How 2 Apartments Owned by President Ruto’s Made Him Millions
Over the years, the President has invested in various properties in different parts of the country as he builds a name for himself in the real estate space.
Kenya’s President, William Ruto’s has identified himself as a ‘hustler’ over the years. A narrative that speaks on how he rose from grass to grace in both the political and the business world.
President Ruto invested in various properties in different parts of the country, over time as he builds a name for himself in the real estate space.
Following the housing policy changes in the National Police Service (NPS) in 2018, details of some of Ruto’s real estate developments surfaced. It was revealed that some of the companies linked to the President, the then Deputy President, were among those leasing housing units to police officers. For each unit leased out, the government was paying an average of Ksh28,000 to house each officer in the leased houses.
[President William Ruto with some of the servicemen. Photo/Courtesy]
These two apartments were noted to have been directly connected to the President.
This is a residential development located in Ongata Rongai, along Kitengela Road. Through Legend Management and Matiny Ltd - a company registered by President Ruto in 1996, O’sere Flats leased out 170 units to the National Police Service. Later on, they leased 98 units to the police, accruing Ksh20.3 million annually in rent with a three-year contract expiring on June 3, 2018. Matiny Ltd received a total of Ksh61 million from the deal.
Furthermore, between December 2017 and December 2020, O’sere Flats was leased out to the police service in Ongata Ronga 72 units which accrued Ksh16 million in rent annually.
They are a multistory building located along Jogoo Road in Nairobi. The President, through Legend Management, has leased out 100 units of the residential real estate development to the police service.
The management company is mentioned to have been collecting Ksh26.4 million a year in rent from the development. The lease was entered into on February 28, 2018, and was stated to end on February 27, 2021.
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