Political analyst Cyprian Nyawamu has publicly challenged former Deputy Chief of Staff Eliud Owalo over his claim that he is worth KSh1 billion, terming the assertion misleading and unsupported by known financial records.
Owalo made the claim during a recent television interview, shortly after resigning from government to focus on what he has described as his long-term presidential ambitions.
The remarks have since sparked debate on social media, particularly around wealth declaration, transparency, and political credibility.
In a detailed statement, Nyawamu argued that the wealth claim does not align with Owalo’s known business background.
He questioned why the interviewer did not follow up by asking how much tax Owalo paid in the last financial year, saying such a question would have helped test the credibility of the claim.
Nyawamu cited his long-standing acquaintance with Owalo, tracing their interactions back to 2016 when they held political strategy discussions alongside former Mombasa senator Hassan Omar and Nyali politician Mohamed “Jicho Pevu.”
He said the context was important given Owalo’s renewed push into high-stakes national politics.
According to Nyawamu, Owalo’s known income streams fall far short of supporting a Sh1 billion net worth.
He pointed to church-backed microfinance institutions, which operate nationwide, noting that some record annual profits of about Sh53 million after tax—figures that would require decades to accumulate such wealth.
He further claimed Owalo’s management consultancy earned less than Sh9 million annually before 2022, an amount Nyawamu argued could not reasonably translate into vast savings given personal and family expenses.
Nyawamu also recalled Owalo’s 2022 parliamentary vetting, where he reportedly declared a Sh600 million net worth, raising questions about the sudden increase.
He compared the claim to the estates of historically wealthy Kenyan families, arguing that building large-scale wealth is a gradual and complex process.