When Mumias Sugar receiver-manager Ponangipali Rao announced a list of bidders seeking to manage the sugar giant, a little-known name, Julius Mwale, emerged at the top of the list.
Mwale outbid seasoned businessmen including French and Turkish investors after offering Ksh27 billion in order to run the facility for a period of 20 years.
The second-highest bid was from Kruman Finances Company which offered Ksh19.7 billion for the opportunity to manage Mumias Sugar Company for a period of 25 years.
As the tussle continues, very few Kenyans are, however, familiar with the billionaire who may be in charge of the country's best sugar manufacturer in the near future.An undated photo of Mwale Medical and Technology City founder Julius Mwale.Eukalypton.com
Mwale has been at the center of power and innovation for many years since making a fortune in the technology industry and currently lives in New York, neighboring fellow billionaires such as Bill Gates, Former President Donald Trump and Investor George Soros.
His journey to the top has, however, not been an easy one since he was born in 1976 in Western Kenya.
"I grew up in the village in Western Kenya, in Lunza area of Kakamega County where I attended Primary and Secondary School," stated Mwale.
Shortly after finishing school, the tycoon joined Kenya Airforce but quit in 2001 and left for the US in search of a better life.
For the first year, Mwale was homeless and sought asylum but after a while, he developed a Biometric technology that revolutionised the Health Sector.
"I created enough wealth from Biometrics that I did research for the city. I spent around $4 Million (around Ksh400 Million) from 2007 to 2012 doing research," he stated in a past interview.
He noted that he moved to US to look for an opportunity to grow the software he had created but while living at the shelter, somebody stole the laptop that had the research.
He, however, rebounded from the tragedy quickly and sourced for funding to expand his idea. He raised Ksh2 Million (around Ksh200 Million) and set up the company in New York, next to The Empire State Building.
In 2003, he employed 60 people, and got high net worth clients such as JP Morgan Chase and Bank of New York.
Today, the billionaire is constructing a futuristic city in Butere Sub-County in Kakamega County christened Mwale Medical and Technology City valued at Ksh2 Billion. It has a medical facility with a 5,000-bed capacity and a Golf Course.
In his ranch in US, the tycoon rears 19 horses that are valued at Ksh1.5 Million each.An undated photo of Mumias Sugar company which was placed under receivership.File
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