Steve Mbogo: How City Businessman Spent Ksh40 Million in One Weekend

Steve Mbogo: How Kenyan Lawyer Spent Ksh40 Million in One Weekend
File image of businessman Steve Mbogo. |Photo| Courtesy|

Steve Mbogo is a wealthy man as evidenced by the life he leads. The businessman lives life on the fast lane, splashing his hard-earned millions on luxuries such as cars, watches, and expensive trips, among others.

He has been considered by many as a member and face of the “new money”, a term he has since come out to dispute. He is on record stating that there is no difference between old money and new money, what exists is how people spend theirs.

“I don’t like the term ‘new money’ being used in reference to myself. Steve Mbogo and money have been best friends for more than a decade. I made my first million at 18 years, selling scrap metal. By 22, I had bought my own house and was driving the first AMG Mercedes Benz S class in Kenya,” he told the Standard during an interview 6 years ago.

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Mbogo eats life with the big spoon and does not shy away from telling. WoK in this article reflects to a time when he reportedly spent Ksh40 million in one weekend.

The city businessman revealed that he spent the money watching Formula One races in Dubai.

“I am not showy. I just live life to the fullest. What is wrong with working hard, and having the best things in life?” He said in response to the spending.

Steve Mbogo: How Kenyan Lawyer Spent Ksh40 Million in One Weekend
File image of businessman Steve Mbogo. |Photo| Courtesy|

Mbogo reportedly spent the money on yachts and parties. At the time, hiring a yacht ranged from Ksh27, 000 an hour for a 12-capacity boat to Ksh100,000 an hour for a 40-guest vessel.

“Yes, I did spend that amount. Getting the correct business networks is an expensive affair. I can’t sit in a kibanda in Westlands and expect to meet someone who will help me make Ksh20 million profit from a business deal,” he said.

However, on a number of occasions, the source of his wealth has been questioned by a section of people. During the interview with the Standard, he briefly explained how he makes his millions but withheld further details.

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“I own an aviation company with 16 planes. I do commodities trading and I am in real estate. I also have two mining concessions in Kenya, one in DRC and another in Tanzania,” he stated.

He, however, refused to reveal the name of the aviation company, or the commodities he trades in, saying that he, “can’t reveal since his partners are uncomfortable with publicity.”

Speaking to the Nairobian, he noted that his business partners, both local and international, are high on privacy.

“I can’t tell you the names of my companies because I have partnered with others, and we have a clause on publicity regarding the company. I may be in the (news) papers in my personal capacity, but not the companies’,” he said.

He further claims that the company has employed more than 3,000 people and not just in Kenya.

He claims that his net worth is way above a billion shillings, and that he can account for every single shilling he has ever earned.

“If you have time, I can sit you down with my accountant and you can trace how I made my money, from 10 years ago,” he stated.


At the time, Mbogo further claimed that he paid Ksh350,000 in rent.

“My house in Karen sits on five acres. Where in Nairobi can you rent a house sitting on five acres for such a small amount? I bought the house two years ago for Ksh500 million,” he said.

He also wore expensive shows to the interview, to which he said, “My shoes are Louis Vuitton. I bought them for $2,000 (Sh200,000).”

Steve Mbogo: How Kenyan Lawyer Spent Ksh40 Million in One Weekend
File image of businessman Steve Mbogo. |Photo| Courtesy|

Mbogo considers himself the ultimate Mercedes Benz collector.

“I have four Benzes; the oldest is a two-year-old E class. I have three Land Cruisers VX… a Rolls Royce Phantom is the pride of my car collection,” he said.

He further revealed he owns a 2014 Mercedes S500 that reportedly cost him Ksh13 million.

Gold scam

Large scale gold selling and buying website,, claims Mbogo is a gold scammer, who cons foreigners while enjoying protection from authorities.

“Me and my associates lost over $1,000,000 (Ksh100 million) to him and his associates trying to do legitimate gold deals. All beware,” one Asian businessman, H Lee, claims on Zengold.

“People write all kinds of things online. Why do they do it anonymously? If I have ever conned someone, why can’t they come out, go to the police and have me arrested and arraigned in court?” Mbogo posed to The Nairobian.

Questions over academics

Mbogo claims he holds a Bachelor of Business Administration degree from Cairo University School of Business.

He insists that he graduated in 2012 with a Masters of Business Administration from the University of South Australia, however, his name was conspicuously missing from the university’s 2012 graduands’ list.

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