Asenath Wachera Maina, once a silent and private billionaire, became a public figure after the internal conflicts surrounding SportPesa, Kenya’s largest betting firm.
Despite her low profile, Maina held a 21% stake in the company, making her the only woman to own shares in SportPesa before her exclusion following its rebranding.
Her story, intertwined with that of her late husband, former Nairobi Mayor Dick Mwangi Wathika, offers a glimpse into the challenges she faced in one of Kenya’s most lucrative and controversial businesses.
The Life of Dick Wathika: A Political Trailblazer
Before Asenath Wachera Maina came into the spotlight, her husband, Dick Mwangi Wathika, was a vibrant politician who commanded significant influence in Kenya’s political landscape.
Born on October 20, 1973, Wathika began his political career at just 19 years old when he was elected as a councillor in 1992.
His leadership potential quickly became evident, and by 2004, he had been elected Nairobi’s mayor, making history as one of the youngest to hold the position. He was reelected two years later, solidifying his status as a rising political star.
In 2007, Wathika transitioned to national politics, winning the parliamentary seat for Makadara Constituency. However, his tenure as MP was short-lived, as the election was annulled due to irregularities, and he lost the subsequent by-election to Mike Sonko.
Wathika’s political journey effectively ended in 2013 when he unsuccessfully vied for the Mukurwe-ini parliamentary seat. Despite his political setbacks, his role in the establishment of SportPesa cemented his legacy in Kenya’s business world.
The Birth of SportPesa: Wathika’s Critical Role
Though Dick Wathika is remembered for his political accomplishments, his involvement in SportPesa’s establishment is perhaps his most significant contribution to Kenya’s economy.
The idea for SportPesa came when Wathika met Guerassim Nikolov and Gene Grand, two Bulgarian businessmen looking to enter Kenya’s budding gambling industry. Impressed by their vision, Wathika agreed to help them set up the business.
Wathika played a critical role in finding local investors, one of whom was billionaire Paul Wanderi Ndung’u. Ndung’u invested Ksh 100 million, which helped finance SportPesa’s marketing and expansion across Kenya. As a result of these efforts, SportPesa became one of the most recognized betting companies in the country, generating massive revenue.
Wathika, however, faced significant challenges. In the early stages, the company struggled financially, and Wathika often used his personal resources to cover debts and keep the business afloat.
Yet, as the company started to flourish, the Bulgarian founders began to sideline Wathika, and he eventually lost influence within the company.
By the time SportPesa formally launched in 2014, Wathika was no longer involved in the day-to-day management, and Ronald Karauri, a former pilot, had become the company’s CEO.
The Aftermath: Wathika’s Decline and Death
The success of SportPesa brought with it immense pressure, and Wathika’s relationship with the company’s directors deteriorated rapidly. By 2015, SportPesa was under investigation for tax evasion, money laundering, and other financial irregularities, leading to intense scrutiny from Kenyan authorities. The strain of the company’s mounting issues took a heavy toll on Wathika’s health.
In December 2015, Wathika was hospitalized at Karen Hospital in Nairobi, where he was treated for high blood pressure.
According to reports, any mention of SportPesa during his hospital stay would trigger severe anxiety, reflecting the emotional toll the business had taken on him. Tragically, Wathika passed away on December 19, 2015, with a ruptured artery cited as the cause of death.
Asenath Wachera Maina: Inheriting Her Husband’s Legacy
After Wathika’s death, Asenath Wachera Maina inherited her husband’s 21% shareholding in SportPesa, thrusting her into the limelight. Initially, she remained a silent stakeholder, allowing the company to continue under its existing leadership.
However, SportPesa soon faced internal strife, leading to the exclusion of Maina and other key shareholders from the company.
In 2019, SportPesa’s operations were temporarily shut down by the Kenyan government due to tax disputes and regulatory issues.
When the company rebranded as Milestone Games Limited and resumed operations, Asenath Wachera Maina and Paul Wanderi Ndung’u were notably left out of the new ownership structure.
