Ekeza Sacco Refunds: Disgraced real estate developer David Kariuki Ngari alias Gakuyo has announced that his troubled firm, Ekeza , has started to make refunds to its members.

Gakuyo says that the sacco will pay off millions of money in refunds in five different phases.

The total refund amount is said to be Sh. 2.4 billion that were audited as having been misappropriated by Gakuyo senior management team.

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“By end of this week I will have refunded all members mapped to be 1,500 who had Sh. 5,000 downwards as savings in Ekeza Sacco,” said Gakuyo

In the second phase of the Ekeza sacco refunds, the controversial preacher said that those owed up to Sh. 20,000 deposits will be refunded followed by those with up to Sh. 50,000, then those with up to Sh. 200,000. The others will then be addressed.

The first phase of the refund will be conducted at Gakuyo’s Calvary Chosen Centre evangelical church in Thika.

The refund process for all the deposits taken, though, will take a maximum of two years given the nature of liquidation strategy he is implementing.

“We are disposing of our assets to get money. We are also pursuing those who owe us…and we are also seeking out strategic partners to revive our businesses. We have the goodwill to guarantee no member will lose any deposit…All we seek is patience and understanding,” says Gakuyo.

He added that the refund process has been facilitated by the acting commissioner of Cooperatives Didacus Ityeng’ who he claimed to have revisited their terms of closure and gave them a leeway to handle the refunds in good faith.

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