Waititu Loses Sh52 Million in Failed Purchase of Sh520 Million Nairobi CBD Building

Former Kiambu Governor Ferdinand Waititu has lost Sh52 million in a failed property purchase agreement.

Waititu had paid the amount to General Properties Limited as a deposit for a Sh520 million commercial building he was seeking to buy in Nairobi central business district.

The politician paid 10 percent of the office block’s value and agreed to clear the balance in 90 days but he failed to honor the agreement even after he was given more time to do so.

The delay prompted General Properties Ltd to sue Waititu seeking to be allowed to forfeit the deposited money as damages for breach of contract and terminate the sale agreement.

The seller told the court that Waititu, through his company Saika Two Estate Developers Ltd, breached the contract by signing a sale agreement without sufficient funds to complete the transaction.

“Saika proceeded to execute the sale agreement and paid the deposit without first securing bank financing. It is the duty of every advocate for the purchaser to advise his client to source for funds first before committing himself in an agreement,” the seller said.

Justice Jacquline Mogeni on Tuesday ruled in favor of General Properties Ltd, saying Waititu breached the sale agreement. She allowed forfeiture of the deposited money and ordered the Land Registrar Nairobi to remove a restriction placed by Waititu’s company against the property.

The agreement for the purchase of the property named Solar House was made on May 30th, 2018.