President Mwai Kibaki’s Huge Business Interests In Kenya

The late President's home in Mweiga, Nyeri County

Part One

According to the details released by an agent, about 700 acres were hived off for sale from the 10,000-acre parcel Land Reference No. 9366/2 at Maili Saba in Bahati Constituency, along the Nakuru-Nyahururu Road

By The Weekly Vision

Former President Emilio Mwai Kibaki had vast business interests whose estimated net worth is Kshs. 20 billion, sources told The Weekly Vision. The businesses including interests in major banks and insurance companies spread out in various parts of the country. They also include vast interests in real estate based in the former Rift Valley, Nyeri, the Coast and Nairobi counties.

President Kibaki owned 30,000 acres of land spread out in his home County of Nyeri, Nairobi and the vast Rift Valley region. One of his most well-known buildings is the 14 floor Union Towers in Nairobi which he later sold to Mount Kenya University (MKU) for Kshs. 800 million a few years ago. He also owned the 15 floor Finance house on Loita Street, a Kshs. 400 million home Muthaiga estate, Nairobi and another home in Mweiga in Nyeri which was constructed for him by the government just before he retired from office in 2013.  

President Kibaki sold the 14 floor Union Towers in Nairobi which he later sold to Mount Kenya University (MKU) for Kshs. 800 million a few years ago

The Mweiga mansion seats along the Nyeri-Nyahururu road and looks like a mini-state house. It is perched at a high point providing sweeping views of Mt. Kenya and the Aberdare range. The 100-acre farmhouse is next to the Mweiga airstrip and not easily noticeable. To crown it all the former president has huge business interests in UAP Insurance, Jacaranda Hotel, Banks, Cooper Motors Corporation (CMC) Holdings Group of Companies, Unga Group Ltd, Toyota Kenya, Kenya Express Ltd, Royal Insurance, Windsor Golf and Country Club among many others.

The finer details of how much he holds in shares in these corporate entities are scanty, the only available information is that he has been part of the said companies for decades, some were bought when he was the finance minister in the late President Kenyatta’s administration. As recently as 2018/19 the late retired President was widely reported to have been at the centre of the ownership of a huge chunk of land in Nakuru County worth more than Kshs. 55 billion at current market rates.

Gingalili farm in Nakuru County

According to the details released by an agent, about 700 acres were hived off for sale from the 10,000-acre parcel Land Reference No. 9366/2 at Maili Saba in Bahati Constituency, along the Nakuru-Nyahururu Road. Reports indicated that depending on the demand, at least 5,000 acres were earmarked for sale. With an acre going for Sh11 million, if buyers come up well, the former President laughed all the way to the bank Kshs. 55 billion richer before his demise last year.

“Proceeds from the sale were to be used in the financing the construction of a multimillion shillings gated community residential estate consisting of more than 800 houses for sale, a shopping complex, schools and other social amenities,” Mr Geoffrey Ndung’u who was familiar with the project said. There were also plans for the construction of a million shillings hotel jointly with private investors on yet another piece of land overlooking the Menengai crater in Nakuru County.

He said then: “So far everything is going on well and we are happy for the support we have received from the county government.” In 2019 the Unclaimed Financial Assets Authority (UFAA) reported that the Kibaki family had not claimed assets formerly owned by their late matriarch Lucy Kibaki. The authority was holding East Africa Breweries Limited (EABL) and Centum Investment shares.

There is also Mathingira Wholesalers, a multi-million-shillings company President Kibaki and his former partners started in the 1970s, they fell out following an ownership dispute at the Court of Appeal in 2018, and the retired President won the case. He also had shares in Simba Cement Ltd, producers of cement with factories in Athi River and Nakuru Counties.

To be continued…

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