Media reports indicate that Kenya’s Savings and Credit Co-operative Societies (SACCO) have a value of Kshs. 1 trillion shillings.
In the past one year, we have been treated to news of SACCOs defrauding clients, losing clients’ money or engaging in unplanned moves like banking in turn incurring a lot of problems leading to loss of money.
One headline read, ‘Why Sh1 trillion Kenya SACCOs are a ticking time bomb’
The story goes on to state that, ‘at stake are hundreds of billions of shillings of members’ savings that have either been lost or are at risk of being lost as more and more cases of financially troubled Savings and Credit Co-operative Societies (Saccos) come to the fore. Just three Saccos; Mwalimu, Ekeza and Stima Investment Co-operative, are together estimated to have lost their members upwards of Sh3.6 billion through mismanagement or outright fraud by officials and boards.
The state department of Co-operatives has called on the Ethics and Anti-Corruption Commission (EACC) to investigate and possibly prosecute the individuals involved in the above.
However, in a banana republic like Kenya. People like Naushad Merali who occasionally bribes top government officials (Including the top-most), seems untouchable.
Merali, going by his previous records, seems guilty of misadvising Mwalimu Sacco, making them lose Kshs. 2 billion from Equatorial Commercial Bank (ECB). However, the board and management of of Mwalimu Sacco must also be investigated.
Mwalimu Sacco acquired a majority stake in ECB in 2015.
Ekeza Sacco Scandal reads like a script from a Mafia movie. No wonder Kenya is referred by some activists as a Mafia State.
In this Sacco, members lost Kshs 1.5 billion to the con-pastorpreneur (& Televangelist) David Kariuki Ngare aka Gakuyo.
This wanker even tried to run for Kiambu Governor in 2017. He was well-oiled with SACCO members contributions. Imagine fucking 78,000 poor peasants at once!. Gakuyo truly belongs in jail.
Stima Investment Sacco
The board of the 13,565-member Stima Sacco Society fraudulent chewed Kshs. 0.5 billion.
The money was lost through irregular land purchases that were bought without due diligence. This smells like they knew what they were doing; Stealing from the SACCO.
Although the Commissioner of Co-operatives has removed the entire board from office, more needs to be done. I think hanging them would be perfect.
In the past, we have also heard the stories of Harambee Sacco which over the last 20 years has had issues of mismanagement of funds and continues to make losses.
I argue that these people have been embolden by the corruption in Jubilee regime and that Kenyans seem to have nowhere to run to.
In the words of the Kalenjin farmer in Eldoret, ‘Heri kufa kuliko kuishi kenya’, (Better death than living in Kenya) rings true.
SACCOs are the backbone of poor people. Where will they run to now?
Many other SACCOs are experiencing financial problems due to mismanagement of funds. We shall highlight more as we get.
The Sacco Societies Regulatory Authority (SASRA) whose mandate is to Regulate and supervise Sacco societies seems to be sleeping on the job. It is painful (en wach malit).
We call upon the Director of Public Prosecutions (DPP) Haji and Directorate of Criminal Investigations (DCI) Kinoti move in, investigate and prosecute these heartless people.
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