Peter Mbugua, the entrepreneur behind Quiver Lounge & Grill, remained relatively unknown until he became entangled in the ownership controversy surrounding Definite Assurance Company Limited.
In an interview with Business Daily, the serial entrepreneur revealed that his decision to venture into the insurance sector stemmed from the realization that the nightclub business lacks longevity. He also acknowledged that maintaining late-night working hours would become unsustainable as he approaches 50.
“Like it or not, the club business doesn’t last forever,” he told the publication.
Despite his involvement in the entertainment industry, Mbugua maintains a structured personal life. He shared that he is always home by 5 a.m. to take his children to school. His wife, who previously worked at a local bank, left her job to help manage Quiver Lounge. Interestingly, despite owning a thriving nightlife business, Mbugua neither drinks alcohol nor skips church.
“I never miss church. People don’t associate me with nightlife. There’s Peter, and then there’s Quiver,” he explained.
Although he has found success with his chain of clubs, it is his 22% stake in Definite Assurance Limited—an insurance firm targeting public service vehicles—that has placed him under public scrutiny. He made an initial investment of Ksh175 million in the venture but opted out after delays by the Insurance Regulatory Authority (IRA) in issuing an operating license.
His business partners, including SportPesa CEO Ronald Karauri, who owns a 10% stake, offered him Ksh195 million to buy out his shares. However, Mbugua declined, demanding Ksh500 million after the company finally received its operating license on December 11, 2024.
According to Kushian Muchiri, a 30% shareholder, Mbugua had already resigned and signed all necessary share transfer documents. “He resigned, signed shareholders and board resolutions, and completed share transfer forms, allowing the sale of his shares to raise the Ksh195 million he requested,” Muchiri stated.
As of now, it remains unclear how the parties will resolve the ongoing dispute.
