CHAN rip-off: How weeks-old insurance firm pocketed Sh42 million

Football Kenya Federation president Hussein Mohammed. [File, Standard] It is a question that strikes at the heart of Kenya's credibility as a continental football host: Was the 2024 African Nations Championship (CHAN), co-hosted by Kenya, Uganda and Tanzania, staged without valid insurance cover? That is the explosive allegation now before the Ethics and Anti-Corruption Commission (EACC), supported by bank documents, a damning letter from the Insurance Regulatory Authority (IRA), and a procurement trail pointing to a transaction under Football Kenya Federation (FKF) president Hussein Mohammed, in which brokerage fees worth $328,735 (Sh42.4 million) were wired to a company with no licence to operate. A payment advice obtained by The Standard, dated August 4, 2025, and stamped by Ecobank, captures the exact moment the funds were transferred. The document, generated at 3:08:02PM, states: "This is confirmation of a payment made on your behalf." It lists the amount as "US$328,735.00", with the payment date indicated as "04 Aug, 2025", and the reference as "RTGS Fund Transfer High Limit". The beneficiary is named as "Riskwell Insurance Brokers Ltd", with the beneficiary bank identified as "First Community Bank Limited" and the account number "0018946902". Notably, the payment advice is addressed to FKF and bears the email address "HUSSEIN@FOOTBALLKENYA.ORG" as the account holder's contact. The timing is striking. August 4, 2025, was the opening day of the CHAN 2024 tournament, with Kenya hosting the Democratic Republic of Congo before a sold-out crowd in Nairobi. As players took to the pitch, Sh42 million was transferred from the federation's account to a company that, according to official records, was not licensed as an insurance broker. On April 7, 2026, just two weeks ago, IRA put its position in writing. Responding to a public inquiry, the IRA's Deputy Director for Licensing and Enforcement, Wilson Wachira, stated: "Please note that we have checked our records on any information regarding Riskwell Insurance Brokers, and we confirm that we have not licensed the broker for the year 2025 and prior years. Riskwell Insurance Brokers Ltd was incorporated on June 25, 2025, and received the Sh42 million payment on August 4, 2025. However, it was never licensed to operate as an insurance broker in Kenya. Under the Insurance Act, conducting insurance broking without a licence is a criminal offence, and paying an unlicenced broker may amount to abetting that offence. Insurance obligations A copy of the CAF Host Agreement for CHAN, clearly outlines the insurance obligations. Clause 15 states: "Each Association shall take out, at its own expense, a minimum recognised general civil liability insurance of USD 30,000,000, offering it the best cover for cases of personal injury and property and financial damage caused by the Association, its managers, employees, directors or any third party acting on its behalf." The agreement further requires that, "the Association shall take the insurance policy no later than 60 days following the signature of this Agreement and provide proof thereof." It also advises that "The Association... is advised to evaluate its insurance needs with a qualified insurance broker." The central question investigators are now asking is whether Riskwell, an unlicensed broker with no regulatory standing, ever placed a valid $30 million policy with a recognised insurer. If not, who authorised the release of Sh42 million in public and tournament funds for a service that may never have been delivered? Documents seen by The Standard indicate that, prior to the Riskwell payment, then FKF Chief Executive Officer Harold Ndege, in a letter dated July 17, 2025, outlined that quotations had been obtained from three established insurers: Takaful Insurance, Old Mutual and Britam. Britam submitted the lowest bid at $226,013 (about Sh29.1 million), significantly lower than the $328,735 eventually paid to Riskwell. Notably, Riskwell did not bid for the contract. When contacted for comment, Ndege declined to respond to questions, saying he was not authorised to speak on behalf of the football body. There is no documented explanation for abandoning the competitive process in favour of a higher-priced, unlicensed intermediary. Records show Riskwell has three directors; Mohamud Yarrow Ibrahim, Nyairo Tom Nyairo and Abdullahi Mohamud Sheikh. Further concerns have emerged over a potential conflict of interest, with indications that one of the company's shareholders is related to a senior FKF official. Mike Rabar was the chief executive officer of the Local Organising Committee at the time. As LOC chief executive, responsible for the day-to-day management of the tournament, he chaired a secretariat mandated under the CAF Host Agreement to ensure the $30 million civil liability cover was in place. Rabar denied any involvement, saying the LOC had no bank accounts at Ecobank and therefore no visibility over transactions from the lender. "I have no idea who Riskwell Insurance is, and I was not involved in its selection or payment," he said. Nicholas Musonye, chairman of the AFCON 2027 Local Organising Committee, said he would respond to questions from The Standard next week. "I am in Uganda. Can I address the issues when I return?" he said. Hussein did not respond to questions from The Standard, but instead sent four emissaries to the newsroom in an apparent bid to stall publication. Zero qualifications Data from more than 2,100 insurance premiums purchased during the period, obtained by The Standard, shows that Riskwell did not broker any deal involving Britam, Takaful or Old Mutual, the three firms that had submitted bids, raising further questions over whether CHAN was staged without any valid insurance cover. Investigations show that Riskwell had no VAT obligation between June 25, 2025, and January 1, 2026. Verification further shows that the company's KRA PIN did not file any returns, nor record any purchases or sales during that period. Riskwell was just 40 days old when it secured the tender to provide insurance services. Of its three directors, Mohamud Yarrow Ibrahim holds 300 ordinary shares, Abdullahi Mohamud Sheikh, the majority shareholder, holds 400 shares, while Nyairo Tom Nyairo holds the remaining 300. A review of open-source public records, industry databases, the IRA's licensing register and professional profiles reveals no evidence that any of the three have recognised insurance qualifications or experience in a licensed brokerage or underwriting firm. The current cloud of suspicion surrounding FKF's financial dealings is not without precedent. In May 2024, the EACC published its first quarterly report for the period January 1 to March 31, 2024, exposing deep-rooted corruption within Kenya's football administration and recommending the prosecution of former FKF President Nick Mwendwa. The whistleblower Ustadh Okello Kimathi has now formally submitted the dossier to the EACC, alongside a call for Mohammed to step aside. "The continued stay in office of Mohammed only complicates investigations and erodes public trust, while stepping aside would protect both the process and the institution," Kimathi said.

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