Friday, December 1, 2023

Inside Peter Munga’s business empire that is set to be shaken by auctioneers

Equity Bank founder Peter Munga is set to lose three prime properties to auctioneers over debt reportedly running to millions of shillings.

And just like the saying goes, “An entrepreneur in debt is an entrepreneur in business.”  Munga is one of the business moguls in Kenya, with his business empire spanning across finance, insurance, education, and agriculture.

Born in 1943 in Kangema, Munga reportedly founded Equity Building Society with Sh5,000 capital, and with the help of his close friend James Mwangi, Equity Bank overcame turbulent times to become one of the largest banks in East Africa.

Munga served as Equity Bank Chairman till 2018, when he retired after serving the lender for 35 years.

He has also chaired various committees and organizations, including the Housing Finance Foundation, Micro Enterprises Support Program Trust, and Murang’a water and sewerage company.

Others are the Kenya Animal Genetic Resource Center, National Oil Corporation of Kenya, and FreshCo International Limited.

Tycoon Peter Munga’s properties to be auctioned over debt

His shares at Equity Bank and Britam are said to be worth millions of shillings. Other known assets under his name include the Equatorial Nut Processors Limited, Pioneer Group of Schools, and the  Pioneer International University, among others.

Operating near Maragua town, Equatorial Nut Processors Limited specializes in processing macadamia nuts, peanuts, and cashew nuts, employing over 1,000 workers.

Munga credits his success to hard work, persistence, and believing in himself as well as being led by faith in his endeavours.

“This is the master key to my endeavor, coupled with hard work and persistence. I am successful because people have had confidence in me, especially when I embarked on my entrepreneurial journey,” he notes.

According to him, what sets the poor and the rich apart is how they react to opportunities. Quoting one verse in the Bible, which he calls a “manual of life”, he says that God created the rich and the poor the same but with different sights.

How Peter Munga became one of Kenya’s richest men

“People who see nothing but problems certainly would be poor. “Those who see opportunity in a problem are rich and have the power of vision.” He said.

Munga has recently been in the middle of debt tussles.  He is set to lose some of his assets to creditors seeking to recover their unpaid dues.

In a public notice, Legacy Auctioneering Services announced the impending auction of two vacant commercial properties spanning 0.36 acres, each located in Murang’a County.

The auction is scheduled for Oct. 13, 2023, and these land parcels are held on a leasehold basis. Additionally, an industrial-cum-residential property in Meru County, covering a vast 15.6 acres, is set to go under the hammer on Oct. 17, 2023.

In 2017, he almost lost five of his properties worth Sh400 million over debt. Galaxy Auctioneers were set to auction Munga’s five units of four-bedroom maisonettes in Kasarani’s Stone Groove Estate, but he escaped this through a last-minute payment.

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