The founder and chairman of troubled Ekeza Sacco Bishop David Kariuki Ngari alias Gakuyo says he has decided to sell some of his properties in the country in order to refund members’ savings.
The clergyman says the Sacco’s bank accounts were frozen by the government last year and the only option he has is to sell prime properties in Nairobi, Kiambu, and Murang’a counties.
The commissioner for cooperatives revoked the firm’s license last year and placed it under liquidation over non-compliance with the law.
Members have been pitching tent outside the Sacco’s offices in Nairobi and other towns, demanding a refund of the cash they had saved in the society.
Last week, over 500 members camped at Ngari’s church, Calvary Chosen Center in Thika to demand their savings.
“No one will lose their money. I want to give an assurance to all the 53,000 members of the Sacco who want their money back that they will get their money. That’s why I am disposing of some of my properties so t I can raise the money,” Ngari says.
Gakuyo Real Estate, a sister company to Ekeza Sacco, has put an advert in one of the local newspapers listing some of the properties it is seeking to sell.
They include a rental house in Nyari Estate near Village Market in Nairobi, a hotel in Juja and a house along Thika-Garissa road in Makongeni.
Others are 50-acre parcel of land in Kilimabogo Thika, 100 acres of land and a quarry in Kabati, Murang’a County.
“The Sacco accounts have been frozen and therefore I am not able to access the money to refund your savings. I am pleading with you to be patient as we seek ways to sort out the matter,” Ngari said while addressing aggrieved members.
He also says that the Sacco has already refunded Sh200 million to members.
Ekeza Sacco has a membership of more than 50,000, 5,000 of them being Kenyans in the diaspora. It has 26 branches across the country and Sh2.56 billion in deposits.
About time, Bishop! about…
About time, Bishop! about time!
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Business involves making tough decisions. May Almighty guide you this process. It shall be well.