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Gakuyo transferred Sh1.5b to personal account from Ekeza Sacco

By Kamau Maichuhie | February 22nd 2019

A businessman irregularly transferred Sh1.5 billion from a troubled Savings and Credit Co-operative Society to his personal account, a report has shown.

David Kariuki Ngari alias Gakuyo is said to have moved the money from Ekeza Sacco to an account only he and his wife could access.

He reportedly transferred the money between 2015 and 2017, according to a report prepared by a team appointed by Commissioner for Cooperatives Mary Mungai last December to audit the sacco. 

Philip Ulluma and Stephen Njoroge, who prepared the report, presented it to Ekeza Sacco members during a special general meeting at Moi International Sports Centre Kasarani on Thursday.

The report shows Gakuyo transferred Sh88 million in 2015, Sh850 million in 2016 and Sh625 million in 2017.

Of the Sh1.5 billion, Sh507 million was loaned to some Ekeza Sacco members who wanted to own homes under Chosen Green City, a housing project in Kabati, Murang’a County. The project was being undertaken by the sacco’s sister company, Gakuyo Real Estate.

“So we can say the money Gakuyo owes members is about Sh1 billion. This is the money he took illegally and without any approval of the members, and it is the money we want him to pay,” said Mr Njoroge.

He said part of the money Gakuyo transferred to his account illegally was used to pay lawyers to oversee purchase of land and houses by the sacco.

Njoroge noted the money was withdrawn by the sacco’s vice-chairman James Kimani and former CEO Gladys Wanjiku.

Members’ savings

He said they had found out that some of the property Gakuyo has recently advertised for sale were bought using members’ savings.

Last month, Gakuyo Real Estate, which is owned by Ngari, also a bishop, placed an advert in a local daily listing property it wanted to dispose of.

They include a residential house in Nyari, Nairobi, a hotel in Juja Town and a house on half-an-acre along the Thika-Garissa road, near Makongeni Estate.

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