See Kibaki’s money moves that he is making while at retirement

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He may have retired but that doesn’t mean he stopped playing his investment cards. Reports revel that former President Mwai Kibaki will build a luxurious five-star hotel next to the Menengai Crater in Nakuru.

President Kibaki, the economist whose term as Finance minister in the 1970s is widely celebrated as outstanding, did much as President to repair the damage done to the country’s economy during the 24-year reign of his predecessor, President Moi. Compared to the Moi years, Kenya was much better managed, by far more competent public sector personnel, and was much transformed

The multibillion-shilling investment, its promoters say, is informed by heightened global interest in the long-forgotten crater that last experienced a volcanic explosion 8,000 years ago.

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Regulatory filings indicate the project by the Kibaki family’s company Gingalili (1968) Ltd will occupy 692 acres next to the crater where a 100MW geothermal field is under development.

On Wednesday, the National Environment Management Authority (Nema) invited the public to file submissions within the next 30 days before a decision is made on whether or not to allow its implementation.

“Nema invites members of the public to submit oral and written submissions within 30 days to assist the authority in the decision-making process for this project,” said the Nema notice in the dailies.

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Mwai Kibakis grandchildren

According to the report, Gingalili plans to build a mini-city that will include educational institutions, low, medium and high income residential units as well as a commercial centre on both sides of the Nyahururu-Nakuru Road that cuts through the property.

A report said office blocks will be put up within the area designated for commercial buildings developments on both sides of the road.

The project, located 15 kilometres from Nakuru town, has witnessed subdivision of 800 acres into residential plots measuring one eighth, half and one acre for sale to individuals and institutions.

An earlier statement from the family indicated that high-end homes would also be for leasing and sale within a gated community that will host the luxurious hotel.

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The Kibaki presidency set itself the main task of reviving and turning round country after years of stagnation and economic mismanagement during the Moi  years a feat faced with several challenges, including the aftermath of the Nyayo Era (Moi Presidency), western donor fatigue, the President’s ill health during his first term, political tension culminating in the break-up of the NARC coalition, the 2007–2008 post election violence, the 2007–2008 Global Financial crisis, and a tenuous relationship with his coalition partner, Raila Odinga, during his second term.

The Kibaki regime also saw a reduction of Kenya’s dependence on western donor aid, with the country being increasingly funded by internally generated resources such as increased tax revenue collection. Relations with China, Japan and other non-western powers improved and expanded remarkably in the Kibaki years China and Japan especially, the Asian Tigers such as Malaysia and Singapore, Brazil, the Middle East and to a lesser extent, South Africa, Libya, other African Countries, and even Iran, became increasingly important economic partners

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