ODM in slim wealth gain to hit Sh10.5 billion net worth
ODM party leader Raila Odinga with party Chairman John Mbadi (L) and party Secretary General Edwin Sifuna during the ODM National Governing Council meeting held in Nairobi on March 1, 2019.
Raila Odinga-led Orange Democratic Movement (ODM) has seen a slight increase in its net worth to reach Sh10.5 billion, even as it recorded a rapid 61 per cent drop in its surplus revenue from Sh1.15 billion to Sh454 million compared to last year.
In its latest financial report, the party said it was now worth Sh10.5 billion as at June 2023, an increase in wealth from Sh10.04 billion a year earlier.
Between July 2022 and June 2023, the party netted only Sh31.3 million from contributions and donations from the public, a significant drop from the Sh322.1 million it received the previous year, which was an election year.
The main party in the opposition coalition Azimio la Umoja One Kenya received Sh240.5 million from the Political Parties Fund.
The party also received Sh1.1 billion from the government as arrears accumulated over the years.
This brings their income for the 2022/23 financial year to Sh1.37 billion, a significant drop from the Sh2.164 billion they received in the 2021/22 financial year.
Previous year
During the year, they spent Sh108.5 million on conferences and meetings, an increase from the Sh93.1 million they spent on the same in the previous year.
ODM also spent Sh610.58 million on campaigns in the 2022/23 financial year, a decrease from the Sh688.7 million it spent on the same in the previous year.
Overall, after deducting all their expenses, they made a net surplus of Sh 454 million in the 2022/23 financial year, a sharp drop from a net surplus of Sh 1.15 billion in the previous year.
