This archive report was first published on 20 July 2019.
Since its inception in 2014, SportPesa has been a roaring success, with annual revenues crossing the Sh100 billion mark. The firm's success has been the envy of the betting industry in the region, as it came at a time when the country was ready to take on the gambling craze.
On July 20, 2019, the Saturday Nation revealed that SportPesa's ownership structure includes Bulgarians and several Kenyans, who are now the centre of attention as the government cracks the whip on betting firms.
According to the firm's shareholder records, Guerassim Nikolov, a Bulgarian, owns a 21 per cent stake in the company, making him one of the three biggest owners. Nikolov is understood to have started out with a Bulgarian casino in 1989 and came to Kenya several years later where he started as a casino manager.
The other two largest shareholders are Gene Grand and Asenath Wacera Maina, who own a 21 per cent stake each. Grand is a foreigner while Ms Wacera is a Kenyan. In total, the three own 63 per cent. Ms Wacera, the widow of former Nairobi mayor Dickson Wathika, has successfully kept a low profile.
Billionaire Paul Wanderi Ndung'u owns a 17 per cent stake in the firm. Mr Ndung'u, who built his fortune as a Safaricom distributor, has been the firm's board chairman. He was also the chairperson of the Friends of the Jubilee Foundation technical committee that raised billions for the party in the run-up to the 2017 election.
Other shareholders include Mr Ronald Karauri, who is the firm's chief executive officer, and several other individuals and companies.
Despite the controversy surrounding its ownership, SportPesa maintains it has been playing by the rules and has paid its fair share of taxes as required. It has a tax clearance certificate and several awards from KRA to prove it.
