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Chris Kirubi

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Chris Kirubi
Chris Kirubi in 2009
Born
Christopher John Kirubi

20 August 1941 (1941-08-20)
Kenya
Died14 June 2021(2021-06-14) (aged 79)
Nairobi
NationalityKenyan
CitizenshipKenyan
EducationFriends School Kamusinga
Alma mater
Occupations
  • Businessman
  • Industrialist
  • Entrepreneur
  • Investor
Years active1971–2021
Known forBeing a corporate operative and shareholding of Big business in Kenya.[1][2]
TitleDirector Centum Investment Company

Christopher John Kirubi (20 August 1941 – 14 June 2021), born in Murang'a County, was a Kenyan businessman, entrepreneur, and industrialist. He was a director at Centum Investment Company, a business conglomerate, of which he was the largest individual shareholder.[2]

According to the 2011 Forbes annual rankings of Africa's richest people in Kenya, Kirubi was ranked the second richest man in Kenya and 31st richest in Africa with a net worth of $301 million in the 2011 Forbes inaugural ranking of Africa's 40 richest people.[1] He ranked behind only the Kenyatta family, who were ranked richest in Kenya in 2011 with a net worth of $500 million. However, in 2012, Forbes dropped Kirubi from the list of Africa's 40 richest.[3]

He chaired: (1) DHL Express Kenya Limited, (2) Haco Industries Kenya Limited, (3) Kiruna International Limited, (4) International House Limited, (5) Nairobi Bottlers Limited, (6) Sandvik East Africa Limited and (7) 98.4 Capital FM. He was also a non-executive director of (8) Bayer East Africa Limited, (9) UAP Provincial Insurance Company Limited and (10) Beverage Services of Kenya Limited.[4] He died on 14 June 2021 after a long battle with cancer.

Early life and education

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Chris Kirubi was born into a poor family, his parents died when he was young. He began work while still in school, working during school holidays to support himself and his siblings. Upon graduation, his first job was as a salesman, repairing and selling gas cylinders for Shell, the petroleum conglomerate.[5]

Career

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During the 1960s and early 1970s, Kirubi worked as an Administrator at Kenatco, a government-owned transportation company. Starting around 1971, he began buying run-down buildings in the cities of Nairobi and Mombasa, renovating them and either selling the renovated structures or renting them out. He also began acquiring prime land in and around Nairobi and proceeded to erect rental and other commercial properties, using loans from Kenyan financial institutions.[1]

Holdings

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Kirubi's investments included but are not limited to the following: (1) Centum Investment Company: Chris Kirubi was the largest single investor in the company, whose stock is listed on both the Nairobi Stock Exchange and on the Uganda Securities Exchange.[5][1] (2) He owned 100 percent of Haco Industries Limited, a Kenyan household goods manufacturer.[5][1] (3) 98.4 Capital FM, is a Nairobi radio station, whose shares he owned 100 percent[5][1] (4) Kenya Commercial Bank Group[6] and (5) Nation Media Group.[6]

In March 2020, he filed an application seeking regulatory approval to acquire another 20 percent of Centum's shareholding, to add to the 30 percent that he already owned at that time. The deal involved the purchase of 133 million shares valued at KSh2.7 billion (US$25.7 million).[7]

Former investments

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At one time, Kirubi owned 9.58 percent of UAP Holdings, an investment and insurance conglomerate that provides investment and insurance services in the countries of Eastern and Central Africa. In 2015, he sold his shares to Old Mutual and exited the stock.[8]

In May 2020, Haco Industries sold the BIC brand (stationery, lighters and shavers) to French conglomerate Société BIC. The deal brought to an end 40 years of Haco’s BIC franchise.[9][10][11][12]

Philanthropy

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Chris Kirubi was involved in a youth mentorship programme dubbed Ask Kirubi. He drove his passion for empowering youth in Africa through online authorship and physical talks in High schools and Universities in Kenya.

Death

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Chris Kirubi died on 14 June 2021 after a long battle with colon cancer.[13]

See also

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References

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  1. ^ a b c d e f Nsehe, Mfonobong (16 November 2011). "Meet Chris Kirubi, Mr. Kenya". Forbes. Retrieved 15 July 2017.
  2. ^ a b Victor Juma (19 September 2013). "Kirubi Builds KSh1 Billion War Chest for Centum Shares". Business Daily Africa. Nairobi. Retrieved 17 October 2014.
  3. ^ Nsehe, Mfonobong (20 November 2012). "Africa's 40 Richest: The Dropoffs". Forbes.
  4. ^ "Centum Investment Company Officers: Christopher Kirubi". Reuters. 15 July 2017. Retrieved 15 July 2017.[dead link‍]
  5. ^ a b c d SKC (22 February 2017). "Chris Kirubi Wealth, Net Worth, Biography and Family". Nairobi: Softkenya.com (SKC). Archived from the original on 13 July 2017. Retrieved 15 July 2017.{{cite web}}: CS1 maint: unfit URL (link)
  6. ^ a b Victor Juma (11 September 2013). "Billionaire Kirubi Bets on KCB After He Sells Safaricom". Business Daily Africa. Retrieved 15 July 2017.
  7. ^ Victor Juma (24 March 2020). "Billionaire Chris Kirubi to buy Sh2.7bn more Centum shares". Business Daily Africa. Nairobi. Retrieved 24 March 2020.
  8. ^ Kennedy Kangethe (5 February 2015). "Why I sold my stake in UAP Holdings – Dr Kirubi". 98.4 Capital FM. Nairobi, Kenya. Retrieved 15 July 2017.
  9. ^ Correspondent, B. T. (22 February 2017). "After fallout with South African partner, Kirubi buys back Haco". Business Today Kenya. {{cite news}}: |last1= has generic name (help)
  10. ^ Nsehe, Mfonobong (6 August 2019). "Kenyan Tycoon Chris Kirubi Receives Additional $2 Million In BIC Acquisition deal". Forbes.
  11. ^ Today, Business (6 June 2019). "BIC deal tastes sweeter for Chris Kirubi". Business Today Kenya. {{cite news}}: |first1= has generic name (help)
  12. ^ "Kirubi receives Sh348m extra in BIC buyout deal". Business Daily Africa. 10 September 2020.
  13. ^ Wakaya, Jeremiah (14 June 2021). "Dr. Chris Kirubi, One of Kenya's Most Successful Businessmen, has Died". Capital Business. Retrieved 14 June 2021.
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