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Why Agricultural Finance Corporation (AFC) will collapse soon

Agriculture Finance Corporation Managing Director George Kubai.

There is tension within the Agricultural Finance Corporation (AFC) over how the current MD Mr George Kubai has been running the affairs of the institution.

The Agricultural Finance Corporation (AFC) is a Development Finance Institution (DFI) wholly owned by the Government of Kenya. AFC was formed in 1963, initially as a subsidiary of the then Land and Agricultural Bank. It was incorporated as a full-fledged financial institution in 1969 under the AFC Act (Cap 323 of the Laws of Kenya) and entrusted with the mandate of assisting in the development of agriculture and agricultural industries by making loans, and providing managerial and technical assistance to the loan beneficiaries.

But of late, it is deviating from its mandate, thanks to the puppet MD who together with Agriculture CS, have decided to plunder the institution.

Staffers that spoke confidentially to the chief editor of this site lamented about discrimination, tribalism, lack of staff motivation and work terrorism where he forces staff to write useless reports that have no impact on the institution’s bottom line.

“This is the most corrupt Managing Director alive” a staff member lamented to us but refused to divulge more when we asked them to give more details via a phone call. The staffer told us that George Kubai has tapped all their calls and planted spies within the institution. Even the whole office email system has been compromised as he spies on us.

“Today, there are no staff loans or house loans and salary has been inconsistent on payment dates” another staffer tipped us.

“Kubai finished the staff loan allocation when he was given a Ksh 14 million when he was only two months old against all odds, devoid of all laid down policies. It is just about himself and his stomach” the staff member told cnyakundi.com

CAPTION: Agriculture Cabinet Secretary Peter Munya has been accused of using Kubai as a proxy to destabilize and collapse AFC

“Instead of resource mobilizing, our MD is lazing around and strategizing on how to loot AFC through renovations that he has devised to syphon money in form of kickbacks. All this is happening as EACC, DCI etc watch” cnyakundi.com was further informed.

“This man lacks the skills or anything to lead AFC. He was only appointed because he is Peter Munya’s tribemate” cnyakundi.com was told

The staffers did not hesitate to name the puppets of Mr Kubai including Bonano, Mungai, Onsongo, Akeno and someone they referred to as ” The boy from communications”

The Human Resource department has also been fingered by many staffers lacking leadership and direction.

Peter Munya’s puppet Mr Kubai operated from November last year without a board hence demanding that accountability institutions like the Ethics and Anti-Corruption Commission (EACC) and Directorate of Criminal Investigations (DCI) must take charge and probe the corruption being propagated by Peter Munya through his puppet Mr Kubai.

Raila, when launching his running mate, he stated that Peter Munya will retain his current slot as Agriculture CS but will have an additional role as Chairperson of the Kenya Productive Sector. Kenyans are wondering if this will be the norm if Raila wins…

 


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