Listing #695 by KenyanList News on 15/09/2020
Inside Bob Collymore’s Will
THE STANDARD, Former Safaricom CEO Bob Collymore left all his Kenyan wealth estimated at hundreds of millions of shillings to his wife Wambui Kamiru.
In wishes captured in his final will and exclusively obtained by The Standard, Collymore appointed State House Chief of Staff Nzioka Waita as an alternate executor of his will should anything happen to Wambui.
Collymore married Wambui in April 2016 but died three years into the marriage in July 2019. In the application for grant of probate lodged with the courts, Wambui has redacted the full inventory of his wealth estimated to run into billions.
In 2015, Collymore had declared his Kenyan wealth as assets worth Sh287 million worth.
“I give, devise and bequeath all my estate, real and personal, immovable and movable whatsoever and wheresoever situated to my wife for her own use and benefit absolutely,” clause 3 of the Will dated April 18, 2018, reads.
The will strictly applies to his wealth in Kenya and makes mention of a separate one outside Kenya.
The two wills will take effect concurrently and independently of each other. The Kenyan one was drawn by Kaplan & Stratton in Nairobi and witnessed by Safaricom Chief Finance Officer Sitoyo Lopokoiyit and Charles Wanjohi, Safaricom’s Director of the Consumer Business Unit.
Mr Waita is a former Safaricom top manager who was poached by State House to head the Presidential Delivery Unit (PDU) In a scenario where Nzioka was the sole trustee, Collymore’s wealth in Kenya would be split between three entities.
Collymore's son by his previous marriage James Collymore of UK would take 40 per cent of his wealth while his daughter Sarah Collymore, similarly of UK, would get an equal share of the estate.
Wambui’s children would get 20 per cent of the wealth but only after attaining the age of 18, and in equal shares. If the trusts fail for whatever reason in this second scenario, Nzioka as the sole trustee shall hold the wealth in trust capacity for education and maintenance of Collymore estate.
“During his lifetime, the deceased was a prominent figure but he kept his personal affairs very private and listing of the assets in the application for Grant of Probate will expose the family to undue publicity that would be prejudicial,” Wambui says in an affidavit for the grant.
Citing parts of Law of Succession Act, Wambui argues that the court can excuse her from listing the full inventory of her late husband’s assets. Section 70 of the Law of Succession Act says the court has powers to examine all applicants, call for further evidence in relation and issue a special citation.
Section 51 of the Act requires every application to come with a full inventory of the assets and liabilities of the deceased. Rule 7 (1)(d) also demands a full list of the inventory.
According to the 2015 declaration of wealth, Collymore was earning at least Sh9 million a month at the time and had accumulated Sh110 million worth of wealth in the preceding 12 months.
He averred that he owned a Sh54-million-residential house in London and held Sh18.3 million worth of shares in Safaricom. He owned Vodafone PLC shares worth Sh88.7 million. At the time, he had more than 30 years worth of working experience.
In the will, Collymore’s surplus income shall be accumulated by investing the same and the resulting income added onto his share of wealth.
“No income shall be apportioned or treated as capital,” he decreed in the will. Mr Waita can, however, use the money to buy stocks, shares and securities.
He can borrow loans and appoint a corporation to manage the will. In a measure of thoroughness, Collymore also decreed that his estate be insured against risks using “reputable insurance companies.”