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Secrets of John Michuki’s 1973 will revealed

The late John Michuki PHOTO:COURTESY

On February 21, 2012, John Njoroge Michuki took his final bow and with him went an 80-year-old legacy of a man who rose from obscurity to the echelons of power and business influence.

At the time of his death, it is estimated that all the assets he owned and co-owned ran into billions of shillings. In fact, so indelible is his mark on the country’s economic landscape that a 2014 report, dubbed Wealth in Kenya, identified him as one of the wealthiest men in Kenya.

The report, compiled by a British organisation, said Michuki’s wealth was estimated at between $30 and $100 million which works out to about Sh3 to 10 billion.

In March 6, 1973 the astute businessman made an elaborate will detailing how we wanted his estate managed.

In the document, filed before the High Court, Michuki entrusted his estate to his now deceased wife Josephine Watiri and his close friend Kenneth Matiba.

He gave his two trustees the powers to invest freely. His wishes were: “My trustees shall hold all my estate upon trust either to seal or retain it. My trustees shall have the following powers, to invest irrespective of the amount of income produced and change the investments freely as if they were beneficially entitled with power to invest property for occupation.”

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Michuki then said his wife was to be given all his personal items and she was entitled to 50 per cent of his estate while the rest would go to his six children. Upon his wife’s demise, Michuki said his estate should be divided equally among his sons and daughters who would have access to their inheritance upon attaining 21 years of age.

The will further said his assets could be disposed of to pay any outstanding debts and at the same time be used to facilitate his burial. It stipulated: “My trustees shall appropriate any part of my estate in its then actual condition or state of investment in or towards satisfaction of any share without having to obtain consent from anyone.”

What he owned

Land is one of the items Michuki invested in and the time of his demise, he had 14 parcels of land in Murang’a County and three pieces in Kwale County.

In terms of actual cash, the former government minister had some Sh17.1 million in two accounts he operated at Kenya Commercial Bank – Kangema and Nairobi branches.

He was also set to receive a pay as you earn refund of Sh3 million from Kenya Revenue Authority that accrued during his time as Member of Parliament. He had also launched a close to Sh18 million claim against Independent Media Services Limited.

His greatest asset portfolio, however, came from shares he held across various sectors.

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He was the principal shareholder of Windsor Golf Hotel and Country Club, an impressive piece of real estate that sits on a 500 acre piece of land in Kiambu County.

He is also the principal shareholder at Fairview Investments Limited that owns several buildings in Nairobi’s central business district, such as Cargen House, and is also involved in property development.

Michuki has 152,899 shares at Heri Ltd – which has built homes in Kitisuru and Kikuyu and 502 others at Silver homes Ltd.

His other share portfolio is as follows: One share at Mika Estate Limited, one share – Windsor Tours and Travel Limited, 20 shares – Kangema Farmlands Limited, 40 shares – Agricultural Holdings Limited, 502 shares – Coot Holdings Limited, 502 shares – Snipe Investments Limited, one share – Leading Edge Food and Entertainment Limited, one share – Nairobi Golf Hotels, 10,400 shares – Ndarugu Plantations, 15,020 shares – Kanyenyaini Tea Factory in Muranga, 99 shares – Kangema Petro Station, 12 500 shares – New Kenshoes Company and 156,605 shares at Gateway Insurance Company.

 

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