Nairobi News

HashtagHustleNews

Kasarani pastors to buy Sh2.8 billion Uchumi land – PHOTOS


Five top officials of a church in Roysambu, Jesus Winners Ministry, are set to be the new owners of Uchumi’s multibillion-shilling Kasarani land.

The private company at the centre of the Sh2.8 billion transaction, Jewel Complex Limited, is majority owned by Mr Edward Mwai Kiongo, also a leader at the church.

Jewel Complex was registered on May 23 last year. Mr Kiongo holds 36.36 percent stake, Mr Paul Gichohi Mutune with 9.09 percent ownership while Ms Agnes Wanjiku Kiongo, Mr Raphael Mwiti Thiaru and Mr James Kiongo Mwai all hold 18.18 percent shares each.

Edward Mwai of Jesus Winners Ministry preaches to thousands of his followers at Uhuru Park on December 20, 2015.
Edward Mwai of Jesus Winners Ministry preaches to thousands of his followers at Uhuru Park on December 20, 2015.

POPULAR AMONG POLITICIANS

Jesus Winners Ministry is a popular church among the political elite.

It hosted President Uhuru Kenyatta and his deputy William Ruto for prayers during their last church service, two days before the August 8 General Elections last year.

The church also hosted Mr Kenyatta on June 30 2013, about two months after he assumed power.

Court filings show that the struggling retailer has entered into an agreement with Jewel Complex to sell the land as it eyes the billions from the transaction to pull itself from financial pit that has put it in trouble with creditors and suppliers.

A Sh330 million deposit has already been paid on the underway transaction.

Deputy President William Ruto shares a light moment with James Kiongo during a church service at Jesus Winners Ministry in Roysambu. PHOTO | DPPS
Deputy President William Ruto shares a light moment with James Kiongo during a church service at Jesus Winners Ministry in Roysambu. PHOTO | DPPS

Details of the retail chain’s land deal are revealed in documents that UBA Bank, one of the creditors, has filed in court seeking a share of the sale proceeds to clear an outstanding loan.

ENTERED AN AGREEMENT

“Kasarani Mall Limited has entered into an agreement for the sale and purchase of the said land reference number 25544, Nairobi dated September 17, 2018 for the sum of Sh2,800,000,000 with Jewel Complex Limited,” Ms Maureen Gacheru, UBA Bank’s legal officer, says in court documents.

Kasarani Mall is a subsidiary of Uchumi Supermarkets through which the retail chain owns the land.

Uchumi, which owes suppliers over Sh3.6 billion, has been banking on the sale of the land to turn around its fortunes but the money has been slow in coming because of challenging approval processes. Even after the sale of the land, Uchumi will need to secure additional funding to help it out of its current financial distress.