‘That’s quite fast’ – Khalwale shocked as Owalo’s net worth rises to Ksh1B in 3 years
By Charles Ouma, February 2, 2026Kakamega Senator Boni Khalwale has reacted to the sharp rise in Eliud Owalo’s net worth over the last three years while serving in government.
In a brief statement posted on his Facebook account on Tuesday, February 2, 2026, Khalwale steered clear of discussions on how Owalo has grown his portfolio and simply remarked on how fast the former CS has been able to join the billionaires’ club.
“@EliudOwalo, without belabouring the specifics, so you are now a billionaire? Bro, that’s quite fast!
While being vetted for his cabinet appointment in 2022, Owalo placed his net worth at Ksh645 million in October 2022.
Growth
Owalo said when he appeared before the National Assembly Committee on Appointments that this was in the form of residential houses in Nairobi and upcountry, a hotel and four cars.
“My house in Nairobi is worth Ksh120 million. My residential house upcountry is worth Ksh70 million; I own land upcountry worth Ksh200 million and four cars worth about Ksh15 million.
“A hotel facility not fully complete, but it is worth Ksh80 million as of now, though based on the bill of quantities, upon completion, it will be worth Ksh293 million.”
“I have ventured heavily into commercial tree planting, and as of now, I estimate the value proposition is Ksh160 million. This comes to a total of Ksh645 million,” he said.
He was subsequently appointed to the Cabinet, with his net worth rising sharply during the period that he served in government until his recent resignation from his position as President William Ruto’s Deputy Chief of Staff.
Attaining billionaire status
Owalo disclosed that he has since joined the exclusive billionaires in the country, placing his net worth at about 1 billion shillings during an interview with a local TV station on Sunday, February 1, 2026.
The former CS framed his response as a statement of transparency while positioning himself as a reformist in his presidential bid.
“That is an interesting question. I am worth about 1 billion shillings right now,” Owalo said.
He did not delve into the details but the growth reflects an increase of Ksh355 million from the time he first joined Ruto’s government in 2022.
Owalo has announced his intention to go for the presidency in the 2027 elections and positioned himself as a reformist.