Little was known about the late President Mwai Kibaki’s wealth but he was for sure one of the richest men in Kenya having been in elective positions for decades. He has also served as the fourth Vice President of Kenya between 1978 to 1988 under the late second president of Kenya Daniel arap Moi.
Here is how he distributed his vast wealth.
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Kibaki shared his wealth equally among his four children-Judy Wanjiku, Jimmy Kibaki, David Kagai and Anthony Githinji who he appointed as executors.
“Following my own death then any direct blood descendants of theirs (but not any spouse or life partner) shall receive their parent’s benefit, if more than one in equal shares,” quoted the will.
In the 2016 Will, Kibaki directed that his wealth be shared along his bloodline and passed to his graandchildren equally and not their spouses or life partners.
He went on to state that assets, personal effects and money that would remain after he had sorted his debts and duties would be treated as residue and be transferred to a holding company where he would be a shareholder. And in the event of his death, his shares would be evenly distributed to his children.
“If such holding company structure shall not be in place at the time of my death, then all of my interest in all of my residue shall be transferred in most tax efficient manner possible into the ownership of the holding company with each of my children holding an equal number of shares in the holding company,” he said.
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Kibaki also directed that he be buried in a Kibaki Family Mausoleum.
“I declare that I wish for my mortal remains to be buried in a Kibaki Mausoleum to be constructed by my estate. I declare that I am domiciled in the Republic of Kenya, I wish this my Will to be governed and construed according to the laws of the Republic of Kenya,” the Will read.
Mwai Kibaki Foundation
The former President directed that his personal effects be given to a charitable body in his memory.
“If the foundation shall not be in existence at the time of my death then all such personal effects (including my personal papers) shall be bequeathed to any other charitable body that may be been set up in my memory as my executors may decide, failing to which to a charitable body to be established by my executors for these purposes.”
Challenging The Will
JNL and Jacob Mwai now claim to be Kibaki’s children and want a share of his wealth. According to JNL, she was born when her mother and Kibaki were students in London. She argued in court that her consent was not sought before the succession papers were filed at the family court. Jacob Mwai, who also claims to be Kibaki’s son, wants a share of the wealth.