The proposed sale of the Kenyatta International Convention Centre (KICC) by the government of President William Ruto has raised a storm in the country.

The proposed sale has been widely criticized over what many Kenyans have termed as an unwarranted sale of a national asset that also doubles up as a national identity.

To justify his move, President Ruto alleged during a media interview that was broadcast on Sunday that the KICC is worth Sh. 30 billion and that it should be generating Sh. 3 billion.

“Do you know how much money we should be making from KICC if it is worth Sh. 30 billion? Even nominally, we should be getting Sh. 3 billion a year. How much are we getting? We are getting Sh. 29 million,” said President Ruto.

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The latest records from the Auditor General however show that the KICC is not valued at Sh. 30 billion as alleged. It is is worth about Sh. 6.25 billion.

At the same time, its latest financials show that in the financial year 2020, the KICC generated a turnover of Sh. 1 billion and posted a net profit of Sh. 37.39 million.

The KICC was designed by architects Karl Henrik Nøstvik architect and Kenyan  David Mutiso. It is a 32-storey building whose construction was commissioned by former late President Jomo Kenyatta in 1967.

Mutiso has previously caused a stir after claiming that the building was modeled to reflect the reproductive organ of a male donkey.

The construction works were done by contractors Solel Boneh & Factah.

Construction of the building was done in three phases.  Phase I was the construction of the podium, Phase II consisted of the main tower and Phase III involved the plenary.

The construction of KICC was completed in 1973, and the building was officially opened by the late Kenyatta in September 1973.