LEGEND SERIES :How Benson Wairegi Transformed a KSh600,000 Investment To a Multibillion Business

Posted: June 20, 2012 in Asset building, Inspiration, Legend Series, Self Improvement
Tags: ,

A husband , a father,  Group managing director of British American ,Vice Chair of Equity Bank, Director of Housing Finance, Chairman of Kenyatta University Council and Member of the Board of Trustees of the Insurance Training and Education Trust is just but a few of the titles he holds…..

On the other side, he is quite a fun guy to be with, occasional whitecap lites or red wine and he will mingle with whichever crowd and be at home. He can also dance some rhumba well.

Despite being a man from the old generation, he is up-to challenge for the new and is at par with technology. He was one of the first guys to embrace blackberry, ipad, is on twitter and reads wide and large on technology

Looking at Mr Wairegi and Mr. Trump, there are some similarities that these two guys have ie. they are both billionaires in their own spectrum’s, they both have a distinctive hair style and they have both achieved greatness in whatever standard you might assess them. The only significant difference despite one being black and the other white is that Mr. Trump was born into riches and he only perfected what Fred Trump had started. Mr Wairegi on the other hand did not have a rosy early life as many might assume.

THE STORY

“I remember sometimes eating Githeri without beans. It was a tough upbringing,” he says nostalgically. However, he loved business studies, a passion that was further cemented when he was admitted to Ichagaki High School. Later he enrolled for CPA’s and joined auditing firm PricewaterHouse Coopers.

However, it was the move he made in 1977 that has set the path for a new course. That year, he joined British American as the Chief Accountant. In 1984, the govt enacted the Insurance Act that made it mandatory for all foreign insurance companies to have a third of shareholders being indigenous Kenyans.  Mr Wairegi took a KSh600,000 loan on his house and bought a 3.3% stake in the company. He also mobilized other Kenyans to take up the 30% shareholding that was offered by the company to comply with the law.

“I was there at the right place at the right time,” he recalled as he sipped the drink that he was holding.  He also ascended to the position of Chief Executive the same year.  Since then, the company has grown to a major force in the country’s financial sector

 

IN SUMMARY

I remember him telling a story of how after joining British American back in the 80’s he immediately packed his bags after two weeks to his former employer and told him he wanted to come back,,

The look of nostalgia on his face when he resounded the words of his former boss that were ” Benson, you are there because that company needs you at this very time,things are tough and this is your time

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Comments
  1. Felistus says:

    He is an inspirational person. Well done

  2. always a pleasure Felistus,,thank you.

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