Former Nairobi Governor Evans Kidero has come out to explain how he accumulated wealth running into billions of shillings over a period of about 30 years.
In a court case where he is challenging orders obtained by Ethics and Anti-Corruption Commission (EACC) to search his properties, Kidero describes himself as a “man of decent means”.
Kidero further refutes EACC claims that his net worth is disproportionate to his income.
In court documents, Kidero explains that he began building his empire immediately after he graduated from the University of Nairobi in 1983 and was employed as a production pharmacist.
Through lawyer Tom Ojienda, Kidero says he amassed Sh1.3 billion wealth between 1985 and 2012, excluding what he earned during his tenure as Nairobi governor.
He says the amount was earned from salaries, allowances, pensions, executive allowances, bonuses, rent and stocks. Kidero notes that he got Sh700 million from investments, Sh270 million from rent, Sh200 million from stocks overseas and Sh300 million from stocks option.
“My prudence did not end at work. As early as 1994, I had learnt the art of saving and investing. I started to make several individual oversees investments in equity which have continued to grow to date,” the court documents read in part.
Kidero further reveales that he holds shares in at least eight companies including Gem Apartments Limited, Lakeview Apartments Limited, Gem Villas Limited, Gem Invest Limited, Gemsuites Limited and Vista Investment Limited.
He further has shares in Family Bank Limited and Radio Africa which operates The Star newspaper, Kiss FM, Kiss TV among others.
Kidero disclosed that he earned an estimated Sh15.5 million from employment between 1985-1991.
The Star reports that Kidero also earned in excess of Sh65 million from salary, allowances and bonuses from SmithKline Beecham between 1991 and 2000. He was also paid Sh72 million during his three-year stint as Managing Director of Nation Media Group.
From 2003 to 2012, Kidero earned approximately Sh300 million as the Managing Director of Mumias Sugar Company.
Eurobond 1…..
Eurobond 1…..
Biwott LIED or tried to LIE…
Biwott LIED or tried to LIE about his “Wealth” and he MISERABLY died Sooner than Later leaving UhuRuto to Protect Loot. For I remember Uhunye saying at his Funeral that “my Government will Protect Nicholas Biwott’s properties”. What a Shameful SHAME!
So can he produce his tax…
So can he produce his tax returns then for all those years? I bet most of these so called “self made billionaires” cannot.