In November 2022, Stanley Githunguri, a well-known Kenyan politician and entrepreneur, passed away at the age of 77.
Githunguri had amassed a considerable fortune, with an estate valued at 1.8 billion Kenyan shillings and a Karen property worth 700 million Kenyan shillings.
Following his demise, his six children will divide his business holdings, with his daughters Claire Njeri and Lilian Joy Nyagaki serving as the executors and trustees of his estate.
How Githunguri dairy started from zero to Sh. 6 billion enterprise
However, Githunguri was clear in his will that he did not want his children to engage in any succession battles after his death. He imposed a penalty on any child who challenged his wishes, stating that they would lose their share of the wealth.
“The interest of a hostile beneficiary and of his or her spouse and descendants shall immediately terminate but without prejudice to any prior distribution of income or capital, and such interest shall devolve as if the hostile beneficiary his or her spouse and descendants had predeceased me.
“For the purposes of this clause 17, any beneficiary under this will who brings legal proceedings or initiates any other form of legal process in any jurisdiction which is based on a challenge to the validity of this will become a hostile beneficiary,” Githunguri wrote in his will dated June 9, 2017.
Githunguri’s will also placed restrictions on the Karen property, directing that it should not be sold and that his wife Elizabeth Karungari should be allowed to live in it.
If Karungari passed away before him, the property would be transferred to his company SM Githunguri Ltd. Githunguri’s sister Rosemary Wanjiku was bequeathed his Limuru town property, with the condition that she should be allowed to live in it and should not be kicked out.
Githunguri also directed that she should not be allowed to sell or transfer the property to anyone else.
Meet the little-known tycoon behind the popular Afia juice
Githunguri’s will also gifted his children properties in Spring Valley, Nairobi County, and bequeathed properties to his sisters at Kihara market in Kiambu County.
He ordered that three properties in Kajiado should be sold, with the proceeds being distributed to his children. According to his will, his children would receive 3 million Kenyan shillings on a quarterly basis until the money was exhausted.
Githunguri’s shares in several companies, including Munga Holdings Ltd, Mukawa Holdings Ltd, East Africa Breweries Ltd, and Nation Media Group, were put under SM Githunguri Ltd. All of his bank accounts in Barclays Bank, Kenya Commercial Bank, Bank of Africa, Family Bank, and National Bank were also left under the same company.
Stanley Githunguri gave his sisters Serah Njoki and Rosemary Wanjiku his shares at Barclays, with the shares to be split equally.
Kenyan billionaires who founded popular Broadways bread business
Githunguri’s will entrusted his daughters Njeri and Nyagaki with the responsibility of paying his debts and funeral expenses.
According to court records, his liabilities were 20 million Kenyan shillings at the time of his death. Njeri and Nyagaki were also given the power to buy any portion of his estate, either through a private agreement or a public auction.