Kabogo says he is worth Ksh.3B, but some MPs do not believe him

ICT and the Digital Economy Cabinet Secretary nominee William Kabogo has revealed that his net worth is about Ksh.3.01 billion.

Kabogo, who spoke on Tuesday during his vetting at County Hall, said his wealth is distributed across real estate, company shareholding, land and other personal assets.

“In residential houses, my total net worth is Ksh.700 million, movable assets of about Ksh.40 million, land and farm about Ksh.756 million, cash and current assets of about Ksh.64 million, interest and shares in companies approximately Ksh.1.5 billion. A total of about Ksh.3.01 billion,” said Kabogo.

The declaration by the former Kiambu Governor led to an uproar among Members of Parliament, some of who contested the net worth, with some of them opining the flamboyancy of the businessman in the society did not match with the figures.

Suna East MP Junet Mohamed questioned the Ksh.40 million worth of movable assets, which includes cars, averring that the figure should be higher.

Junet lightly referred to a vehicle owned by the ex-Governor, which he argued that that solely should be about Ksh.40 million.

He said; “I saw another vehicle that looks very ugly on the road, that alone is Ksh.40 million.”

In his response, Kabogo said, “Vehicles get devalued almost upto zero, accounting-wise and a prudent rule in accounting is you anticipate both losses and profits.”

Another MP likewise wondered why Kabogo had not mentioned that he owned a chopper, which according to him should have been placed in the movable assets category.

The CS nominee reaffirmed his declaration, noting that he once owned a chopper but had already sold it.

“I had a chopper when I was a young man and I could fly it myself because I am a pilot. So when I could not fly as much I decided to let it go,” said Kabogo.