Tuesday, January 31, 2023

When a broke Jeff Koinange faced auctioneers over Sh. 130 million debt

In April 2020, popular Citizen Tv journalist Jeff Koinange’s multi-million property was put up for auction. The two Jeff Koinange houses estimated to be worth Sh. 200 million include two four-bedroom villas. They were put on auction over a Sh. 130 million bank debt.

The news, which implied that Koinange had run broke shocked many, especially with the presenter’s huge salary at Citizen which is estimated to be in the range of Sh. 2 million per month.

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The two Jeff Koinange houses in the high-end Kitisuru area sit on 0.67 acres and are each attached with a servant’s quarter. They will be sold on April 28. “The title is a free hold interest. The current annual rates payable amount to Sh. 16,500. The annual rates payable together with accrued penalties amount to Sh. 70,291 as at 27.01.2020,” the advert on the auction by Garam Investments had said in part.

Apparently, Mr. Koinange owed the Kenyattas’ NCBA bank up to Sh. 65 million, which was the unpaid figure out of the Sh. 130 million debt. The debt had fell into default in 2019.

Jeff Koinange Houses

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At the time, Mr. Koinange was living in one of the villas and had rented the second one — which initially he had used for storing art pieces. A few weeks later, Jeff struck a deal with NCBA to stop the auctioning.

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