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Gakuyo rebrands, makes comeback with another land project

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Scandalous real estate firm Gakuyo is back. The firm has rebranded and is now going by the name New Gakuyo Real Estate.

The firm, which is owned by controversial pastor Bishop David Ngari, is selling plots situated at the firm’s Kilimambogo project in Nakuru County.

Gakuyo is currently advertising its project through Kameme FM, the same radio stationed it used to ride to fame a few years ago. In the advert, the New Gakuyo Real Estate has been calling on listeners to make deposits for the project using its accounts at Family Bank.

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

This comes amidst claims that a large number of Kenyans who lost their money at Gakuyo’s Ekeza Sacco are yet to be compensated. Last year, an audit report showed how David Ngari moved investors’ money from Ekeza Sacco to a personal account that only he and his wife could access. He transferred the money in order to fund his lifestyle. He then used it to purchase numerous personal properties

Ngari 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.

Investors risk losing Sh. 2.6 billion as Gakuyo’s Ekeza Sacco to be dissolved

The report showed that Ngari 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.

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