Hotel". Uganda Mirror. Retrieved 3 November 2023.