Nairobi Youth business owners reveal billion of shillings lost during anti-Finance Bill 2024 protests

• The anti-Finance Bill 2024 protests left many businesses at a loss after protesters vandalised shops, destroying properties
• President William Ruto estimated the loss at KSh 2.4 billion of properties looted and destroyed during the protests
• However, Nairobi Youth Business Community noted that it went up to KSh 3 billion, warning that it could lead to loss of jobs

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TUKO.co.ke journalist Wycliffe Musalia brings over five years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

Many Kenyans could lose their jobs after the anti-Finance Bill 2024 protests affected many businesses.

Nairobi Youth Business Community leaders addressing the press on Monday, Jul 1, 2024. Photo: Kenyagist. Source: Facebook

Nairobi Youth Business Community revealed that they lost up to KSh 3 billion in properties looted and destroyed.

What Ruto said about business loss

In a statement seen by TUKO.co.ke, the business community corrected President William Ruto's projection of a KSh 2.4 billion loss during the presidential roundtable on Sunday, June 30.

"We wish to bring to the country's attention that we are suffering in many ways after goons infiltrated the recent protests over the rejected Finance Bill 2024 and looted our property.

"Whereas the president said property worth KSh 2.4 billion was looted or destroyed, we wish to correct the figure upwards to KSh 3 billion. This has affected businesses in general and will see many lose their jobs," read the statement released on Monday, July 1, in part.

Nairobi business ready to sue goons at protests

The business owners noted that they have images and CCTV footage of the goons who looted their shops during the peaceful protests.

They called on the government and the police to investigate the matter and bring the culprits to book.

"We are ready to share the footage with authorities for their actions and wish to appeal to the police to pursue those behind the same for justice.

We also appeal to the politicians to calm down the temperatures in the country for the sake of stability and progress. This is our country. Let everyone do their work professionally without interference," they added.

What business owners said about anti-Finance Bill protesters

In the statement, the youthful entrepreneurs joined fellow Kenyans in commenting on the recent political developments in the country.

They congratulated Gen Z for their bold steps, promising to support them in every move they take.

"We wish those who were injured a speedy recovery, and our deepest condolences go to the families of those who have lost their loved ones in the protests.

"We commend Gen Z in their quest and drive to be heard in matters of governance. We are with them all the way. Their push is not in vain and we believe they are being listened to," they assured.

Businesses looted during protests

Demonstrations against President William Ruto's Finance Bill 2024 rocked Nairobi and other Kenyan towns on Tuesday, June 25.

As a result, businesses were forced to shut down while goons looted others which remained open.

Simon Mwanzia, the proprietor of Classic Bookstore, was among those affected as he lost books worth KSh 1 million.

In Nyeri, the protesters attacked the chain store linked to Kieni Member of Parliament (MP) Wainaina Njoroge.

The lawmaker broke down the loss he incurred from the loot, which amounted to over KSh 500 million.