Foreign Affairs Cabinet Secretary nominee Alfred Mutua has revealed that he has accumulated wealth worth Sh420 billion.
Junet teases Mutua over A&L Hotel ownership & Sh420M wealth
The hotel owned by Alfred Mutua and his former partner Lillian Ng'ang'a
Mutua made the revelations during his vetting by the National Assembly Committee on Appointments on October 17, 2022.
He also said that before serving as the first governor of Machakos county, he was already worth Sh200 million.
“My net worth is set at approximately Sh420 million. Current sources of income include businesses here and there, hotels and apartments,” Mutua said.
Suna East MP Junet Mohammed tasked the former county chief to explain how he was worth Sh420 million, yet he owned the A&L hotel in Machakos.
Mutua said his substantial ownership in the hotel was not adequatley realised because he built it through a bank loan that he still repays.
“It is still on loan so when you own something that is under huge credit, it is very hard to say it is yours unless you’ve cleared the credit and that is why my value in the hotel is much less than I would like it to be.
“One day in 10 years' time when I own it 100% then my value will be able to rise,” he explained.
How Alfred Mutua accumulated wealth while working in Dubai
In a post on his social media on Wednesday, November 11, Governor Mutua said that he was able to accumulate a lot of wealth while working in Dubai.
“I was able to use the monies I made there to clear all loans and buy properties, including land in Kenya. I was also able to buy equipment for my production company (did someone say Cobra Squad?) and undertake many other investment ventures,” the post read.
Before moving to Dubai, Mutua was working as a lecturer and also as a foreign correspondent in Sydney, Australia. He had a PhD and even served as a Communications Director for a massive organization.
His work got him noticed and was head-hunted to work in the United Arab Emirates.
“I received an e-mail while I was on the island of Bioko in the capital city of Equatorial Guinea called Malabo, offering me a job. I was reluctant at first but a few months later, the thought of being close to home tipped the scales (plus the hefty pay package they offered),” Mutua recalled.
He was employed as an Assistant Professor of Communications and Media at Zayed University.
He embarked on making films in the Middle East region and at the same time got a lucrative consultancy job with a leading media house in Kenya.
In 2002, Mutua produced And the Desert Smiled, a film about always hoping and winning.
Later from 2005, he revived his company Golden Dreams and made Kenya’s first modern action TV series Cobra Squad which gained a huge following in the region.
He also produced other shows including Beba Beba and How to be Rich in Africa.
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