Monday, March 24, 2025 - Senior advisor in President William Ruto's administration, Moses Kuria, is set to lose two apartment blocks in Ruaka and Juja Kiambu County after an auctioneer listed them for sale over an undisclosed debt.
The auction scheduled for April 8th has drawn
fresh attention to Kuria’s alleged links to UAE-registered InvestAfrica-FZCO a
company that has been making calculated acquisitions in Kenya’s corporate
sector.
An advertisement by Garam Investments Limited revealed that
the former Cabinet Secretary and InvestAfrica-FZCO share a postal address.
The firm incorporated in the United Arab Emirates is also
listed as the beneficial owner of Smith & Gold Productions a company that
secured a Ksh 259 million contract for the construction of Karatu Stadium in
Kiambu.
Until 2023, Kuria was named as Smith & Gold’s beneficial
owner before the firm’s control shifted to InvestAfrica-FZCO.
Despite maintaining that he has no association with
InvestAfrica-FZCO, the company has made several high-profile transactions in
Kenya.
In 2023 it acquired a 35% stake in battery manufacturer
Eveready East Africa. Last year it took over Kenya Orchards Limited (KOL) a
food processing company in a deal estimated at Ksh 210 million.
Following the acquisition, KOL rebranded to Amac Agri Corp
PLC and its shares have since surged at the Nairobi Securities Exchange.
InvestAfrica-FZCO also entered Kenya’s trade sector through a
subsidiary Shehena Commodity Limited which secured a Ksh 1.3 billion contract
to supply edible oils under the Kenya National Trading Corporation’s
importation programme.
With auctioneers preparing to hammer down Kuria’s properties,
prospective buyers are required to pay a refundable Ksh 3 million deposit
before bidding.
The successful bidder will pay 25% of the amount immediately
with the balance due in 90 days. Kuria previously disclosed that his net worth
stood at approximately Ksh 750 million during his vetting for the Trade Cabinet
Secretary position in 2022.
At the time, he stated that his wealth was drawn from real
estate developments shares in unlisted companies and business interests in
manufacturing fintech and other sectors.
His career trajectory saw him work in the banking sector
including a stint at Al-Rajhi Bank in Saudi Arabia before venturing into
consultancy and later joining government service.
He previously served as a technical advisor to former
Presidents Mwai Kibaki and Uhuru Kenyatta before transitioning into politics
where he was elected as Gatundu South MP in 2014.
Kuria lost his bid for Kiambu governor in 2022 before being
appointed as a Cabinet Secretary by President Ruto and later moved to his
current role as a senior advisor in the Council of Economic Advisors.
The
Kenyan DAILY POST
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