John Mututho Property: A double-storey 8 bedroom mansion owned by former Member of Parliament John Mututho has been put up for auction. The mansion is located in Riruta, Satellite, Kawangware, in Nairobi.
The land on which the house sits on has 17 other single rooms belonging to the former MP which have also been put up for sale by Garam Investments. “Parcel of land known as L.R. No. Dagoretti/Riruta/s.499 Riruta Satellite Nairobi registered in the name of John Michael Njenga Mututho,” the auction notice read.
According to the property auction documents, the house brings in a rental income of Sh. 160,000. It is situated about 950 metres off Dagoretti Corner-Kawangware-Uthiru Road and measures 0.23 acres and has outstanding land rates and penalties totaling Sh. 165,590. “The outstanding land rates and penalties were Sh. 165,590. Piped water and mains electricity services are connected,” the notice read.
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Mututho’s property is the latest among a long list of properties that are being put up for auction in Kenya every daily. Over the past one year, the number of auctions in Kenya has been on the rise. More Kenyans than ever before are struggling to pay off their debts. Data from the Central Bank of Kenya (CBK) shows that Non Performing Loans (NPL) ratio of banks in Kenya stood at 14.1 per cent in December 2020, the highest since August 2007.
In 2020, Kenyans borrowed nearly Sh. 1.18 billion every day on Fuliza and M-Shwari. In addition, loans worth Sh. 1.63 trillion had been restructured by banks as at the end of December 2020. The majority of these loans are personal and household loans, proof that millions of Kenyans are stuck in debt and debt dependence. On a national level, the national debt is now over Sh. 7 trillion. On an individual level, Kenyans are raking in debts in the billions.