Gakuyo forced to sell his property to pay Ekeza investors

Sacco scandal pushes Gakuyo to the edge

Bishop David Kariuki Ngari also known as Gakuyo

Ekeza Sacco owner David Kariuki Ngari mostly referred to a Gakuyo on Monday initiated the process of selling his properties in a bid to pay back the members of their money.

Gakuyo, who is also a bishop, announced that some of his main belongings in Nairobi, Murang’a and Kiambu had been put for sale.

“I want to assure all the 53,000 members of Ekeza Sacco that no one will lose his or her money.

“All those who want their money refunded will get it back and that’s why I put up for sale all properties that I have so that I can raise the money to repay back your money,” remarked Gakuyo.

Some of the properties that were put in an advert for purchase in a local daily by Gakuyo Real Estate included a residential property within Nyari estate near Village market in Nairobi, a hotel in Juja town and a house on a half-acre piece of land along Thika-Garissa road near Makongeni estate.

Ekeza Sacco de-registered

Following the scandal surrounding the sacco, in March 2018, Mary Mungai who is the Commissioner for Co-operative Development, revoked Ekeza sacco’s licence.

According to Mungai, investigations into the matter had revealed that the organisation could no longer serve its purpose.

"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.” read a part of the gazette notice issued by Mungai.

Many members had argued that the Bishop had defrauded them after they invested their money and Gakuyo failed to pay them.

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