Buroti maguta maguta: DP Gachagua on buying Sh15m Kahawa Sukari land
Deputy President Rigathi Gachagua has shared how he acquired a prime land parcel in Kahawa Sukari, Kiambu County, during a recent visit to Botswana.
Gachagua revealed that he obtained the land using proceeds from a mobile disco he hired for a pre-wedding and subsequent evening party in 1989.
According to Gachagua, his college mate at the University of Nairobi Ichangai Muiruri, a land economist who runs Botswana’s biggest Land Valuation firm, provided him with the business opportunity.
The Deputy President shared his story on Twitter, saying, “With the Sh3,000 from Mr. Ichangai, I added another, Sh2000 to place a Sh 5000 deposit. It was a 10 per cent deposit for a quarter of an acre plot at Kahawa Sukari in Nairobi, then sold at Sh50,000.”
Gachagua explained that the land had appreciated considerably since he purchased it, saying, “Today, I receive daily offers to sell the same plot for Sh.15 million. Tumetoka mbali! Tena mbali saana.”
The Deputy President recounted his heydays with Muiruri at the University of Nairobi, where they studied together. During his visit to Botswana, the two went for an early morning run, and Gachagua said that they traced their treasured memories in the Eighties as Muiruri took him through the opportunities in real estate and farming in Botswana that Kenyans can invest in.
Last year, weeks leading to the General Elections, Gachagua as the running mate of then deputy President William Ruto revealed he was worth Sh600 million minus Sh200 million that was frozen funds then. Gachagua said his total net worth is Sh800 million, inclusive of the frozen.
Gachagua said he got his wealth through his businesses and career in the civil service.
Deputy President Gachagua’s remuneration and benefits for the financial year 2022/2023 have been reviewed by the Salaries and Remuneration Commission (SRC), revealing that he earns a gross salary of Sh1,227,188, with salary market adjustments of Sh190,875. In addition, he receives a house allowance of Sh300,000.
According to the Retirement Benefits (Deputy President and Designated State Officers) Act, 2015, Gachagua is entitled to a monthly pension equal to 80 percent of his monthly salary, which amounts to Sh11.8 million annually.