Musalia Mudavadi is one of the richest Luhyas in Kenya,his net worth is Ksh 4 billion. The Chief minister in William Ruto’s administration told the committee which was vetting him that his net worth is Ksh 4 billion.However,Kenyans believe he is worth more than the amount quoted by him.
Musalia Mudavadi’s assets include:
First Assurance Company Ltd
In 2015, Hon. Musalia Mudavadi along with some of Kenya’s wealthiest individuals and families became the top beneficiaries of the then wake of big-ticket acquisitions in the underwriting sector valued at over Sh10 billion.
The ANC leader alongside the late Chris Kirubi, the late John Michuki’s family, the late Godfrey Karurui’s family, the Inderjit Talwar family, and former KenGen CEO Eddy Njoroge made hundreds of millions resulting from the takeovers. They sold their interests to local and international buyers taking advantage of Kenya’s economic expansion from the domestic underwriting business.
According to businessdaily (in an article titled Top investors Sh10bn richer after wave of insurance buyouts), the former deputy prime minister was among the investors who sold a cumulative 63.3% stake in Absa-owned First Assurance to Barclays Africa Group Ltd based in Johannesburg.
The announcement was made by Managing Directors Stephen Githiga and Jeremy Awori of the deal valued at Ksh 2.822 billion which included a Ksh 722 million capital injection to promote business. In the announcement done on 10th June 2015 at Villa Rosa Kempinski, the two entities expressed satisfaction and much promise.
First Assurance’s MD Stephen Githiga said, “Barclays Africa will bring a strong brand as well as technical support for our products and services. Existing First Assurance customers will benefit from access to new products and services as a result of the partnership.” Lanz Zulu, Barclays Africa’s Wealth, Investment Management, and Insurance managing executive commented on the acquisition saying, “The deal will enable us to significantly scale up First Assurance’s life insurance business using the synergies we both enjoy including branch reach and technical expertise. We shopped around but First Assurance’s capitalization, its strong board, and good reputation stood out.”
Multi-Million Karen Mansion Home
The ANC leader lives in Karen, the same neighborhood with Deputy President William Ruto and former Prime Minister Raila Odinga. The Karen mansion is designed with two wings in line with the Mediterranean and French styles. The interior is decorated with choice paintings and yellow low-hanging chandeliers. Complete with a gazebo for evening conversations and relaxation.The palatial home is worth approximately Ksh 250 million.
Summary of Mudavadi’s assets
- Riverside Stables – Sh1 billion
- Rental offices – Sh870 million
- Helicopter rentals – Sh200m
- First Assuarance – Sh440m
- Absa Bank – Sh545m
- High end cars- Sh44m
- Jodeci Inv. – Sh120m
- Malulu Land & Dev- Sh250m
- Other – Sh650m
