Connect with us

Hi, what are you looking for?

Cyprian Is Nyakundi


Where Is Sassra? Safaricom Investment Cooperative Concerned Member Tears Into The Scams “Business Model”

Safaricom Investment Co-operative

I recently spoke about the Safaricom Investment Cooperative (SIC), so it was just a matter of time before it gets here. And if the situation is not arrested in time, the thing will die. Many of its disgruntled members have since stopped contributing, while some stopped years ago!


The current financial report is a bit hair-raising. And many think there’s a possibility the highly marketed “Fixed Deposits” could soon turn into a risky venture.Why?


Chances are we were played by successive SIC leaderships into heavy borrowing and investment into cheap but overvalued projects, such as the one buyers are now complaining about in Cyprian Nyakundi’s attached piece – Consequently, SIC is servicing loans at a very high cost!

The rebates proposed in the report stand at 117m, to be shared only by 48% of the members. The last report indicated that 52% of us shareholders don’t do monthly contributions, thus declared ‘dormant’, and as such don’t qualify for rebates; this was apparently passed at an AGM 


The above is happening, yet Article 27 of the SIC by-laws indicate that all members, including the “active” and the now so-called “dormant”, share liability to the company, of course limited to the nominal value of the shares held.


What the above means to me is that every member should get a share of the rebates regardless of whether they are active or dormant.


I mean, how can one’s contribution be dormant yet it is part of the capital being used to trade?


Be careful, for all those running with their money to SIC. I am not just writing, I am a member. I have been one since 2014 (8 years now).


The most depressing bit is that we are not able to opt out and have our monies back, but acha tuingie hiyo AGM. Ikikataa, we shall fight on, there are many options. Punda amechoka!

Ustadh Okello Kimathi

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


Just weeks after its colourful re-launch on March 19, 2022, TV47 has unexpectedly halted production of formerly successful standup comedy segment “Churchill Show” for...


A woman from Marigat – a fast-growing town located in the lowlands of Baringo County is crying out for justice after she was reportedly...


On Friday, May 20, the Directorate of Criminal Investigations (DCI) described how Samuel Mugoh Muvota, who was murdered and died along Mirema Drive, picked...


The video below was submitted to by a loyal follower on Thursday, 19th May 2022, cautioning business owners around the greater Kasarani area...

Copyright © 2021 Cyprian Is Nyakundi.

%d bloggers like this: