Top 5 Kenyan self-made billionaires
Rags to riches billionaires
These self-made billionaires have a story that is both inspiring and a lesson to those who want to learn about wealth generation.
Here are 5 of them.
1. Tabitha Karanja- Keroche Breweries
She is the CEO and founder of Keroche Breweries which is Kenya's first unilaterally owned brewery.
Karanja started as a clerk at the Ministry of Tourism where upon meeting her husband, they moved his hardware shop in Naivasha town in1997 then went into wine making.
After heavy alcohol taxes in 2007, Karanja's wine was priced out of the market. She switched to manufacturing ready-to-drink gin and vodka. In 2008, she added beer starting with a brand called “Summit”.
In 2013, the factory increased beer production from 60,000 bottles per day to 600,000 bottles per day. The refurbished plant, which cost KSh5 billion.
Karanja is estimated to have a net worth of Sh6.2 billion.
2. Nelson Muguku- Muguku Poultry Farms
Muguku was a Kenyan entrepreneur and real estate investor. He quit teaching in his early twenties and started his long road to billionaire-hood with 2 hens, a cock and Sh2, 000. He started with the help of his father for the first six months.
By the end of his long tenure, Muguku owned a hatchery that could produce up to 500, 000 chicks a day. He also owned schools and real estate.
At the time of his death in 2010, Muguku was one of the richest Kenyans on record having been the biggest individual shareholder of Equity Bank.
3. Terry Mungai- Ashley's Beauty Salon
Mungai originally thought of starting the salon as a side hustle. She racked up a large debt and was forced to sell it and relocated. Thus Ashley's was born. During the setup, she ran out of money and had to sell her car.
She set it up to cater to career women. Eventually Mungai became a beauty mogul owning 11 Ashley's parlors, setting up a beauty school and holds the licence for Miss World Kenya beauty paegent.
She has now ventured into property through Temus Holdings.
4. Titus Muya- Family Bank
Muya was the founder of Family Bank. Originally the Ministry of Finance failed to offer him a licence as he didn't have any capital.
Eventually he applied for a Sh500, 000 loan and started Family Bank.
He stepped down as chairman in 2012 after managing it for 28 years.
The bank has 67 outlets, over 1.2 million customers and assets totalling over Sh35 billion.
5. Mary Mwangi- Double M
Mwangi and her late husband Mwangi Mugo started the city commuter buses Double M. They own Double M Connections which owns a fleet of 24-seat and 42-seat buses.
The business was began in 1980 and owns a fleet of over 105 vehicles.
She was born in 1961 and has five children.
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