Is self-proclaimed East Africa’s youngest billionaire a Fake?
A local airline has vowed to sue self-proclaimed East Africa’s youngest billionaire Steve Mbogo for claiming that he is part of its board.
Fly 540 Chief Executive and owner Don Smith told Nairobi News that he surprised by Mr Mbogo’s claims that he was a non-executive chair of Fly 540 in an interview with Citizen TV on Monday.
“He has nothing to do with 540 nor has he ever and this really pisses me off and we are in the process of suing him for passing off,” Mr Smith told Nairobi News in an email copied to his lawyers.
Mr Smith said he has never met the self-proclaimed billionaire. “We have never heard of him until he posted his claims on the web site,” he said.
The 28-year-old has been all over the media claiming that he owns businesses worth Sh13 billion in several countries with interest in real estate, manufacturing, renewable energy, ICT, insurance and aviation.
The move by the airline is likely to open a floodgate of suits by other companies against the 28-year-old known for his claims on extravagant spending. It also puts on the spot media houses that have published his claims without verification.
Apart from claiming to be East Africa’s Forbes richest man under 30, Mr Mbogo claims to own twelve 4-star hotels in Kenya, 32 apartment blocks in Nairobi, two insurance companies in Uganda, six night clubs spread in Nakuru, Kisumu and Nairobi, and a flight training academy in Wilson Airport, Nairobi.
He also claims to own and manage two law firms and three stock brokerage companies at the Nairobi Securities Exchange.
That’s not all. He is said to own the Della Wine Estate and also took part in the development of the renowned Mimosa Golf Club along Ngong Road. Plus being a non-executive chair of yet another airline – Youth Aviation.