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Members of Troubled Ekeza Sacco To Receive Ksh750m in Cash, Land

Members of troubled Ekeza Sacco who sank their money in the sacco are set to receive refunds amounting to Ksh750 million in form of cash and land.

This will leave Ekeza Sacco with Ksh250 million which will be cleared soon according to government appointed CEO Jimmy Kagoni.

Kagoni was appointed following revelations that Ksh1.5 billion had been transferred unlawfully to the accounts of Gakuyo Real Estate, owned by former Ekeza chairman David Kariuki Ngari.

“Part of my mandate was to help members recoup their funds and we drafted a recovery strategy that was agreed upon by the concerned parties to help the sacco do so and resume operations,” Mr Kagoni said.

Ekeza Sacco acting CEO Jimmy Kagoni
Ekeza Sacco acting CEO Jimmy Kagoni.[PHOTO/ COURTESY]
An investigation by the Co-operatives ministry discovered that the Thika-based Calvary Chosen Centre bishop and his wife withdrew Ksh1.5 billion to their personal account.

Ngari was taken to court and charged with fraud, but Ekeza management and members reached an out-of-court settlement and the case was withdrawn on October 18, 2019.

Read: DCI Invites Members Of Ekeza Sacco Defrauded By Bishop Gakuyo To Record Statements

Properties worth Ksh881 million will be handed over to the sacco to compensate grieving members, according to Kagoni.

“What was supposed to be refunded back was Ksh1 billion and it was agreed that properties worth Ksh881 million would be handed over to the sacco to compensate grieving members and that is what we have been using to pay back our members,” Mr Kagoni said.

Mr Gakuyo has forfeited at least eight properties to the sacco, located in Subukia-Solai, Joska, Gwa Kungú, Kilimambogo, Mariakani, Konza Goshen, Konza Phase 6 and Nanyuki kwa Daiga.

“I have provided the said properties to Ekeza Sacco Society Limited to perfect, subdivide and sell to their members and the general public as a refund to monies owned by Gakuyo Real Estate Limited and myself to Ekeza,” said Ngari in an affidavit.

80 percent of the members had requested their refunds but there are 20 per cent who are okay and would want to continue.

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Written by Francis Muli

Follow me on Twitter @francismuli_ Email:

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