South African Deal Nets Former UoN Chancellor Ksh3 Billion

  • Former UoN Chancellor Joe Wanjui at a past event.
    Former UoN Chancellor Joe Wanjui at a past event.
    File
  • Joe Wanjui, a former chancellor at the University of Nairobi (UoN) alongside businessman James Muguiyi have pocketed Ksh3 billion after a deal with a South African multinational company.

    According to a report by the Business Daily, the two tycoons sold both their shares of a local bank to the multinational- Wanjui sold 9.9 million of his shares while Muguiyi sold 2.8 million shares.

    The two join the likes of the late billionaire Chris Kirubi who are among the businessmen who have reaped large profits after selling their shares of the same bank.

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    The late tycoon Chris Kirubi passed away on Monday, June 14, 2021
    File

    "The settlement amount equates to R437 million (Ksh3.2 billion) reflecting the contractual discount unwind and the movement in the Kenyan shilling to the rand over the period," part of the report read.

    At the time, Kirubi earned Ksh3.2 billion for his 9.58 percent stake. In total, Kirubi alongside his company Centum Investment Company netted a total of Ksh20.4 billion. 

    Wanjui's history dates back to the 1940s when he earned a living by making trade food coupons at Nairobi's Khoja mosque. 

    He eventually proceeded to gain a successful career that saw him secure executive positions at Unilever East Africa and Industrial and Commercial Development Corporation (ICDC).

    "I took advantage of the many breaks that came my way. Those I missed, I lived to regret. All of us get such breaks but some people do not recognise them," Wanjui stated in his autobiography titled My Native Roots.

    Further, the businessman was recognised as one of the powerful figures during the Kibaki era. It was at this time that he was appointed as the UoN chancellor.

    Muguiyi, on the other hand, is widely acknowledged for jointly owning businesses with Kirubi. He also holds an executive position at a local bank.

    An undated file image of James Muguiyi.
    An undated file image of James Muguiyi.
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