The government has extended probe into troubled Ekeza Sacco’s operations by 15 days effective January 17th, 2019.
In a gazette notice, the Commissioner for Co-operatives Mary Mungai says the extension will allow the agency to conclude the investigation that was launched last year.
“Whereas the Commissioner for Co-operatives vide an inquiry order dated December 17, 2018, appointed Stephen K. Njoroge, assistant director for co-operative audit and Philip U. Uluma, principal co-operative officer, to carry out an inquiry into bylaws working and financial conditions; and the conduct of the management committee past and present of Ekeza Sacco Society. I now extend the inquiry period for the said officers for another period not exceeding fifteen days,” she says.
The Sacco was shut down last year for flouting the law, including failure to run independently from another firm, Gakuyo Real Estate.
“Following numerous complaints by members who were not able to access loans and refunds of their deposits, I decided to carry out an impromptu inspection of the society.”
“As a result of the inspection, it was found Ekeza Sacco and Gakuyo Real Estate did not have different branded offices, management structure, and bookkeeping, including a members, register as also evidenced by a management letter from the external auditor,” Commissioner for Co-operatives Mungai said while deregistering the Sacco in March 2018.
Ekeza Sacco’s founder and chairman Reverend David Kariuki Ngari alias Gakuyo has announced he is selling some of his properties in the country in order to refund members’ 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 that I can raise the money,” Ngari says.
