Curtain Falls on Kenya's Billionaire Cabinet Secretaries
President William Ruto yesterday disbanded his entire Cabinet which included 22 Cabinet secretaries and the Attorney General.
This group of officials, with a combined net worth of at least Sh15.83 billion, is widely regarded as one of the wealthiest and most unpopular in Kenya's history. The decision comes in response to widespread protests led by young Kenyans from Generation Z who had issued a 30-day ultimatum to Ruto demanding action on corruption and the dismissal of the Cabinet due to their perceived arrogance and excessive wealth amid widespread suffering among the Kenyan people. The stark contrast between the wealth of government officials and the general population is highlighted by recent wealth reports.
The Africa Wealth Report 2022 indicates that Kenya has 8,500 individuals with a net worth exceeding $1 million, while the Knight Frank Wealth Report estimates the number of Kenyan-dollar millionaires at 3,323. Many of President Ruto's ministers are wealthier than the chief executives of Kenya's largest companies, including the highly profitable Safaricom. The Foreign and Diaspora Affairs Cabinet Secretary Musalia Mudavadi along with Deputy President Rigathi Gachagua stand out for their significant wealth. Mudavadi's assets include valuable properties in the prestigious Riverside Estate, substantial shares in Absa Bank and First Assurance Company Ltd, and ownership of a billion-shilling Riverside Stables and office blocks worth 870 million through Tritone Investments.
Additionally, he holds 200 million shares in Exclusive Air Services Ltd and has investments totalling 255 million in First Assurance through First Assurance Investment as well as 185 million shares through Syndicate Nominees. Other Cabinet members have also disclosed substantial personal wealth. The Agriculture CS Mr Mithika Linturi declared a wealth of 1.2 billion shillings while Mr Simon Chelugui (Cooperatives and MSMEs) and Prof Njuguna Ndung'u (National Treasury) reported net worth figures of 993 million and 950 million shillings, respectively. Several other ministers, including Aden Duale, Justin Muturi, Moses Kuria, and Eliud Owalo, have reported impressive fortunes ranging from Sh645 million to Sh750 million.
Parliament has previously declined to endorse laws that would allow Kenyans to access details about the financial status of public officials, a crucial step in the battle against graft. Currently, civil servants are required to disclose their assets and debts every two years, but this information is kept private and can only be viewed by those with a valid public interest.