Chris Kirubi: Skillful Use of Political Connections for Personal Wealth

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Chris Kirubi is one of the wealthiest and most powerful people in Kenya today. He is a business associate of Kenya’s President Mwai Kibaki. And, in deed, Kibaki’s son, David Kibaki is a director of Mr. Kirubi’s flagship company, International House Ltd.

Kirubi’s Investments

Mr. Kirubi, a self-made billionaire. He was once a car salesman although reports say that he started off as a simple employee of the collapsed parastatal, Kenya National Trading Company, Kenatco, set up by the Jomo Kenyatta government in the 60s to Africanize trade and business.

Today Mr. Kirubi controls a large business empire which, according a listing by the Sunday Nation, includes:

· International House Ltd,

· Kiruma International,

· Haco Industries,

· Kirubi Ltd,

· UAP insurance

· Capital FM

He also sits on the boards of

· DHL World Wide Express Ltd

· Nairobi Bottlers

· Sandvik East Africa

· Bayer East Africa

· Beverage Services of Kenya Ltd

Kirubi and Centum Investment Company

How much Mr. Kirubi is worth can be gleaned from the following:

· He controls nearly 27 per cent of Centum, described as listed quasi private equity firm. Centum is best known as an investment company of a group of powerful Central Province tycoons. It was behind the collapsed Rift Valley Railways that for a moment controlled the Kenya Railways under a controversial management arrangement with the Kenya government. The collapse of the railway management company is said to have caused a 64% drop in Centum’s profits at the Nairobi Stock Market to Shs 313 million.

· Mr. Kirubi is the largest individual share holder in Centum with 91 million shares and a 16 per cent ownership. His company International House Ltd has over 4 per cent ownership, Kiruma International over 5 per cent and Kirubi Ltd has 0.88 per cent.

· His investments in Centum is estimated at over Shs3 billion.

The Sunday Nation report says, “Mr. Kirubi has been able to pull many strings in the business landscape because of his wide connections at the right places.”

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