Kirubi’s son-in-law takes board seat at Centum Real Estate

 

A son-in-law to the late billionaire businessman Chris Kirubi has been appointed to the board of Centum Real Estate, pointing to a possible ongoing re-organisation of the deceased tycoon’s empire.

Centum Real Estate, a subsidiary fully-owned by the Nairobi Securities Exchange (NSE) listed Centum Investment Company, has appointed Andrew Musangi to sit on its board of directors to oversee running of the multi-billion shilling business that owns large chunks of land in Nairobi, Mombasa and Kampala, Uganda.

Centum was Mr Kirubi’s single-biggest investment, in which he controlled nearly one third of the company’s shares.

The billionaire investor and industrialist who also owned Haco Industries, DHL Express Kenya and the prime International House in Nairobi’s central business district died on June 14.

As a director Mr Musangi, who is the husband to Kirubi’s eldest daughter Mary-Ann Musangi, will now sit on the board of the property-rich company that is at the heart of the late Kirubi’s property portfolio.

Foremost steward

Kirubi’s daughter is seen as the foremost steward of his father’s vast empire spread across various sectors including manufacturing, media, insurance, investments and real estate. The other listed child of the late billionaire is Mr Robert Kirubi.

Other directors of Centum Real Estate include James Ruitha, who is the chairman and independent Non–executive director, Frank Ireri (Independent Director), Samuel Kariuki (Managing Director), James Mworia (Director and Centum PLC CEO). Others are William Haggai, Mary Ngige, Moses Ikiara and Laila Macharia.

Mr Musangi juggles many roles among them being the ruling Jubilee Party’s national elections board chairman.

He is also a lawyer of 26 years standing having obtained his LLB (Upper Second Class Honours) from the University of Hull (UK) in 1993 and was admitted to the Bar in 1995 after, which he joined Sheth and Wathigo Advocates.

In December 1998, he formed Mukite Musangi & Company Advocates (MMC) as the Managing Partner with emphasis on Commercial and Corporate practice.

Legal and commercial experience

“Andrew brings considerable legal and commercial experience to the board of Centum Re. He has been in active legal practice for 26 years and is the chairman of GenAfrica Asset Managers and the chairman of Public Procurement Regulatory Board,” said the Centum CEO, James Mworia, in response to Nation’s queries on Mr Musangi’s appointment to the board.

Mr Musangi’s legal practice focused mainly on corporate and commercial law, including mergers and acquisitions, debt recovery and restructuring; securities, insurance litigation; employment and labour law; commercial arbitration; intellectual property (with emphasis on Anti-counterfeit matters); public procurement; public private partnerships; conveyancing and company law. GenAfrica Asset Managers, formerly a Centum Group Company, has assets under management in excess of Sh321 billion ($3 billion).

Centum Real Estate is currently developing projects in five sites in Kenya and Uganda, and has a pipeline of 4,528 housing units spread across the high-end, mid-market and affordable houses portfolio.

Keeps father’s legacy

At the funeral, the billionaire’s daughter said the family will ensure that it keeps their father’s legacy.

“Ours will be different… all shall be well, your legacy will live on as the peace you built,” Ms Musangi said.

She vowed to impart the mentorship skills she inherited from her father and secure his legacy.

Ms Musangi said the tenacity and boldness that she inherited from her late father will see her fit into his big shoes.

Mary-Ann’s husband (Mr Musangi) acknowledged that the task ahead for his wife was enormous.

He eulogised the late billionaire as “a kind and loving man”.

“I will treasure your evening stop-over visits to our house just to say goodnight to the grandchildren,” he said.

Centum Real Estate Limited owns four other companies among them Vipingo development that has development rights on 8,036 acres and is currently building a pipeline of 1,407 residential units in Awali Estate and Palm Ridge Apartments. It also owns Pearl Marina Estates Limited, which has development rights on 389 acres and is also doing 1,243 residential units of Mirabella Villas, Bella Vista Apartments, La Perla Bungalows and Riviera Townhouses.

The third company is Centum Development Kenya Limited, which has a pipeline of 1,478 residential units among them Loft Duplexes, Riverbank, Elmer Kasarani, 365 Pavilion (apartments). The other firm is Uhuru Heights Limited that is building 400 units under Cascadia Apartments.

The late Kirubi did not hide the fact that the was an ardent supporter of the Jubilee administration and during the run up to the 2013 general election he used his media outlet to drum up support for President Uhuru Kenyatta’s re-election.

He also served as the chairman of the Kenya Association of Manufacturers (KAM). By the time of his death, he had liquidated his interests in most public companies among them Kenya Airways, Safaricom, UAP Holdings and KCB.    BY DAILY NATION