Blow to Equity Bank CEO James Mwangi as Court Refuses to Stay Execution of Sh1 Billion Muthaiga Mansion Eviction

Equity Bank Group Chief Executive James Mwangi suffered a devastating blow yesterday when the Court of Appeal declined to halt the execution of a judgment ordering him out of his sprawling Sh1 billion Muthaiga mansion, instead directing him to deposit Sh10 million as security while his appeal proceeds.

In a ruling that has sent shockwaves through Kenya’s business elite, Justices Daniel Musinga, Patrick Kiage and Agrey Muchelule refused to grant the banking titan’s desperate bid to stop enforcement of the Environment and Land Court judgment that found him occupying another man’s property.

The appellate judges ordered Mwangi and his wife Jane Wangui Mundia to deposit the Sh10 million in an interest-bearing joint account within 60 days, with strict instructions that the status quo over the contested three-acre property be maintained pending the hearing of their appeal.

But the humiliation for one of Kenya’s most powerful executives runs deeper. Court documents filed on January 7 this year reveal that Mount Pleasant Limited has already executed the lower court’s eviction order under the supervision of Gigiri police, effectively seizing possession of the property from under Mwangi’s feet.

“The above court order has been executed today the 07/01/2026 under supervision of the OCS Gigiri and now the plaintiff Mount Pleasant Ltd has now gained possession of the property,” reads the damning document signed by Gigiri police boss and filed in court.

The development marks a spectacular fall from grace for Mwangi, whose rags-to-riches story has made him a poster child for African entrepreneurship. The CEO now faces the ignominy of having been physically removed from a property he claimed to have bought from former President Daniel arap Moi for Sh306 million in 2013.

The drama surrounding the Muthaiga property has exposed a murky tale of contested ownership, missing files at the Ministry of Lands, duplicate titles and allegations of tampering with land registry records that paint an unflattering picture of how Kenya’s wealthy acquire prime real estate.

At the heart of the dispute lies businessman Anverali Amershi Karmali, who through his firm Mount Pleasant Limited insists he purchased the property from Moi-era Finance Minister Arthur Magugu and his wife Margaret Wairimu in July 2006 for Sh130 million, a full seven years before Mwangi claimed to have acquired it from Moi.

Justice Oscar Angote of the Environment and Land Court delivered the crushing October 2025 judgment that ordered Mwangi and his wife to vacate within 30 days or face forcible eviction by police from Gigiri and Muthaiga stations.

The judge went further, slapping the couple with a Sh10 million damages award for trespass, taking into account the property’s premium location, its three-acre size, the duration of the alleged trespass spanning several years and its current valuation of Sh1 billion according to 2022 reports.

Justice Angote also ordered the Chief Land Registrar to expunge and cancel all entries, conveyances and titles relating to Mwangi’s purported ownership and to nullify the amalgamation of the subdivided parcels into a single title, effectively erasing any record of the banker’s claim to the property.

The court found that while Mwangi claimed to have taken possession immediately after receiving his title in 2013, Mount Pleasant’s security guards had remained on the property from 2013 until March 2020, when they were allegedly evicted by the Mwangis.

Justice Angote noted that although the Directorate of Criminal Investigations had not made any conclusive forensic determination on claims of forgery, the documentary evidence revealed significant anomalies when assessed on the balance of probabilities.

“While the court stops short of finding fraud attributable to Mwangi and his wife to the requisite standard of proof, it nonetheless holds that the numerous procedural and documentary irregularities surrounding the conveyance, amalgamation and registration of their title would, on their own, suffice to impeach it,” the judge ruled.

Court documents paint a picture of a property saga riddled with irregularities stretching back nearly two decades. Magugu had initially charged the property to National Bank in the late 1980s through MDC Holdings Limited to secure a Sh10.5 million loan. When the company defaulted, the bank sued to recover its money, eventually striking a deal in October 2002 where the property would be sold for Sh90 million to settle the debt and compensate Magugu.

Karmali alleges that after he purchased the property in good faith, someone began tampering with land registry records, making it difficult to trace the chain of ownership. When he went to the Ministry of Lands to conduct a search, the file containing the property’s history had mysteriously vanished.

The situation descended into open warfare in June 2020 when Mwangi allegedly showed up at the property accompanied by police officers who removed Karmali’s security guards and replaced them with their own, prompting the businessman to rush to court.

Karmali claims he was shocked to discover that both parties had obtained certificates from the land registry showing they were the registered owners of the same property, raising serious questions about the integrity of Kenya’s land registration system.

For Mwangi, whose leadership has transformed Equity Bank from a struggling building society into a regional banking powerhouse, this legal defeat represents an embarrassing personal setback. The CEO, who has cultivated an image of financial prudence and ethical business practices, now faces uncomfortable questions about how he came to occupy a property with such a contested ownership history.

The Court of Appeal has directed that the appeal be fast-tracked, ordering the parties to attend a case management conference within 30 days and to file written submissions ahead of the hearing.

Until then, Mwangi must comply with the Sh10 million security order and watch from the sidelines as Mount Pleasant Limited enjoys quiet possession of the contested Muthaiga estate, a bitter pill for a man who has spent decades building an empire on the back of microfinance only to find himself on the wrong side of a property dispute that has laid bare the chaos in Kenya’s land ownership system.