Alex Mwakideu narrates how Ksh7 million event loss taught him vital money lessons

Media personality Alex Mwakideu has opened up on one of the most painful financial mistakes of his life, recalling how he lost millions of shillings in a failed entertainment venture in Mombasa.

Speaking in a video shared on his YouTube page on Saturday, August 30, 2025, Mwakideu said he wished he had a financial mentor to guide him during his early years when he started earning better salaries and promotions.

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He noted that without such guidance, he ended up making decisions through trial and error, many of which turned out to be costly.

“My personal story is that I wish I had a mentor who could guide me on matters to do with finances. I am telling you, I would be very far right now. But at the same time, I thank God for where I am today. If only I had someone who understood finances so well, because when I used to receive salaries and promotions, I was doing trial and error,” he said.

He explained that if he had someone who understood money management well, he would be far ahead financially, but he remains grateful for the progress he has made despite the setbacks.

Quick money

The radio host disclosed that one of his biggest financial blunders was rushing into the events business with the hope of making quick money.

He said that the pressure of having a higher salary pushed him into thinking that hosting large concerts was the best way to invest, but it only left him in debt.

“There are holes I fell into, and I do not want you to fall into those holes. Do not get yourself into the trap of looking for quick money; rule that out completely. So, when my salary increased, I wanted quick money, and I decided to host two events,” he added.

Mwakideu revealed that in 2014, he organised an event he named Two Nights in the Jungle, which was staged in Mombasa.

He went all out in preparations, hiring popular artistes including Sauti Sol and Hart the Band, covering their air tickets, hotel accommodation, and transport convoys from the airport. He also ferried sound equipment from Nairobi to ensure the event matched the highest standards.

“One I named ‘Two Nights in the Jungle’, and I took it to Mombasa. The first night was supposed to have a live band, and I hired Sauti Sol and also Hart the Band. It was a very amazing event in terms of planning, and I paid for their flights, hotels, and convoys from the airport. I even ferried sound equipment from Nairobi.”

In total, he said he spent close to Ksh7 million, much of it borrowed, hoping to stage a glamorous concert that would reap big returns. However, security fears at the time derailed his plans.

“In total, I spent seven million shillings, even borrowing money to make the event successful,” he revealed.

He recalled that due to terror-related threats linked to Al-Shabaab, the government temporarily banned large gatherings and parties, a move that affected attendance.

Despite his pleas to local authorities and even meeting the Mombasa police commissioner to seek clearance, the damage was already done as news had spread, warning people against attending such events.

 “What happened is that there was a terror scare connected to Al-Shabaab. At that time, the government banned parties. I even went to beg the Mombasa police commissioner and tried reaching out to leaders, and eventually they allowed me to proceed,” he added.

He said that not even a quarter of the expected revellers turned up, and on the first night, they were left with a handful of people in attendance.

Mwakideu disclosed that he barely raised Ksh200,000 from the entire show, leaving him with loans and financial strain after the failed venture.

“But the news had already spread that people should not attend parties and events because of security. Not even a quarter of the expected people came. On the first night, we were alone. The number of people who came was countable. I did not even make two hundred thousand shillings from that event. I came back to Nairobi with loans.”