All You Need To Know About Musalia Mudavadi’s Net Worth

All You Need To Know About Musalia Mudavadi’s Net Worth

During a vetting process for the position of Prime Cabinet Secretary on Monday 17th October, Musalia Mudavadi placed his net worth at Ksh. 4 billion. The former vice president made the revelations before the National Assembly Committee on Appointments. He was responding to a question asked by the speaker of the National Assembly, Moses Wetangula.

Photo: Courtesy

What Assets Does Mudavadi Own?

Mudavadi’s financial net worth includes investments in shares and properties he owns. The Kenya Kwanza politician stated that his sources of income are rental income whereby he owns office blocks worth of Ksh. 870 million, dividends from shareholdings in First Assurance company worth of Ksh. 440 million, and an investment of Ksh. 545 million in Absa Bank

ABSA Kenya HQ, Westlands, Nairobi // Photo: Courtesy

He also has more investments in Jodeci Investment worth Ksh. 120 million and another in Malulu Land and Developments worth Ksh. 250 million. He also gets other income from his firm known as Tritone investments through which he collects rent from his office blocks.

The former vice president has shares worth Ksh. 200 million in Exclusive Air Services Ltd which leases helicopters. His Riverside Stables is worth Ksh. 1 billion. Mudavadi also disclosed ownership of high-end cars worth Ksh. 44 million.

Ghosts from the Past

However, the Goldenberg saga came back to haunt him, so he sought to clear his alleged involvement in the scandal. The scandal took place in 1993 when Musalia had just been appointed as the Minister of Finance. Musalia Mudavadi explained that the saga was a scheme by the government with an intention in terms of export compensation, but it went sour, was misused and caused the country a lot of damages and expenses.

“I took up the role of dismantling the network of the Goldenberg hydra. There were so many issues to this and subsequently there was a commission of judicial enquiry under President Mwai Kibaki,” said Mudavadi.

Musalia was also questioned on the past graft case that took place in 2007 by the Leader of minority in the National Assembly Opiyo Wandayi. He was accused by the Ethics and Anti-Corruption Commission of acquiring properties in Woodley estate, Nairobi fraudulently. He, however, countered the allegations by acknowledging that the property is the County Government’s. Mudavadi added that he and his family have always paid rent to the Nairobi County Government for staying there.

“The Kenya Anti-corruption body at that time had not verified the facts. I ended up seeking legal redress on my part and charging for defamation against the anti-graft body for producing misleading information,” he further explained.

Potential Conflict of Interest

The leader of majority in the National Assembly, Kimani Ichungwa posed a question to Musalia on the potential conflict of interest should the government lease his properties. 

Kimani Ichung’wa // Courtesy: PD

“Hon. Musalia on page 4 of the document you provided, looking at the net worth and the schedule you submitted, I see you have an interest in an aircraft with exclusive air services. You have properties in Riverside, from where you earn your rental income and other office spaces you have also indicated. Supposing the government leased any of these properties, would that tend to conflict of interest,” Ichung’wa posed. 

Musalia expressed his confidence in the rule of law should there be any conflict of interest.

“Clearly, there are procedures in law that would make full disclosure under such circumstances if they did arise,” 

The Prime Cabinet Secretary nominee who is the leader of the Amani National Congress was nominated by the President William Ruto and was vetted by a committee of 15 officials including The Speaker of the National Assembly Moses Wetangula who ruled his nomination as lawful. 

Is Musalia’s nomination lawful? Let us know in the comments and keep it C.O.K for updates on this and other stories.

C.O.K Correspondent

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