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Thursday, May 28, 2020

How Gakuyo withdrew Sh. 1 billion investors’ money to fund lifestyle

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Gakuyo’s Net Worth: A shocking audit report has come out to show how ‘Bishop’ David Kariuki Ngari alias Gakuyo moved investors’ money from Ekeza Sacco to a personal account that only he and his wife could access.

According to the report, Gakuyo transferred the money in order to fund his lifestyle. He then used it to purchase numerous personal properties

Gakuyo reportedly transferred the money between 2015 and 2017.

The audit report was prepared by a team appointed by Commissioner for Cooperatives Mary Mungai last December.

It was then presented to Ekeza Sacco members during a special general meeting at Moi International Sports Centre Kasarani yesterday by Philip Ulluma and Stephen Njoroge.

The report shows Gakuyo transferred Sh. 88 million in 2015, Sh. 850 million in 2016 and Sh. 625 million in 2017.

Of the Sh. 1.5 billion, Sh. 507 million was loaned to some Ekeza Sacco members who wanted to own homes under Chosen Green City, a housing project in Kabati, Murang’a County. The project was being undertaken by the sacco’s sister company, Gakuyo Real Estate.

“So we can say the money Gakuyo owes members is about Sh. 1 billion. This is the money he took illegally and without any approval of the members, and it is the money we want him to pay,” said Mr Njoroge. He said part of the money Gakuyo transferred to his account illegally was used to pay lawyers to oversee purchase of land and houses by the sacco.

Njoroge noted the money was withdrawn by the sacco’s vice-chairman James Kimani and former CEO Gladys Wanjiku.

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