Treasury CS nominee John Mbadi breaks down Ksh.380M net worth

Treasury Cabinet Secretary nominee John Mbadi has declared his net worth as Ksh.380 million during the vetting session held in Parliament on Saturday. 

Appearing before the Committee on Appointments, Mbadi explained that his net worth comprises assets worth Ksh.437 million, minus liabilities amounting to Ksh.57 million. 

In a breakdown, he said his liabilities are Sacco loans worth Ksh.20 million, a mortgage from the Parliamentary Service Commission (PSC), as well as a Ksh.12 million bank loan.

On the issue of whether he's pensionable as a Nominated Member of Parliament, Mbadi said he was unsure about it, but Speaker and committee Chairman Moses Wetangula clarified that it would be calculated for him in due time.

National Assembly Majority Leader Kimani Ichung'wah also delved into the matter and said that the pension would be added to his wealth next year upon maturity, hence will serve to increase his net worth significantly.

"It's worth mentioning because of the challenges Kenyans have had with this matter, because his pension would constitute part of his net worth next year when it matures, and most likely if he's approved and goes to another vetting, Kenyans will want to know how did your wealth grow," Ichung'wah said.

Mbadi is the 11th CS nominee to be vetted by the Speaker Wetangula-chaired Parliamentary committee in a four-day exercise that will conclude on Sunday. 

He is part of the four opposition members who were nominated to President William Ruto's Cabinet under the broad-based government approach. 

The other three include Wycliffe Oparanya (Cooperatives and MSMEs), Opiyo Wandayi (Energy), and Hassan Ali Joho (Mining and Blue Economy). 

During the interview session, he promised to improve the Kenya Revenue Authority's system to enhance revenue collection and also make debt register a statutory document that is published yearly to inform the public about the country's debt status. 

He added that the Auditor General should be provided with more resources to conduct special and forensic audits to expose the corrupt dealings in government ministries. 

Mbadi also noted that he would hold meetings with the Central Bank of Kenya (CBK) Governor to address high interest rates from banks if approved by Parliament. 

On matters graft, Mbadi promised to automate the procurement system from end-to-end to enhance transparency by January 2025.