Gov't Shuts Down Obadiah Maina's Good Life Sacco

The government has shut down Good Life Sacco Limited and ordered it be liquidated.

This comes after an audit conducted by the Co-operatives ministry established that it has violated all regulations on handling members' funds.

Commissioner of Co-operatives Mary Mungai announced the society's license had been revoked and invited members to file claims within the next 30 days with Johnson Njoroge and Gerald Mwai, who were appointed as liquidators.

Mungai also directed the liquidators to seize all assets belonging to the Sacco, books and other crucial documents with a view to ending its operations within the next one year.

“I cancel the registration and order that it be liquidated. Any person, aggrieved may within thirty (30) days of publication in the Kenya Gazette appeal to the Cabinet Secretary against this order,” Ms Mungai said.

By the time of its closure, the savings society had branches in Eldoret, Nairobi, Thika, Nyeri, Nakuru and Nyahururu. Members had saved more than Sh1 billion.

Good Life Sacco founder Obadiah Maina had earlier alleged that the society's cash flow problems were triggered by panic withdrawals.