Hard times? Moses Kuria’s property faces auction

By Newsflash Reporter

For over two years, Moses Kuria, a member of President William Ruto’s Council of Economic Advisers, has repeatedly denied any ownership ties to InvestAfrica-FZCO, a United Arab Emirates (UAE)-registered company that has been making significant business moves in Kenya’s public and private sectors.

Kuria was appointed to the council by President Ruto on August 24, 2024, barely a month after being dismissed from his Cabinet position in the wake of widespread youth-led anti-government protests. However, his alleged links to InvestAfrica-FZCO have once again come under scrutiny following an auction notice for his properties in Juja and Ruaka.

Auction notice sparks new questions

Last week, auctioneers Garam Investments Ltd listed two apartment blocks—one in Juja and another in Ruaka—for sale to recover an undisclosed debt from an unnamed creditor. While the auction itself is a financial matter, the listing unexpectedly revealed a shared postal address between Kuria and InvestAfrica-FZCO, fueling speculation about their connection.

When asked about the auction, Kuria dismissed it as a private affair.

“I’m no longer in government. That is personal business,” he stated.

Despite his reluctance to discuss the matter, the auction listing has raised fresh questions about his ties to InvestAfrica-FZCO, a company that has been acquiring stakes in struggling firms at the Nairobi Securities Exchange (NSE).

InvestAfrica-FZCO’s strategic acquisitions

Over the past two years, InvestAfrica-FZCO has strategically invested in struggling Kenyan companies, most notably Kenya Orchards Ltd (KOL), in a deal estimated to be worth Sh210 million.

Previously, in 2023, the company also acquired a stake in Eveready East Africa, which was then a loss-making enterprise.

Despite Kuria’s denials of involvement with InvestAfrica-FZCO, the recent auction notice revealed that the firm shares a postal address with him. Furthermore, InvestAfrica-FZCO is the beneficial owner of Smith & Gold Productions, a company that secured a Sh259 million contract for the construction of Karatu Stadium in Kiambu County.

Interestingly, Kuria was previously listed as the beneficial owner of Smith & Gold Productions until 2023, when ownership shifted to InvestAfrica-FZCO.

Details of the auction

Unless Kuria clears his outstanding debt or secures a court order to halt the sale, his properties in Juja and Ruaka, registered under Briden Apartments, will go under the auctioneer’s hammer on April 8, 2025.

Potential buyers must deposit a refundable Sh3 million bidding fee to Garam Investments before participating in the auction. The winning bidder will be required to pay 10% of the total purchase price immediately and clear the balance within 90 days, failing which their deposit will be forfeited.

Juja property

Located in Kalimoni, Juja Town (Kiambu County), about 250 meters from Thika Road.
A five-storey apartment block on 0.09884 acres of freehold land.
The ground to fourth floors each contain eight one-bedroom units.
The fifth floor has a bedsitter and a one-bedroom unit.
Generates approximately Sh541,000 per month in rental income.

Ruaka property

Located 160 meters from Limuru Road, approximately 650 meters from The Alma by Cytonn.
A five-storey building on 0.1137 acres of freehold land.
The ground floor includes two bedsitters and 15 parking spaces.
First to fourth floors each have three one-bedroom units, two two-bedroom units, and one bedsitter.
The fifth floor has two bedsitters.

InvestAfrica-FZCO’s expanding presence in Kenya

The auction comes nine months after InvestAfrica-FZCO acquired Kenya Orchards Ltd (KOL). The UAE, where InvestAfrica-FZCO is registered, enforces strict laws that protect the anonymity of beneficial owners, making it difficult to establish who controls the company.

In contrast, in Kenya, a person can access company ownership details through the Business Registration Service for a fee, while in the United Kingdom, such information is publicly available.

InvestAfrica-FZCO has been rapidly expanding in Kenya. The firm incorporated Africa Mega Agriculture Corporation Ltd (Amac) on November 24, 2023. By June 2024, KOL had issued a cautionary statement at the NSE, revealing that Amac had offered to purchase 10,863,537 shares, or 84.42% of KOL.

KOL is known for manufacturing various food products, including canned beans, tomato sauce, fruit jam, and tomato paste.

The shares acquired by Amac previously belonged to:

Westpac Holdings Ltd (34.28%)
Thakarshi Keshav Patel (33.61%)
Vipul Thakarshi Patel (14.89%)
Hansa Dinesh Chandra Shah (1.65%)

At the time of the cautionary notice, KOL’s share price was Sh19.50, suggesting Amac may have paid Sh210 million for the shares. However, neither KOL nor Amac disclosed the actual value of the transaction.

In January 2025, KOL rebranded to Amac Agri Corp PLC, retaining its listing on the Nairobi Securities Exchange (NSE). The company’s stock price recently closed at Sh51, having hit a high of Sh57 in early March and Sh70 in December 2024.

InvestAfrica-FZCO’s entry into Kenya’s trade sector

InvestAfrica-FZCO first gained attention in February 2023, when it was among the companies awarded contracts by the Kenya National Trading Corporation (KNTC) to import edible oils in a Sh17 billion deal. Through its subsidiary, Shehena Commodity Ltd, InvestAfrica-FZCO secured a Sh1.33 billion contract.

Two months later, in April 2023, InvestAfrica-FZCO purchased a 35% stake in battery dealer Eveready East Africa from the family of the late industrialist Naushad Merali, receiving regulatory approval from the Capital Markets Authority (CMA).

While Moses Kuria continues to deny links to InvestAfrica-FZCO, the shared postal address, past ownership ties to Smith & Gold Productions, and the looming property auction have reignited speculation about his relationship with the UAE-based company.

As InvestAfrica-FZCO strengthens its influence in Kenya’s corporate sector, Kuria finds himself in a financial battle to prevent the auction of his properties, adding another layer of intrigue to this unfolding story.