Billionaire farmer buys Stanchart Bulding on Moi Avenue

Posted on June 21, 2011

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The family of the late billionaire poultry farmer Nelson Muguku finally beat others in the bid to buy the Standard Chartered Building along Moi Avenue.

The family sold a substantial stake of the man’s shares in Equity Bank to purchase the building last year. The share sale is estimated to have earned the farmer’s family about Sh1.2 billion.

In March, Bizextras reported that the family had put in motion plans to buy the prime property as Standard Chartered Bank moved to new headquarters.

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Immediately after sealing the purchase deal, the family engaged in talks with Africa Nazarene University. The building has subsequently been leased to the institution to offer its degree courses to growing number of students from the Central Business District.

According to the Annual Report and Financial Statement 2010 of Equity Bank, Mzee Muguku is currently the third largest shareholder with a 4.30 per cent holding of the bank.

This translates to about 160 million shares of the bank listed at the Nairobi Stock Exchange. Significantly, this also makes him the single largest shareholder of the tier one bank.

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