Gov't stops Gakuyo from selling property to repay Ekeza clients

CS Munya cites foul play in move by Gakuyo

Trade CS Peter Munya during a past media briefing

Industry, Trade and Cooperatives CS Peter Munya on Thursday ordered Ekeza Sacco owner David Kariuki Ngari commonly known as Gakuyo, to stop the sale of his properties in a bid to pay back the sacco members their money.

Munya stated that the directive was issued on the basis that Gakuyo might not payback the money.

“I am not convinced that the proceeds of the sale will be used to repay the members,” remarked Munya.

The CS further disregarded claims that bank accounts belonging to the sacco had been frozen.

“The accounts are still operating with the Commissioner of Cooperatives as a signatory.

“It is through this arrangement that the ministry has realised a payment of Sh116 million to over 2,000 members with less than Sh75,000 in deposits,” stated the Trade CS.

Desperate move by Gakuyo

The move comes a week after Gakuyo had announced that he was selling some of his main properties in Nairobi, Murang’a and Kiambu.

Gakuyo, who is a bishop, pointed out that the properties were put in an advert in one of the local dailies by Gakuyo Real Estate.

“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,” 

The properties that had been put of for sale 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.


Eyewitness? Submit your stories now via social or: