Rédaction Africa Links 24 with Daily Nation
Published on 2024-01-25 05:33:51
In 1986, shortly after Yoweri Museveni took power in Uganda, Kenyan banker Mugo Mungai went to Kampala with a mission to open a new branch for his Pioneer Building Society and Capital Finance. However, the timing was wrong, and his visit was met with suspicion from Kenyan President Daniel Moi, who believed Museveni and Gaddafi were working against him. Mungai, at the age of 44, lost his bank and all his properties as a result.
The closure of Mungai’s bank and properties was due to Moi’s crackdown on the proscribed Mwakenya group. Mungai was left devastated by the loss of his businesses and assets, and despite trying to recover them, political obstacles stood in his way. He sought help from politicians and made efforts to meet with President Moi, but these attempts were largely in vain.
Mungai’s efforts to recover his properties were futile, and promises made by President Moi to help him were not fulfilled. Mungai’s losses were significant as he was forced to shutter his bank and other assets were seized, ultimately leading to a decline in his lifestyle and loss of support from former connections.
Mungai, a licensed accountant and certified public secretary, had established his bank in Kenya as a response to the frustrations he faced in seeking a loan from a foreign-owned bank. His entrepreneurial ventures had brought him success before the government’s intervention, which resulted in the loss of his bank and properties.
Mungai passed away at the age of 81 still fighting to recover his assets and facing an uphill battle. His story is a tale of promise crushed by political interference in business affairs. Despite the obstacles he faced, Mungai’s legacy continues to inspire aspiring entrepreneurs to overcome adversity and persevere in the face of adversity.
Read the original article on Daily Nation
