The crown jewel of inheritance is the Sh8 billion gated community in Gingalili farm, Nakuru County
Cast in Iron:The late President Mwai Kibaki’s Will decrees that spouses and partners are not to inherit his estate. This could have been after eldest son Jimmy Kibaki (left) divorced Cheryl (next to him) and married Caroline with whom he has a daughter. From other sons, David and Tony (above), his estate will trickle down to their children’s generations. Kibaki, who often said ‘your wife is not your relative,’ seems to have borrowed a leaf from politician, William ole Ntimama, whose Will barred his children from selling any properties to third parties.
By GW Ngari
Editor-at-Large
Unlike other wealthy parents who favour certain children, the late President Mwai Kibaki’s Will shows his four children- three sons and a daughter-were equal in his fatherly eyes: They will equally share all cash in bank accounts and proceeds of any investments including the Sh8 billion gated community coming up in the family’s Gingalili farm in Nakuru County, besides a chunk of Sh800 million from selling Union Towers in Nairobi to Mt Kenya University in 2014.
For a glimpse of cash to be shared out, consider Kibaki’s combined salary in the 10 years as President and six years after retirement is around Sh400 million minus allowances and other perks. His lump sum gratuity for two terms was Sh25.2 million minus any interests. Then there is money earned from over 40 years in politics and business-and his beloved S600 Mercedes.
The four children; Jimmy, Judy, David and Tony Kibaki will inherit business interests whose broom sweeps across; real estate, large-scale agriculture, property, listed equities, textiles, finance, fashion retail, property, insurance, art and curios, hospitality and agro-processing.
The late President Kibaki’s Will excludes ‘second wife’ Mary Wambui and daughter Winnie Mwai
The other woman: Kibaki’s ‘other wife’, Mary Wambui (left), former MP for Othaya, late First Lady Lucy Kibaki and daughter Judy Kibaki in happier times. Kibaki’s Will excludes Mary and her daughter Winnie. They will thus not be part of sharing out: The 10,000 acres in Igwamiti, 10,000 acres in Rumuruti both in Laikipia County and the 1, 600 acre Rware wheat ranch in Narumoru, Nyeri County. In Nakuru County, they will miss out on the 1, 000 acres in Bahati and the family’s crown jewel: the 1, 200-acre Gingalili Farm along the Nakuru-Nyahururu road-where the Kibaki’s are developing a gated community worth Sh8 billion under Gingalili Farm (1968) Ltd.
It is not clear whether Kibaki’s Will touches on First Lady Lucy’s estate valued at Sh200 million
The odd couple: Kibaki and wife Lucy. His Will gives his children, who are all executors, have power to purchase stock funds, shares, securities, invest in properties. However, he directed, no income that will be received will be treated as capital. It is not clear whether it touches on Lucy’s estate which was valued at Sh200 million by the time of her death in 2016.
Another 62 year old woman claims she was born after her mum met Kibaki in London where they were students
Away games: Jacob Ocholla Mwai has gone to court claiming he was sired out of wedlock by the late President. Also in court, demanding a piece of inheritance, is a woman the court identifies as JNL, also 62, who claims her mum met Kibaki in London where they were students. Anticipating such a scenario Kibaki wrote: “In this will, I have defined my children. Where I use the expression “child” it refers to any child or remoter issue of my children (whether natural or adopted).”
Kibaki owns a stake in Heri Ltd-largest shareholders of Mercedes dealership, DT Dobie
Concrete fortunes: The late Chris Kirubi’s International House in Nairobi where Kibaki held a minority stake. The bulk of Kibaki’s wealth is under Lucia & Company which oversees his stake in Finance House on Loita Street in Nairobi,Alico and 19, 000 shares in Heri Ltd-largest shareholders of Mercedes dealership, DT Dobie and troubled retailer Deacons where Kibaki was the second largest shareholder. There is also Mathingira Wholesalers Ltd and its rental building in Nyeri town now valued at Sh20 million. The holding company also manages interests in Nairobi’s Silver Springs Hotel where daughter Judy is a director, the Covid-shaken Green Hills Hotel and Kentrout Grill and Campsite in Timau. Through PBM Nominees Ltd, Kibaki had stakes in companies listed at the Nairobi Securities Exchange (NSE) including Housing Finance, Absa), Centum and Standard Chartered.
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One Reply to “Inside Mwai Kibaki’s Will: ‘Your wife is not your relative’”
Exactly!