Former Kiambu Governor Ferdinand Waititu’s land has been put up for auctioning over a Sh40 million debt that he has defaulted on.
Waititu is said to have borrowed Sh30 million from Pelican Credit. The debt has now ballooned to Sh40 million, prompting Pelican to enlist the services of Garam Auctioneers.
Waititu had used this land as part of security for the loan that he took. Out of the Sh30 million loan, he repaid Sh9.8 million then fell behind. This saw Pelican initiate penalties on his defaults that expanded his loan to Sh40 million.
A notice by Garam described the land put on auction as “All that parcel of land known as Title No. Nairobi/Block 105/8659 Ruai/ Eastern Bypass Interchange, Ruai Township along Kangundo Road, Nairobi County, registered in the name of Ferdinand Ndungu Waititu Babayao.”
The property that has been put up for auctioning situated opposite Be-Energy Petrol Station, Ruai, and at the junction underpass.
“The subject plot measures 0.2059 hectares (0.509 acres) or thereabouts, and it is underdeveloped. The title is a leasehold interest for a term of 99 years,” the notice stated.
“Mains electricity and piped water services are available for connection to the subject property from within the immediate neighborhood Drainage will be directed to the mains sewer.
This is the latest in a series of financial troubles that the politician is currently facing. Waititu is also set to be auctioned by Wananchi Credit over a Sh10 million debt that he has defaulted on.
Waititu in hot soup over Sh. 538 million tenders to his family; Sh. 1.8 billion new properties
