This archive report was first published on 9 May 2021.
George Mulala, a renowned photojournalist, shares his story of how acquiring a house and land turned out to be bad decisions. He now resides in the US.
As he puts it, 'Banks are like that lousy Auntie of yours who asks for her umbrella as soon as it starts to rain.' He explains that this is because Kenyans have an obsession with owning land and houses, which has become a public crisis.
According to Mulala, a Kenyan who has access to 2 or 3 million shillings will not start a small business in a small town near his village. Instead, he will buy overpriced land in one of Nairobi’s numerous slums.
Mulala's story is a personal example of this phenomenon. In 1999, he was a model citizen, taking care of his family and contributing to his clan’s burial association. However, when the National Bank remembered they had loaned him money, they wanted it back – and fast.
When Mulala couldn't pay, his estate Saika Estate was repossessed, and he lost a three-bedroomed house on Kangundo Road. Six years later, the digital age took his photojournalist job, and the National Bank asked for their house back. Mulala lost whatever he had put into it.
Meanwhile, his friend Nitesh, who earned around 20 or 25k, saved his money and invested in Safaricom shares when they went public in 2008. Lady luck smiled at him, and he started an export and import company, becoming a wealthy Kenyan.
As for Mulala, he has children and Facebook followers, but his story serves as a cautionary tale about the dangers of acquiring a house and land.
