Peter Nduati is the founder and Chairman of Pine Creek Records and True Blaq Group. He is one of the Kenyan businessmen who built their multimillion empires from scratch.
His journey began in Dagoretti, where he grew up in a family of six. With a passion for entrepreneurship, the chartered insurer and economics graduate started his first business thanks to his business acumen, as he made his first million at just 24.
”I made my first million when I was 24 years old. At the time, I ran a boutique. The idea of a boutique business worked so well. I had approached a TV station and asked if I could be doing makeup and styling for the anchors,’’ Nduati revealed.
The business peaked so well, but Nduati’s bad money habits, including splurging in parties, saw it collapse, leaving him struggling in debt.
”The business brought in good money. But later, I realized that I didn’t understand the business quite well, and that is how it died. Well, I was a young man experiencing my youth. The money just vanished by the time I was turning 26,’’ He added.
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The billionaire had tried four businesses before diverting to the insurance sector. The first business was a hair salon, and the second was a grooming service for KTN news anchors.
He later tried his hand at the lucrative real estate sector before setting up a marketing company called Consumer Benchmark.
After the four failed attempts, Nduati decided to set up an insurance firm – Resolution Insurance Company –targeting women.
He revealed that he didn’t have enough capital to start the firm, but resilience and determination saw his idea become a reality, with Resolution Insurance Company becoming a household name in Kenya’s insurance sector.
”To start Resolution Health, I needed Sh40 million. I didn’t have the money. All I had was a great concept. I set out looking for capital and met some gentlemen who were willing to invest in my idea.’’ Nduati recalled.
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”Of course they demanded to have a lot of control over the business, but I put my foot down and made it very clear the extent to which they could influence the business.’’ He added.
According to media reports, the firm’s turnover for the first year was $1 million from 3,000 members and topped $3 million in the second year.
The success of his insurance company locally saw him expand to Tanzania, where he established Tanzania Resolution Insurance in collaboration with other partners.
Various challenges, including the effects of the 2007/2008 post-election violence, however, took a toll on the company, leaving it struggling with losses. In 2021, it was reported that it made an underwriting loss of Sh457 million.
The company collapsed in early 2022 with Sh6.5 billion in client cash, insurance claims, and creditor funds after its shareholders failed to recapitalize the business.
