Francis Mburu was once a respected billionaire in Nairobi but if reports by a Standard Group-owned publication are anything to go by, the wealth is slowly fading away.
After receiving a massive payout of Ksh9.8 billion from the government nearly ten years ago, it was established that Mburu has lately been struggling to settle a Ksh500,000 monthly rent for his Karen home.
Quoting close aids from the flamboyant billionaire, The Nairobian revealed that he lost his wealth through his expensive tastes and yearn for a comfortable life.
“Mburu doesn’t gamble. The last time he gambled was 1996. It is just living a good life. It’s sad to see the old man suffer. He had a good heart but spent all his money on people," stated one aide.
It was further disclosed that as much as Mburu himself never partook the bottle, he did not have any problem footing the bills for his friends that would amount to a total of Ksh250,000 per night.
He also indulged in the game of pool in which the loser often departed with Ksh50,000 per game. Mburu would reportedly lose up to 20 games in one night.
He was also considered too generous with his closest confidants that he often donated up to Ksh5 million without feeling a pinch. He reportedly once paid out close to Ksh400 million to a government official.
“Another official presumed to have helped him ease payment of his boom from mkono gamu (selfish individual) government pocketed a cool Ksh100 million through a Mombasa-based lawyer,” the paper quoted another source.
Mburu has since lost his General Service Unit (GSU) security detail after he could no longer pay for their services and remains with only one employee, his driver.
How he made the fortune
Mburu made his fortune after he was paid Ksh9.8 Billion for a land in Ruaraka. At the time, he had paid Ksh14 million for the land he used to procure a loan of Ksh21 million which was meant to construct 600 houses for the defunct Kenya Posts and Telecommunication (KPTC).
The creditor was put under receivership and KPTC was forced to secure another loan that only constructed 196 houses that were taken over by the GSU.
GSU then took the neighbouring 30 acres of land citing security reasons and Mburu allegedly spent close to Ksh1.5 Billion chasing the payment.
