By Harold Ayodo
Some children in Kenya own property running into billions of shillings.
T heir parents buy property and instruct lawyers to register t heir children — many in private nursery and primary schools — as owners.
However, these wealthy children who even have investments in the Nairobi Securities Exchange (NSE) are unaware of t heir fortunes.
It is for similar reasons that some tenants in upmarket areas do not pay rent to landlords in cash but deposit to directed bank accounts of t heir children.
The parents have several reasons for having t heir children registered as owners of apartments and homes in high end areas in major towns.
For instance, some investors in real estate who thrive on bank loans opt not to be registered owners lest they default.
It would be difficult for creditors to auction property registered under the name of a child as the investments are — legally — not yours!
Many properties were transferred to names of children before the now defunct Kenya Anti Corruption Commission (KACC) closed shop.
The big shots — mostly in Government — believed that the anti-corruption watchdog would raise eyebrows if t heir investments were not in sync with t heir salaries. ?
Propertied children
Nevertheless, some parents introduce babies to property ownership early to prepare for t heir future.
