Article Image
KIAMBU

Government reinstates Ekeza Sacco’s registration

Kelvin Kabingu
Vote on this article to affect its rank!
Ekeza Sacco chairman Bishop David Kariuki Ngari during a past service. [Source/ David N Gakuyo]

Ekeza Sacco members can now breathe a sigh of relief after the Commissioner of Co-operative Development Mary Mungai lifted its liquidation order.

In a letter shared on Facebook by the Sacco chairman Bishop David Kariuki Ngari, Mungai reinstated the registration of Ekeza Sacco on February 4, 2018. 

The liquidation order had been effected on March 20, last year after the financial institution failed to operate under the subject it was initially formed.

Mungai revealed that Ekeza had recruited 62,000 members, contrary to its own bylaws, which stated it targetted 338 individuals.

It was also revealed that the Sacco was only authorised to operate in Starehe sub-county, but went ahead to open offices in other areas. By the time it was shut down it had drawn members from Murang’a, Nyeri, Kiambu, Nakuru and Mombasa counties. 

At the time of its closure, Ekeza had collected more than Sh2 billion in savings and issued out more than Sh2 billion in loans.

This comes weeks after a number of depositors stormed the Sacco's head office demanding their savings back.

Bishop Ngari, popularly known as Gakuyo, had bowed to members pressure and had put his property up for auction to raise money to refund member's savings before he as stopped by the government following the intervention of Trade Cabinet Secretary Peter Munya.

The property that had been put up for sale include a residential house in Nyari, a hotel in Juja and a 50-acre piece of land in Kilimambogo.

#hivisasaoriginal

Nunua Unilever products zote at 50% Pap!

Thank you for reading my article! You have contributed to my success as a writer. The articles you choose to read on Hivisasa help shape the content we offer.
-Kelvin Kabingu

Vote on this article to affect its rank!
Report Story

More you may enjoy reading

You might also like

You may also enjoy these stories

Since you like this story, here’s more

More stories you might like

Don’t miss out on these stories

Whilst you’re here, check out these stories

We thought you’d like these stories as well

Don’t leave without checking out these stories too