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Hajj Magoba was the owner of Magoba Arcade located opposite the old taxi park on Ben Kiwanuka Street.
Media reports quoting family members indicate that the tycoon collapsed at his home while showering and could not be revived.
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He was praised as an a kindhearted and development oriented icon in the business and Muslim community in the country.
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Magoba is set to be laid to rest today, April 15 at his ancestral home in Mukono.
Last year, the city business community lost tycoon Apollo Nyegamehe Aponye who was killed in a car crash.
Aponye was heading to his country home when his vehicle a Toyota Land Cruiser rammed into a stationary lorry, killing him instantly.