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Top Five Mt Kenya Billionaires who sponsor Raila Odinga
Politics in Kenya has of late become a game of might and show off. Politicians are willing to stretch their election budgets to the very extreme end in order to win an election.
The presidential election is one of the most sought after, it attracts a lot of interest from businessmen who would like their wealth to be protected by a ‘friendly’ President. This has made the Presidency most lucrative and competitive.
Billionaires around the country come together to bankroll a candidate they deem fit and approachable. Recently, the Mount Kenya billionaires through Mount Kenya Foundation met to endorse ODM Leader Raila Odinga as their preferred candidate.
The following are the top billionaires from Mount Kenya who support Raila Odinga’s presidency.
1. Peter Munga- Recently accepted to be called Mt Kenya Billionaire
Peter Munga is a Kenyan businessman, he served as the founding chairman of the Equity Group Holding Plc for a period of 35 years.
Munga is remembered for leading a critical role that changed the banking industry in Kenya. He is the first Kenyan to start democratizing banking in Kenya. He associated equity holdings with the common people, making it one of the successful banks in Kenya.
Peter Munga one of the Mt Kenya Billionaire, is a founding shareholder of Equity Bank and one of Kenya’s renowned tycoons. [Photo/ Busines Today]
Some of the Awards Munga won
Dr. Peter Munga won several awards during his tenure as the Chairman of Equity bank.
- 2007: Equity won the Global Vision Award
- 2007: Top Banking Superbrand in Kenya
- 2008: It was named the African Business of the Year by the African Business Council.
- 2012: World Business Enterprise of the Year
- 2018: The Top 1000 World Banks ranked Equity Bank position 11 globally on Return on Assets.
Equity bank under the leadership of Peter Munga received 15 global awards for its focus on small businesses and entrepreneurs.
During his retirement, the Mt. Kenya billionaire was rewarded with 55 million Kenyan shillings as a ‘Thank You’ token from the bank.
“Payment of a one-off gratuity of Sh50 million to the outgoing founder and chairman, Peter Kahara Munga, in consideration of his length of service, commitment, and dedication to the company, in consideration of his length of service,” a statement by the bank read.
How Munga made money to become one of Mt. Kenya billionaires
Apart from serving as the longest Equity Chairman, he owned a 3.2% share in Equity bank. He sold the majority of his shares he now owns only 0.4% of the shares which is currently valued at Sh 500M.
Munga is also a major shareholder in East African insurance company Britam Holding and Equitorial Nut Processors. The Mt. Kenya billionaire also runs Peter Munga Foundation, which serves to reduce hunger in Kenya.
The businessman is the current Chairman of the Mt. Kenya Foundation. His net worth is estimated at around Ksh 11 Billion.
2. George Muhoho became Mt Kenya Billionaire while working in Gov’t
George Muhoho is of the Mt Kenya billionaires and businessmen who are pushing for Raila Odinga’s presidency. George is a brother to Kenya’s founding first lady Mama Ngina Kenyatta.
He served as a Catholic priest until 1976 when he quit and got married to lawyer Jean Njeri Koinange.
President Moi appointed Muhoho to his cabinet until 1991 when he left KANU and Joined the Democratic Party of former President Mwai Kibaki. He is the current treasurer of the DP party.
In 2004, he was appointed by Mwai Kibaki as the director of the Kenya Airports Authority (KAA)
3. SK Macharia is one of the Mt Kenya Billionaire who introduced Raila to Mt Kenya
SK Macharia is one of the most trusted allies of the ODM party leader. During the 2013 and 2017 general elections, the whole Mt Kenya region supported the Jubilee party. SK Macharia opted to support Raila Odinga.
At some point, the Mt. Kenya elders declared SK an outcast and even performed rituals to curse him. SK is the founder of Royal Media Services that hosts Citizen TV, Inooro Tv, Radio Citizen, and 13 other radios.
The Mt. Kenya billionaire also has shares in Directline Insurance, Serenity Media Production, Big Five Conservancy, Bushfire Media Distributors, Toi Redevelopment, and Harbour Capital Ltd. His net worth is estimated at Sh 40 billion.
4. Titus Ibui- Recently joined Mt Kenya Billionaires group, owns several businesses
Titus Ibui is the founder and executive director of Bell Industries Limited. The company is among those who supplied Kenya Medical Supplies Authority (KEMSA) with COVID-19 kits.
It’s estimated that the company received over KSh 185 million from KEMSA. He is the current Chair of the LAPSETT board of directors and he is also the Mt Kenya Foundation vice-chairperson.
5. James Mwangi became Mt Kenya Billionaire by owning multiple shares
James Mwangi prides himself as a man who rose from a humble background to make it in the list of Mt Kenya billionaires.
Mwangi is the current CEO of Equity Group Holdings where he has 5% shares. In 2020 the banker received cash 278.5 million, including bonus cash of 4.7 million.
