By Rédaction Africa Links 24 with Daily Nation
Published on 2024-01-23 21:10:08
Mugo Mungai, the pioneer indigenous banker who inspired many other Kenyan entrepreneurs, has passed away at the age of 81. He was still fighting to recover his two banks and assets worth billions of shillings that were seized by the State during former President Daniel Moi’s Kanu regime.
Mugo, the son of the late Mungai, confirmed the news of his father’s passing and revealed that he was admitted to a Nairobi hospital after developing diabetes and heart complications.
Mungai founded two financial institutions, Capital Finance Limited and Pioneer Building Society, at the age of 36. He also owned Pioneer Estate, which consisted of 259 maisonettes in Nairobi, and Capital House in the City centre. Additionally, Mungai owned 50 half-acre plots in the up-market Gigiri, near UNEP, Nairobi. His assets are estimated to be worth more than Sh8 billion in the current market rate.
Despite the success he achieved, all of Mungai’s properties were taken, along with the financial institutions he had built, as President Moi’s government seized most indigenous banks. In a long-delayed search for justice, Mungai revealed that his banks “were solid institutions with no financial problems.”
Born in Kanyariri in Kabete, Mugo’s journey started with training in shorthand and working as a stenographer. His first job in 1959 was as a secretary to Kimani Ngumba, who would later become Nairobi Mayor and a banker. Mungai’s death was a bitter reminder of the injustice he faced, as he had not yet resolved the battle for his vast estate when he passed away. It’s worth noting that Mungai’s story, from humble beginnings to success, has inspired many Kenyan entrepreneurs.
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