Nearly seven thousand Kenyans have been left in a state of desperation after the Government shut down Ekeza Sacco which was the investment vehicle for the controversial land company – Gakuyo Real Estate.
On Friday last week, Commissioner for Co-operative Development Mary Mungai published the gazette notice that revoked Ekeza Sacco's license.
Ms. Mungai did not explain the specifics of the investigation that led to the revocation of the controversial company.
“Inspection was ordered by this office under section 60 and found that Ekeza Sacco Society had failed to meet its objectives.
"I order cancellation of the registration of the said society under section 61(1). Any member of Ekeza Sacco Society aggrieved by this order may, within sixty (60) days from the date this order is published in the Kenya Gazette, appeal to the Cabinet Secretary responsible for Co-operative Development,” the notice labelled MR/ 4187405 read in part.
Ekeza Sacco was the brainchild of controversial Kiambu politician and bishop David Ngari who also runs Gakuyo Real Estate
.Under the scheme, Ngari urged investors to buy off-plan homes by making a minimum of Sh10,000 as a booking fee.
The clients would then start saving with the Sacco continuously under the scheme christened Gakuyo Zero Deposit (G zero D) programme.
The first sign of trouble came late last year when investors were expected to get keys to their houses.
Over seven thousand investors who had put their hard-earned money in the scheme were surprised to learn that most of the houses were yet to be built, and the land was located in remote areas.
One client took to Facebook where he narrated how he had invested in a house that was supposed to be thirty minutes from Nakuru CBD and with a view of Menengai crater.
When the site visit came, they were shocked to learn that the land they had bought was more than three hours from Nakuru town in an area that did not have an existing road network.
The fate of Sh3 billion collected through the Sacco remains unknown.
However, Commissioner for Co-operative Development assured members that the cash that was already in the Sacco's accounts would be frozen and recovered for the benefit of the members.