When business mogul Christopher John Kirubi lived, anyone who asked, heard or saw him knew him to be wealthy. But, how wealthy was he? - @StandardKenya
Other than Forbes, which estimated his wealth to be around Sh40B, it was only God, himself and lawyers who knew how much the businessman who died on June 14, 2021, had amassed, and maybe his children.
Everyone else made a guess based on the finer things in life he had, what he wore and the companies that were associated with him.
Court records now reveal that Kirubi had assets worth Sh20B. His priciest assets include land, shares and top-of-the0range cars. According to court documents filed in October last year, the businessman had accumulated land worth Sh3.1B.
Among the highest-priced pieces of land include one in Loresho worth Sh2B and another in Kwale estimated to be worth Sh111M. Two other properties in Muthaiga and Mtwapa are worth Sh60M each.
Kirubi’s life revolved around companies that he either started or had shares in.
Kirubi’s life revolved around companies that he either started or had shares in.
The papers reveal that he had business interests spanning transport, banking, insurance, sugar, farm and pharmaceutical chemicals, and the media industry.
His shares in listed companies are worth Sh3.4B.
According to the court documents, he used investment firms Upper Hill Investments Limited and SIB which held Sh7M shares worth Sh112M.
According to the court documents, he used investment firms Upper Hill Investments Limited and SIB which held Sh7M shares worth Sh112M.
At the same time, he had an account with 191M shares estimated to be holding Sh3 billion and a second account worth Sh177M. He also held 126,216 shares in the oldest reinsurer in Eastern and Central Africa, KenyaRe.
He also owned shares in Kenya Airways worth Sh1.6 million, ailing sugar miller Mumias Sugar Company (210,000 shares) and Diamond Trust Bank shares worth Sh100,000. He also had invested in Nation Media Group, Standard Chartered Bank, BAT and NCBA.
At the same time, Kirubi’s shares in unlisted companies are estimated to the worth Sh12.7 billion. He had invested more than Sh1.8B in Bayer East Africa Limited.
The agricultural chemicals and pharmaceutical corporation established its roots in the country in 1968.
It is now in Kenya, Ethiopia, Tanzania, Uganda, Burundi and Rwanda.
It is now in Kenya, Ethiopia, Tanzania, Uganda, Burundi and Rwanda.
In Haco Industries, Kirubi had 4.5M shares worth Sh801M while International House Limited and Kiruma International Limited are estimated to be worth at least Sh1B. At the same time, he held 1,406 shares in Bendor Estates Limited said to be worth Sh5.6B.
Kirubi also invested in the technology sector. He had injected more than Sh641M in Smart Applications International Limited, an ICT firm that has tentacles in Rwanda, Zambia, Tanzania, Uganda, Malawi and DRC).
The papers indicate a Cameroon one is on the way, being registered.
The papers indicate a Cameroon one is on the way, being registered.
Some of Smart’s clients include Kenya Commercial Bank, KenGen, Kenya Airways, AAR, Equity Bank, Gertrude Hospital, Kenya Power, Delloit and CIC Group.
His invested funds are said to be worth Sh257 million.
His invested funds are said to be worth Sh257 million.
He had two commercial papers for Two Rivers Development worth Sh214M. At the same time, he was expecting to get some Sh42M from Chase Bank as a final payment.
Other expected funds include the sale of Phoenix shares (MUA Insurance) worth Sh173 million, Centum Limited dividends worth Sh7 million and French African Fund I-Frenchinvest which are approximated to be worth Sh123 million.
Meanwhile, Kirubi owned Sh29M-Mercedes Benz Maybach S500. He registered it as CK II. According to the court papers filed before a family court, the Kirubi owned a Bentley GT worth Sh28M.
In a revelation that details the businessman’s love for finer things in life, he also owned a Range Rover which he named CK I worth Sh25.6M.
All his six vehicles are estimated to have cost him Sh108M. Meanwhile, he held Sh27 million in his bank accounts.
All his six vehicles are estimated to have cost him Sh108M. Meanwhile, he held Sh27 million in his bank accounts.
Kirubi wrote his first will on April 15, 1980. His wishes then lasted for 16 years after which he amended the same on April 19, 1996. In the 1996 will, Kirubi had appointed Nobert Schlachter as an executor.
Kirubi had bequeathed his son Robert Kirubi and daughter Marry-Anne Kirubi 80% of the estate. In that will, he had gifted his second daughter Fiona Kirubi Sh4M.
In the meantime, Kirubi’s siblings Anthony Maina, Dr Michael Kirubi, Elizabeth Waithera and Salome Mburu were to get the remaining 20% of the estate.
However, Robert and Mary-Anne amicably agreed to give Fiona part of their inheritance. They will now give her 9.95% of the estate which they split equally from their shares.
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