Sunday, May 26, 2024

Nicholas Wambua: Man minting millions from the scrap metal business

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Nicholas Wambua, a Kenyan businessman, is experiencing increased earnings after quitting farming to venture into the scrap metal business.

The businessman who hails from Machakos County revealed he quit farming in 2019 due to unpredictable weather which saw him incur huge losses.

In search of greener pastures, he relocated to Narok County, where he started a cereal business before diverting to a scrap metal business with the help of a friend.

“When I arrived in Narok town, I started a cereal shop where I would order cereals from the Ukambani region. The business was thriving, as I could comfortably pay for my small rented house and provide for my family,” he told KNA.

His initial days in the scrap metal business involved visiting construction sites where he would purchase used iron sheets at throwaway prices and resell them as scrap metals.

With time, people started noticing his business and would start getting offers from people interested in selling scrap metals to him.

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Wambua explains that he purchases one kilogram of scrap metal for Sh. 25 and sells it to the metal industries in Nairobi for Sh. 30. This gives him Sh. 5 for every kilogram of scrap metal.

“Our market is usually in Kitengela and Uganda. In a month, I can sell over 20,000 kilograms of scrap metal, which gives me a return of not less than Sh. 100,000,” he reveals.

He notes that to succeed in this business, one needs to be able to identify high-quality scrap metals, as not all the materials qualify to be in the market.

Further, he cautions that people should be careful not to be sold stolen goods, which could land them in trouble.

“People have become too cunning. Sometimes they vandalize equipment put up by the water companies, Kenya Power and Lighting Company, and sign boards put along the road where they come to sell scrap metal to us. That is why we have to be very keen when buying scrap metal from people,” he says.

“I was taken to court and fined heavily for dealing with stolen goods. From that time on, I was careful when buying any goods from members of the public,” he adds.

While the business has had many challenges among them strict regulations by the government, Wambua has been able to get the best out of it.

With the profit he makes, he is able to provide for his two wives and six children and has purchased a plot in Narok town, which he intends to develop in the near future.

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