Chances are that if you’ve noticed the massive billboards around many Kenyan cities, you’ve likely come across the name.
One of the most prominent players in the billboard industry is a firm known as Magnate Ventures, a company established in 1998 by the private billionaire Stanley Kinyanjui.
Kinyanjui, a low-profile businessman, was once closely associated with former President Uhuru Kenyatta, part of an elite group that organized in 2017 to fundraise for his re-election campaign, reportedly bringing in over Ksh1 billion in a single gathering.
As a key figure in the Friends of Jubilee Foundation, Kinyanjui helped secure funds to fuel Jubilee Party’s push to retain power.
Magnate Ventures is marketed as a pioneer in outdoor advertising across East Africa, covering billboards, event branding, street signage, and more, with headquarters in Nairobi.
Its website claims dominance in the market, reporting 50% share in Nairobi, 40% in Mombasa, 60% in Kisumu, 63% in Eldoret, and 57% in Nakuru, with a total of more than 1,200 billboards in operation.
Stanley Kinyanjui manages the company alongside his younger sibling, Robert Kinyanjui, according to a 2013 feature in How We Made it In Africa Magazine.
While the company’s profile glows with success, controversies are surfacing.
The Ethics and Anti-Corruption Commission (EACC) is investigating allegations of tax evasion by the company over the past decade.
According to a whistleblower report filed with the EACC, Magnate Ventures has allegedly avoided paying taxes amounting to Sh10 billion.
The report asserts that, “For a minimum of 10 years, Magnate Ventures has underreported revenue by misstating the number of billboards it owns.”
The report adds, “The company actually owns about 1,900 billboards nationwide. However, it has purposely declared only around 150 billboards in Nairobi to reduce tax liability.”
The document further implicates Governor Sakaja of Nairobi, stating, “All this was conducted with the knowledge and involvement of Nairobi Governor Sakaja and members of the planning department at Nairobi County, who have shared in the bribes offered by Stanley Kinyanjui of Magnate Ventures, resulting in an estimated Sh10 billion loss in taxes to Kenyans.”
Kinyanjui is not unfamiliar with controversy, under Uhuru’s administration, he was linked to a disputed Sh600 million airport security contract.
The letter reached the Kenya Revenue Authority’s Investigation and Enforcement Department on April 27, 2020.
Weekly Citizen reported that “One of Uhuru Kenyatta’s closest allies is under pressure after the Directorate of Criminal Investigations initiated two probes into separate government agencies allegedly generating fraudulent millions for him.
The businessman, Stanley Kinyanjui, the founder and CEO of Magnate Ventures Limited, is now central to probes at Jomo Kenyatta International Airport and Kenya Power.
At JKIA, investigators are looking into a major contract involving faulty scanners supplied by Magnate Ventures Limited.
The central figure in the probe, Kinyanjui, a Kiambu native, allegedly pressured the board to secure the tender.
Kinyanjui, a Jubilee Party donor in the last election, is now under scrutiny.
Detectives from the Banking Fraud Investigation Unit of DCI obtained court approval to review meeting minutes from the Kenya Airports Authority board and its tender committee regarding a contract awarded to Magnate Ventures in 2019.
Documents reveal that shortly after installation, some screening devices began to malfunction, raising questions over their quality.
“The investigations cover a contract between KAA and Magnate Ventures Limited for the design and installation of screening facilities at JKIA and other airports,” said Inspector of Police Samuel Kirichu.
The tender, under reference KAA/ES/JKIA/918/E, is being scrutinized for conspiracy to commit a felony, with the inquiry file number 30/2019.
The contract, KAA/ES/JKIA/918/E, and other documents, including minutes and job descriptions of top officials, are to be examined.
Sources claim Kinyanjui may have leveraged powerful connections to manipulate the contract’s defect liability certificate.
In March 2017, KAA notified Magnate Ventures of necessary equipment maintenance, citing issues with defect systems and body scanner locations, contributing to project delays.
Stanley Kinyanjui’s letter to KAA’s MD in 2014 specified his company’s payment terms.
A subsequent letter confirmed that KAA acquired an X-ray scanner for primary screening at JKIA from Rapiscan systems, with commissioning in 2015.
Magnate Ventures acted as a representative for American firm High Technologies Detective Systems.
KAA management reportedly grew concerned as the equipment showed faults even before its one-year warranty period ended, with frequent repairs handled by Magnate engineers.
Internal documents suggest that Magnate Ventures recommended replacing critical components, raising KAA’s suspicion that it aimed to profit from additional state funds.
The equipment was under a maintenance contract, yet Magnate demanded repairs on KAA’s budget, offering to begin within two weeks.
Magnate insisted on a maintenance contract despite previous warranty rejections, raising further questions.
Industry insiders note that the equipment failed shortly after the warranty ended, with questions arising over staff training as stipulated in the contract.
This case faded out not due to a lack of evidence, but due to strategic influence and possibly, financial persuasion.
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