Chris Kirubi, Kenya's wealthiest businessman, raised concerns about Centum Investments' $10.2 million investment in educational TV channel Elimu TV during a 2016 meeting with startup founders. The report highlights his skepticism about the venture's profitability despite its educational value.
Forbes ranked Kirubi as Africa's 31st richest person in 2012 with a net worth of Ksh29 billion, a figure that has grown significantly since. His business empire continues to generate substantial revenue, including a Ksh714 million sale of the Bic franchise to French company Société BIC.
During a March 10, 2016 gathering at a Nairobi hotel, Kirubi reviewed investments in six startups, including Elimu TV. While he approved most ventures, he questioned the educational broadcaster's financial viability. "This idea is very noble but I don't see how it will make money," he reportedly told Centum CEO James Mworia.
Investigations by Centum Foundation Operations Manager Valentine Njoroge revealed systemic issues. An unscheduled visit to Elimu TV's Thika Road studios uncovered misallocated funds and a lack of advertising revenue. The organization was placed under administration, confirming Kirubi's initial doubts about its sustainability.
