Connect with us

Hi, what are you looking for?

Cyprian Is Nyakundi


How is CBK’s support for looted Spire Bank going?

Patrick Njoroge, Governor of Central Bank of Kenya

In October 2021, the mainstream media reported that the Central Bank of Kenya (CBK) had supported cash-strapped Spire Bank.

The exact amount of money given to Spire Bank by CBK was however not disclosed.

Parliament had opened an inquiry into the matter.

The National Assembly’s Finance committee was reportedly looking into a petition asking MPs to direct the banking sector regulator to urgently extend financial support to the teachers-owned bank pursuant to sections 34 and 36 of the CBK Act.

READ: Spire Bank in panic after regulator cracks whip on Mwalimu National Sacco

The inquiry follows a public petition filed by Alego Usonga MP Samuel Atandi on behalf of millions of teachers who invested in Spire Bank through Mwalimu National Sacco Society Limited.

Mr Atandi had wanted Parliament to direct the CBK to furnish it with a comprehensive report outlining efforts, if any, it has made or is making in terms of extending financial support to secure the savings of millions of teachers and other depositors across the country.

“Your petitioners humbly pray that the House, through the committee on Finance and National Planning urgently look into issues raised and recommend that the CBK extend financial intervention to Spire Bank limited to forestall imminent collapse, just like CBK has previously done for financial institutions which had similar financial challenges,” Mr Atandi said on behalf of the petitioners in October.

In May, CBK governor Patrick Njoroge said the regulator would grant the institution access to its discounted loan facility if it falls short of cash for its day-to-day operations in the short-term, including meeting customer demand.

The teachers’ sacco spent more than Sh2.4 billion between 2015 and last year to take full ownership of the bank, previously trading as Equatorial Commercial Bank, from late businessman Naushad Merali.



The questionable wealth & dangerous maneuvers of a TSC auditor


Sasra suspends CEO and Board Chairperson of Mwalimu Sacco


Govt blames Naushad Merali for the ‘fall’ of Spire Bank that is run by struggling Mwalimu National Sacco

Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: [email protected] Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.



Click to comment


You May Also Like


An outraged netizen has urged city residents to avoid seeking services at Super Shine Detailing Center – located in Westlands, Nairobi – after its...


A serious glitch in the MPESA transaction is threatening the economy and stability of the country. Though not new, this is the only time...


Commuters who booked a direct flight from New York to Nairobi have lashed out at struggling national carrier Kenya Airways (KQ) for twice aborting...


Today, Sunday, June 26, marks the last day of this year’s edition of the World Rally Championship in Naivasha. The event that officially began...

Copyright © 2021 Cyprian Is Nyakundi.

%d bloggers like this: