From 'all eggs in one basket' to Sh8b loan: Wambui wa Ruto's untold story

Businesswoman Mary Wambui is at risk of losing all her investments and putting her two daughters in trouble with Equity Bank as personal guarantors, as fresh details now reveal that she may have put all her eggs in one basket for the Sh8 billion loan.

In a rare but exclusive glimpse into expansive interests, including in estate and aviation, Wambui, who is said to be President William Ruto’s close ally, first used properties under Purma Holdings Limited to secure loans for Glee Hotel, which has now been put under administration, and for Albatross Aviation Limited.

Nevertheless, the loan relationship between her and the lender started sometime back on October 30, 2020, when she secured a project finance loan worth Sh 3.5 billion.

In a detailed account of when the rains started falling, she explained that the purpose of the loan was to pay off Sh 2 billion in outstanding loans and the completion of the seven-star-rated hotel, spa and convention centre along Northern bypass, off Kiambu Road.

Back to Purma Holdings, Wambui charged her Shelter Pride apartments, at Safari Park, for a tune of Sh 240 million. She also floated yet another property under Purma, for Sh 75 million.

In her explanation, the property would enable Albatross and Glee to borrow from Equity.

She then handed another property at Mogotio Road, Westlands, as collateral for Sh 1 billion in favour of Glee and Purma.

Further, Wambui, through a deed of variation, handed the bank yet another property in favour of an increase of the loan to Sh 3 billion.

The businesswoman then had a personal guarantee of Sh 22.,5 million over sixth property and another one of Sh 180 million using a title of a property in Ngong.

She also did another with a seventh property in South B, worth Sh 46 million. The three guarantees were to secure Glee’s loan.

Wambui then went flat out with her companies. She issued a Sh 3 billion companies guarantee using the Purma Group of Companies.

Under this, she has Purma Holdings, Charma Holdings Limited, Enterprise Supplies Limited, Haven Park Limited, Albatross Aviation Limited, Glee Hotel Limited, Njest Supplies Limited, Evertec General Trading, and Daydots Limited.

As if the companies were not enough, Wambui, her two daughters, Purity Njoki and Everlyn Nyambura, issued personal guarantees and indemnities for the Sh 3 billion.

Wambui also used her Kiambaa property, Ruitu, and 21 apartments in Thindigua, for a tune of Sh 3.6 billion.

Besides this, she offered her companies as cross-default guarantees.

In her court documents, Wambui alleges that she had paid Equity at least Sh 2.5 billion, to offset the principal amount and an additional Sh 997 million in interest.

She indicated that the bank came calling on October 6, 2025, when it demanded around Sh 7.4 billion from Glee.

She said that the bank had directed Tysons Limited to value two pieces of land, which are registered under Glee.

As a compromise, the court heard, she offered a global takeover of all facilities operated under the Glee, Purma Holdings, Enterprise and Albatross by the Kenya Commercial Bank (KCB).

She stated that they had secured a syndicated loan, which would have enabled Glee pay its debts by January 2026 and March 2026.

In a revelation that the rain started falling last year in November, the court heard that Purma Holdings wrote to Equity, giving the lender an offer and full and final settlement of the loan facilities on the basis that Wambui was unable to pay the money owed because all her businesses were constrained from accessing credit facilities to actualize some of the agreements, which was hindering them from generating income.

At the same time, it emerged that Wambui had indicated that she could raise Sh 7 billion, which was about 85 percent of the amount the bank was demanding

Her interest was to settle two accounts held by Glee, two by Enterprise and one by Albatross.

“In response, the bank on November 20, 2025, gave conditions, including a detailed payment proposal as acceptance to her settling it.

In an further response, Wambui said she had a global takeover from KCB. She also sought to have a waiver of interests and penalties.

Equity then directed her to sort the issue by December 31, 2025.

What followed as an intention to auction Glee, on February 5, 2026. Faced by looming sale, Wambui requested a 120 days waiver.

“Equity Bank Limited denied that the credit facilities extended to Glee Hotel Limited & the Associated Companies were called up prematurely and declined the request for waiver of interest and penalties.”

“The plaintiffs aver that the defendant’s actions are tactical, selective and oppressive. In particular, despite holding an extensive suite of securities comprising multiple legal charges, further charges, personal and corporate guarantees, cross-company indemnities, all-asset fixed and floating debentures and assignments of receivables over numerous high-value properties and corporate entities, the Defendant has deliberately elected to pursue enforcement solely against the property upon which the plaintiff’s flagship 7-Star Hotel development stands,” Wambui’s court papers read in part.

The businesswoman accused the bank of playing dirty, claiming that it threatened to sell other charged properties, guarantees, debentures, cross-company guarantees, and securities held as collateral.

She asserted that she had paid Sh 100 million, which was meant to ward off the bank and was in the process of depositing Sh 400 million when the bank put Glee under administration.

On the other hand, the bank argued that Wambui had admitted owing bank at least Sh 8.2 billion.

It also asserted that the court had no power to entertain the case as the admission followed a consent judgment which was binding on the parties.

According to Equity, Wambui agreed to pay Sh 7.5 billion within 45 days, and in full, failure to which, it had the liberty to act to realize its rights.

Although it is Wambui who sued the bank, documents filed in court indicate that Nyambura is the sole director and shareholder of Glee. However, she authorized her mother to represent the hotel.

“For the avoidance of doubt, the authority hereby conferred upon Mrs Mary Wambui Mungai is an authority to act and to depose on behalf of the Company only, and does not constitute her a director, officer or shareholder of the Company, the sole director and shareholder of the Company remaining Evelyn Nyambura Mungai,” the authority reads in part.