Equity Bank Group Chief Executive Officer James Mwangi has suffered a major legal and personal setback after the Court of Appeal declined to stop the execution of a judgment ordering his eviction from a sprawling Sh1 billion mansion in Nairobi’s leafy Muthaiga suburb.
In a ruling delivered on Wednesday, a three-judge bench of the Court of Appeal — comprising Justices Daniel Musinga, Patrick Kiage, and Agrey Muchelule — rejected Mwangi’s application to halt enforcement of an earlier Environment and Land Court decision that found he was unlawfully occupying property belonging to another party.
Instead, the appellate court ordered Mwangi and his wife, Jane Wangui Mundia, to deposit Sh10 million as security in an interest-earning joint account within 60 days as their appeal proceeds. The judges also directed that the status quo over the contested three-acre property be maintained pending the hearing and determination of the appeal.
However, court documents reveal that the eviction had already been carried out.
According to filings dated January 7, 2026, Mount Pleasant Limited — the firm that successfully sued Mwangi — executed the eviction order under the supervision of officers from Gigiri Police Station, effectively taking possession of the property.
“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 court document signed by the Gigiri police commander.
The development marks a dramatic fall from grace for Mwangi, one of Kenya’s most influential business leaders, whose rags-to-riches story has long symbolised African entrepreneurship. The Equity Bank CEO had claimed to have purchased the property in 2013 from former President Daniel arap Moi for Sh306 million.
At the centre of the dispute is businessman Anverali Amershi Karmali, who through Mount Pleasant Limited insists he bought the same property seven years earlier, in July 2006, from former Finance Minister Arthur Magugu and his wife Margaret Wairimu for Sh130 million.
In a stinging judgment delivered in October 2025, Environment and Land Court Judge Oscar Angote ordered Mwangi and his wife to vacate the property within 30 days or face forcible eviction by police from Gigiri and Muthaiga stations. The court also awarded Mount Pleasant Limited Sh10 million in damages for trespass, citing the property’s prime location, its three-acre size, the duration of the alleged trespass and its estimated value of Sh1 billion based on 2022 assessments.
Justice Angote further directed the Chief Land Registrar to cancel all titles, entries and conveyances linked to Mwangi’s claimed ownership and to nullify the amalgamation of subdivided parcels into a single title — effectively wiping out any legal record of the banker’s claim to the land.
While Mwangi maintained that he took possession of the property immediately after receiving his title in 2013, the court found that Mount Pleasant’s security guards remained on the land until March 2020, when they were allegedly forcefully removed by the Mwangis.
Although the Directorate of Criminal Investigations did not conclusively establish forgery, the court ruled that the numerous procedural and documentary anomalies surrounding Mwangi’s title were sufficient, on a balance of probabilities, to impeach it.
“While the court stops short of finding fraud attributable to the defendants to the requisite standard of proof, the procedural and documentary irregularities would, on their own, suffice to impeach the title,” Justice Angote ruled.
Court records paint a picture of a property saga riddled with irregularities dating back nearly two decades. The land had initially been charged to National Bank in the late 1980s by MDC Holdings Limited to secure a Sh10.5 million loan. After default, the bank sued, eventually agreeing in 2002 to sell the property for Sh90 million to recover its debt and compensate Magugu.
Karmali told the court that after acquiring the land in good faith, land registry files relating to the property mysteriously disappeared from the Ministry of Lands. He later discovered that duplicate titles had been issued, with both parties holding certificates showing them as registered owners of the same property.
The dispute escalated into open confrontation in June 2020 when Mwangi allegedly arrived at the property accompanied by police officers, removed Karmali’s guards and installed his own — prompting Mount Pleasant Limited to seek court intervention.
The Court of Appeal has now directed that the matter 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 as Mount Pleasant Limited remains in possession of the contested Muthaiga estate — a sobering chapter for a banking executive whose career has been built on financial discipline, now caught in a legal battle that has once again exposed deep-seated flaws in Kenya’s land ownership system.
