How Chris Kirubi built his business empire step by step

Post
Chris Kirubi death

How Chris Kirubi built his business empire step by step

Business Mogul Chris Kirubi has died aged 80 years old.  At the time of his passing on, he was Centum Investment Company’s director. Centum is a business conglomeration in which he is the largest individual shareholder. He died after a long battle with cancer

Chris Kirubi was a Kenyan industrialist, entrepreneur, philanthropist, and successful businessman

 Personal profile

  • Name: Chris Kirubi
  • Year of birth: 1941 (80 yrs.)
  • Marital status: Divorced
  • Children: Robert Kirubi and Mary Ann Musangi

Business profile

  • Director Centum Investments company
  • Chairman and shareholder of Haco Tiger Brands
  • CEO capital FM
  • Shareholder Nairobi Bottlers (A Coca-cola bottling franchise)
  • Holds equity stakes in UAP Insurance, Centum, and DHL (Kenyan Franchise)

What is Chris Kirubi Age?

 Chris Kirubi was born in 1941. That means he died aged 80.

Parents

Although we couldn’t retrieve their names, Chris Kirubi’s parents died when he was still young.

Chris Kirubi Children

The Billionaire businessman has left back two grown-up children, a son, and a daughter. Robert Kirubi works at DHL as the head of Global Customer Programs at DHL Services Logistics while his sister Mary Ann Musangi oversees her father’s vast business empire.

The Chris Kirubi story

Kirubi was born under very poor circumstances. His parents died when he was still young leaving the burden of raising his siblings in his hands. He would look for casual jobs during the school holidays to provide for his siblings

After college graduation, Shell employed him as their gas cylinder salesman. Commenting about his stint at the shell, Mr. Kirubi said

“The salary was hardly enough to buy super”

 Through the 1960s and 1970s, he was employed as an administrator at Kenatco, a state-owned taxi firm.

Beginning in 1971, he ventured into real estate. In this business, he would buy rundown buildings, renovate and then sell or rent them out. Additionally, he would acquire pieces of land in Nairobi and use institutional loans to develop them.

Chris Kirubi Wife

Chris was married but he dissolved the marriage over 15 years ago. After parting ways, Ms. Kirubi took on a quite low-key lifestyle. As of the year 2017, she was happily retired and leading a private life.

Details about Chris Kirubi Marriage

In a past interview with one of the local dailies, he was asked if he plans to remarry. The Billionaire’s answer was as philosophical as he could get. Here’s what he said

“Marriage should come to you as a blessing. You shouldn’t go hunting for a marriage partner because you may easily choose the wrong person.”

What is Chris Kirubi’s net worth?

Kirubi’s venture into real estate property development was not only strategic but timely as well. He has died being one wealthiest Kenyans having a net worth estimated at $300 million

Among his many businesses, he owns International House Limited, through which he owns and manages commercial and residential buildings. He owns the International House Building in Nairobi

Chris Kirubi Holdings

  1. Centum investments (he is the largest single investor)
  2. Haco (100% ownerships)
  3. 98.4 Capital FM (100% ownership)
  4. Kenya Commercial Bank Group
  5. Nation Media Group

Like all other business enterprises, Chris Kirubi also failed once or more. He, for example, shared about one failure he encountered when he ventured into the paint business. Of this he said

“I didn’t know the routes well and for this reason, I couldn’t find space to fight the competition”

However, he admits that through the failure, he grabbed valuable lessons that helped in subsequent investments

bitcoin el salvador

El Salvador approves Bitcoin as legal tender

El Salvador has made history as the first country to accept Bitcoin as a legal currency.

The country’s congress voted overwhelmingly to approve President Nayib Bukele’s proposal to legalize cryptocurrency.

The president was excited at the move by Congress to support his proposal saying the development would make it easier for Salvadoreans living overseas to send money back home.

In the next 90 days, Bitcoin becomes legal tender in Elsalvador, alongside the USD.

This law means that every business must recognize and accept Bitcoin as legal tender for goods and services. An exception is only given to those businesses without the technology required to do the transaction.

A few hours before the vote, President Bukele tweeted saying accepting Bitcoin as legal tender will bring inclusion, innovation, investment, and economic development to the Central American nation

In the past, he has been quoted saying the move to bring Bitcoin on board would open up numerous financial services to over 70% of Salvadoreans who do not have bank accounts

The Salvadorean economy relies more on the money sent home by her citizens in the diaspora. These remittances (about $4 BILLION) make up about 20% of the country’s GDP

 On social media, some financial experts hailed the move as a game changer while others expressed concerns about the currency’s volatility.

Currently, Elsalvador is seeking more than 1 billion dollars from the IMF. It remains to be seen how global financial body will react to the move to accept Bitcoin as legal tender

The historic vote to approve Bitcoin happened as former US President, Donald Trump unleashed a rant against Bitcoin calling it a Scam.

magufuli latest news

What caused John Pombe Magufuli death

President John Pombe Magufuli of Tanzania has died aged 61.

The country’s vice president Samia Sulubu broke the bad news in a televised address late Wednesday

He died out of a heart condition which has afflicted him for over ten years

On March 6th, he was admitted at the Jakaya Kikwete Cardiac institute briefly before being discharged. He fell ill again on March 14th and went back to hospital.

The Tanzanian leader was seen last on February 27in a public function. Since then there has been lots of speculation regarding his health and whereabouts.

He has been in office since 2015 and till his death, he was serving through his second term

The Newsly digital joins the Tanzanian people in mourning their departed leader

list of forests in Kenya

How Kenya can increase her forest cover

The value of trees or forests cannot be taken lightly because of the interdependent relationship with humans and other living organisms. We breathe in Oxygen and release Carbon dioxide while trees release Oxygen and take in Carbon dioxide. 

Additionally, trees provide habitats for wildlife, form rain and mitigate soil erosion. They have also proven quite useful in the fight against climate change.

Unfortunately, the forest cover in many countries, including Kenya, is under constant depletion by relentless human encroachment.

Records show that since 1963 (Kenya’s Independence year), Kenya alone has lost approximately 12000 acres of forest annually. No doubt, this is a significantly high rate, which, if not contained, could lead to serious climatic consequences.

Is the government doing enough to replenish the lost cover sustainably?

Well, during the 27th International Biodiversity Day on May 22, 2020, the government addressed itself to an ambitious plan to restore 1.8 billion trees.

What alternatives are there?

The government’s plan for afforestation is good and quite achievable. The question, though, is, are there more creative ideas or approaches that it can take to achieve this goal much faster and in a more sustainable way?

Well, yes, there are; and in this article, we shall discuss one of those unique tree planting alternatives.

Planting trees on flat rooftops

Although the coastal people mainly espoused flat-roofed house designs, they have continued to gain traction in other Kenyan cities.

But why am I talking about flat-roofed houses in the first place?

Because it is possible to plant normal trees on that roof, increase forest cover and solve the problem of deforestation through legislated and mandatory public participation.

What do I mean exactly?

Assuming the vast Umoja Estate in Nairobi has 5000 flat-roofed buildings, the county government, together with other relevant bodies like NEMA, can introduce laws compelling every flat-roofed building owner to fill a 5000-litre tank with soil and plant a specified tree species.

In case 5000 house owners plant these trees during the same month, Umoja Estate alone will have added 5000 fully grown trees in 5 or so years.

Now copy and paste this in other city estates considering their respective populations and see how many trees the city will have upon the flat rooftops.

If Nairobi estates, including the CBD, has 500,000 flat-roofed building, then we are looking at the same number of trees painting the city green in the next 5 or so years.

This would be a cost-effective approach to afforestation due to public participation. What’s more, the chances of this initiative succeeding are almost 100% because of

  1. The legal pressure behind the idea
  2. The personalized tree care ensures that there is minimal vandalism, thus ensuring growth onto maturity.
forest cover in Kenya per county

Is this idea completely new?

Not at all! Some Asian countries, including Taiwan, have this idea applied to some of their buildings to vouch for the idea. Maybe Kenyan county governments should also roll out the idea on a mandatory basis to see how it pans out.

New technology to cool temperatures in iron-roofed houses

Steam Plant, a clean energy solution company, has unveiled new technology that seeks to improve the conditions of people living in iron-roofed houses prone to heating.
The product is roof coating that effectively reflects the sun’s heat hence reducing the house’s temperatures.


The coating has been made with highly reflective substances to be applied on the roof or on the iron sheets that serve as walls on some houses.
This technology is critical, especially when most homes are heating, forcing families to use cooling systems.


The product was developed following a 2017 study carried out by a team from Johns Hopkins University that confirmed that the temperatures in iron-roofed houses were a challenge compared to those in more updated neighborhoods

How to Buy Airtime with Lipa Na Mpesa across networks

From buying Sukuma wiki at the local grocery to topping up credit across network providers, Lipa na Mpesa stands out as the most convenient mobile payment tool that is sure to get you out of a bind. Use the following steps to top up airtime in your Airtel and Telkom lines.

Airtel

  1. From the M-pesa menu, choose the “lipa na M-pesa” option from the menu.
  2. Select pay bill.
  3. Select the “enter business number.”
  4. Type 220220 or 439999, then press “ok.”
  5. Next, select “enter account number.” The account number is your airtel phone number.
  6. Enter the amount of credit you would wish to purchase. The amount should not be less than Ksh 5.
  7. Enter your M-pesa pin, then press “ok.”
  8. You will be prompted with a pop-up message asking whether you would want to make payment to pesapal account no. 07XX-XXX
  9. Press “cancel” to remove the pop-up and acknowledge the payment. If the details do not match or you would like to stop the transaction altogether, type any number in the pop-up message, then press “ok,” and the transaction will be stopped.
  10. You will receive a confirmation message if the payment was successful. If not, you will receive a confirmation message from M-pesa acknowledging the cancellation.

Telkom

How can I get Safaricom airtime?

Option 1

  1. From the M-pesa menu, choose the “lipa na M-pesa” option from the menu.
  2. Select pay bill.
  3. Select the “enter business number.”
  4. Type 770770, then press “ok.”
  5. Next, select “enter account number.” The account number is your Telkom phone number.
  6. Enter the amount of credit you would wish to purchase. The amount should not be less than Ksh 5.
  7. Enter your M-pesa pin, then press “ok.”
  8. You will be prompted with a pop-up message asking whether you would want to make payment to eazzypay account no. 07XX-XXX
  9. Press “cancel” to remove the pop-up and acknowledge the payment. If the details do not match or you would like to stop the transaction altogether, type any number in the pop-up message, then press “ok,” and the transaction will be stopped.
  10. You will receive a confirmation message if the payment was successful. If not, you will receive a confirmation message from M-pesa acknowledging the cancellation.

Read also: Sending money via Mpesa just got cheaper

Option 2

  1. From the M-pesa menu, choose the “lipa na M-pesa” option from the menu.
  2. Select pay bill.
  3. Select the “enter business number.”
  4. Type 777711, then press “ok.”
  5. Next, select “enter account number.” The account number is your airtel phone number.
  6. Enter the amount of credit you would wish to purchase. The amount should not be less than Ksh 5.
  7. Enter your M-pesa pin, then press “ok.”
  8. You will be prompted with a pop-up message asking whether you would want to make payment to Telkom account no. 07XX-XXX
  9. Press “cancel” to remove the pop-up and acknowledge the payment. If the details do not match or you would like to stop the transaction altogether, type any number in the top-up message, then press “ok,” and the transaction will be stopped.
  10. You will receive a confirmation message if the payment was successful. If not, you will receive a confirmation message from M-pesa acknowledging the cancellation.

Kenya’s Real Estate Market in 2021

Kenya’s Real Estate market crossed into 2021 with a mixed sense of anticipation following the panic and disruption occasioned by the coronavirus pandemic of 2019. So far, no one knows what to expect, and certainly everyone is waiting to see what shape the sector is going to take after the ruthless beating it took from the pandemic.

Just two months after Kenya recorded its first COVID case in May 2020, there was a 68% decline in the absorption of office space. Moreover, the decision by some companies to run their offices through the virtual space, also led analysts to foretell a further drop in demand during the early months of 2021.

Overall, the health ministry’s safety measures and protocols including county lock-downs, curfews, and social distancing have somehow affected the various property sectors i.e. Leisure, hospitality, commercial, retail and travel.

Since the pandemic hit its climax, many tenants are clearly struggling to pay rent. In extreme cases some have relocated upcountry. And there is growing trend of tenants and landlords talking to settle on friendly payment terms.

You must have seen this in your estate, or, maybe, you even had to negotiate to survive. This trend is expected to persist on through 2021 or until the situation stabilizes.

This coupled by other developments such as mass layoffs have also rendered more residential spaces vacant

Generally, most Kenyans could not meet their rental obligations due to their diminishing income. Unfortunately, things have continued to get worse and according to one research finding, only 0.7% of those interviewed confirmed to have enjoyed rent waivers from their landlords.

Being a capital intensive venture, real estate development needs enormous cash injection. Therefore, the staggering cash flow as a result of the pandemic has resulted in some property developers struggling to repay loans with others suspending some of their projects.

Read also: Sending money via Mpesa just got cheaper

According to the Central Bank of Kenya, Non-Performing Loans had registered Ksh 366 billion by June 2020. Compounded by a shilling that is struggling against the dollar, Kenya’s real estate industry requires diligent handling to navigate the murky COVID waters. 

The consequence of this disruptive trend is that fewer properties may be floated on the market through 2021.

The nationwide housing deficit projections tentatively stand at 200,000 units annually and an accrued deficit of more than two million units.

According to a June 2020 survey done by the Kenya National Bureau of Statistics, for every ten families, six had lost their source of income to the pandemic. The breadwinners could, therefore not provide

Out of ten respondents interviewed, nine expressed doubt and uncertainty as to whether they would return to work as soon as things return to normal.

The state of uncertainty might persist through 2021’s first quarter as the government seeks to jumpstart the economy.  

Although no one can quite predict the full extent of the pandemic effect on Kenya’s real estate sector, the overall effect may be considerable. At the end of the day, it depends on the duration it will take and the steps that individuals, organizations and governing authorities will take to reverse its deadly effects.

New mpesa tariffs

Sending money via Mpesa just got cheaper

East Africa’s most profitable telecommunications giant Safaricom has revised some Mpesa transaction charges effective January 2021.

The new tariffs will cost you only Ksh 6 to send between Ksh 101- Ksh 500. This means that you will save 5 shillings because the current charge is Ksh 11.

Sending Ksh 501 – Ksh 1000 will cost you Ksh 12 down from Ksh 15.

However, the telco maintained the cost of withdrawal from Mpesa agents and the costs of sending larger amounts of cash. For example, you will still be charged Ksh 28 to withdraw cash 1000

Read also: New COVID-19 causes panic globally

In a statement released on December 22.  the company CEO, Mr Peter Ndegwa said the move was informed by the fact that most Mpesa users move smaller amounts of money.

The 45% reduction comes shortly before the expiry of the Corona inspired waiver. It is also in line with the new CBK rules the require mobile money operators to revise their rates to conform to the new guidelines of

  • transparency.
  • Fairness
  • Affordability

Transferring say between 50k to 150k will cost you 105, but you will need Ksh 300 to withdraw such amounts.