UBA Bank Chairman James Olubayi has been exposed by a local blog as a scammer who moonlights government parastatals and institutions and influencing tenders.
According to the explosive article, apart from bribing mainstream media journalists, Olubayi is a well-known wheeler-dealer in the insurance industry and was at one time regarded as the head of the Kenyan insurance cartel that has been swindling billions of taxpayers money.
James Olubayi is among the first Kenyan Actuarial fellows and the head of the Kenyan insurance cartel. He once worked for the Government before moving to the current position where he is the majority shareholder using proxy companies.
He also owns pioneer through proxies. His brother is on the board of Pioneer insurance.
James Olubayi’s Modus Operandi involves calling, sponsoring media stories and even using state agencies to fight competitors.
The blog also alleges that Olubayi has pocketed the Retirement Benefits Authority and uses the Authority to fight competitors, claims cnyakundi.com is seriously investigating and requests sources to send us more information to [email protected] or Whatsapp 0710280973.
Olubayi has been laundering his money into the real-estate sector just like other thieves stealing from the public and private sector.
At one time, the chief editor of this site, cnyakundi.com revealed that his briefcase company, retirement schemes administrator, Zamara was among those companies that were being favoured in a Kenya Pipeline deal.
The editor of this site has received credible reports that his companies evade taxes, in shocking figures, a matter we will follow up with an article.
We can also report that as the chairman of UBA Bank, Olubai has masterminded many scandals and was among the key personalities that forced Isaac Mwige, the chief executive of UBA Kenya,to leave the bank after four years on the job.
The bank has been in the news for loans it advanced to companies that later defaulted after a mix of losses, heavy debt burden and mismanagement.
UBA is among a group of banks that advanced loans to Nakumatt Holdings, Uchumi Supermarkets and Deacons East Africa.
All defaulted on their loans and later collapsed or gone into administration.
UBA is, for instance, owed some Sh345 million by ARM Cement, Sh172 million by Uchumi, Sh250 million by Nakumatt and Sh98.3 million by Deacons.
Nakumatt went into voluntary administration in 2018.
As the chair of UBA bank, Olubai should have resigned but being a hard-core criminal, Olubai knows how to shift blame to others and act like a saved man yet he is a white-collar corporate thief.
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