Details Of Raila's ODM Party Assets Worth Ksh10 Billion

The party announced its financial statement on Thursday, September 29, which was carried in the local dailies.

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Sep 29, 2022 - 08:35
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Details Of Raila's ODM Party Assets Worth Ksh10 Billion
Raila Odinga addressing the National Governing Council on March 1, 2019. /TWITTER

Former Prime Minister Raila Odinga's Orange Democratic Movement (ODM) party is valued at Ksh10 billion, as per the financial year that ended June 30, 2022.

The party announced its financial statement on Thursday, September 29, which was carried in the local dailies.

ODM, which is more than 10 years old, noted that the majority of its assets came from members' accumulated funds. For instance, the value of property, plant and equipment was worth Ksh253 million, with about Ksh156.7 million cash stored in the bank.

Raila Odinga and former Mombasa Governor, Hassan Joho during a past function. /THE STAR

The party also recorded an income of Ksh2.16 billion, with most of it coming from the accrued transfers owed to them by the government which was Ksh1.54 billion.

ODM also received Ksh294.9 million in that financial year with public contributions and donations standing at Ksh322 million.

The total income represented a 54 per cent jump from the financial year that ended June 30, 2021, which recorded a total income of Ksh1.4 billion.

The party sent Ksh47 million to its former partners in the defunct National Super Alliance (NASA) and spent Ksh93 million on conferences and meetings as well as Ksh688.7 million on campaign expenses and Ksh128 million on administration.

It spent some Ksh32.8 million on party policy and advocacy, Ksh2 million on civic education and Ksh65 million on branch coordination and support. Ksh881,000 was channelled to other financial costs.

The expenditure had gone above that of the financial year 2020/2021 where the party only spent Ksh309 million with the biggest portions going to fund campaign activities as well as administrative expenses. That year's expenditure left a surplus of Ksh1.09 billion.

The law requires that political parties publish their financial documents yearly for accountability purposes.

“A political party shall, within ninety days of the end of its financial year, publish the sources of its funds stating the amount of money received from the Political Parties Fund, the amount of money received from its members and supporters, the amount and sources of the donations given to the party, the income and expenditure of the political party the assets and liabilities of the political party,” reads Section 29 of the Political Parties Act.

Section 30 states that: “A political party shall, at least sixty days before a general election, submit to the Registrar a register of its members and a statement of its assets and liabilities in the prescribed form.”

The party was formed in 2005 and has been active for 17 years. As of June 2021, the party amassed 4.5 million members, 2.4 million of which are life members of the party.

It joined the Azimio la Umoja coalition ahead of the August 9, 2022, general elections to rival the then newly formed United Democratic Alliance (UDA) headed by President William Ruto. However, Ruto's party swallowed the numbers of ODM as well as the ruling Jubilee Party.

ODM's headquarters in Lavington, Nairobi, dubbed Chungwa House, is valued at Ksh180 million.

ODM's headquarters in Nairobi. /FACEBOOK

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