This Is How A True Kenyan Billionaire Went Bankrupt In A Blink Of An Eye

Matiba was undoubtedly one of the wealthiest mean in Kenya. His business empire was vast and the millions just kept stacking in. He owned the Alliance Hotels chain that included Alliance Naro Moru Lodge, Alliance Jadini Beach, Alliance Africana Sea Lodge and Alliance Safari Beach. Apart from the exquisite hotels, he owed the Hillcrest Group of Schools.

Everything seemed okay until his debtors came knocking. Besides Naro Moru River Lodge, all the other hotels he owned were either sold or closed down. The prestigious Hillcrest Group of Schools were bought by Fanisi Capital and his 418 million 22% stake in Carbacid Ltd was used to clear part of his 1.8 billion debt owed to the Barclays Bank. Most of Matiba’s woos can be attributed to his ill-health stemming from his 1990 imprisonment. His long years in politics also played a major role in draining his finances.