Media reports says that the Sacco sector in Kenya worth over Kshs. 1 Trillion has been invaded by cartels who have colluded with the board, management and authorities to loot money from Saccos.
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.
Urithi Housing Sacco is one of the other Saccos that are in deep financial crisis owing to mismanagement of funds by the management.
How can you explain the lack of title deeds 6 years from the date some members bought land from Urithi?
Where did the money go?
Was the money used to fund political campaigns?
Our next post on Urithi will be about a meeting between the management and a section of Sacco members which nearly turned chaotic.
The meeting which was held recently put the management on the spot for failure to deliver on their promises which include issuance of title deeds, completion of projects.
You have sen Urithi going to the mainstream and social media to state that they have issued or are issuing title deeds to members.
Well, that is just public relations full of actors.
Sacco members are supposed to trust that things would run smoothly because the government has an oversight agency in the name of Sacco Societies Regulatory Authority (SASRA) is mandated to protect them from corrupt Sacco management, but wait.
SASRA has been exposed as an outfit which is complicit in the looting of Saccos.
Where will members run to? The central government ministry?
Nope, that has also been bought by corrupt Sacco management and boards.
The Commissioner of Cooperative Development Ms. Mary Mungai and Sasra boss Mr. John Mwaka are said to enjoy proceeds of corruption from Saccos.
At times I say, Heri Kufa Kuliko Kuishis Kenya, Siku zenyu zinahesabika. (it is better to die than to live in corrupt Kenya, your (sacco Managers) days are numbered, the writing is on the wall)
Below are some of the other posts on Urithi Housing Sacco Scam
Urithi Housing Sacco has even tried to buy the media
How about the governor of Kiambu Ferdinand Waititu?
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