Gov't Stops Bishop Gakuyo from Selling His Property to Refund Ekeza Sacco Members' Savings

Trade and Cooperatives Cabinet Secretary Peter Munya has stopped the planned sale of prime property by Ekeza Sacco founder and chairman Rev. David Kariuki Ngari alias Gakuyo.

Earlier this week, Ngari announced he is selling some of his properties in Nairobi, Kiambu, and Murang'a Counties in order to refund Ekeza Sacco members' savings.

“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,” said Gakuyo while addressing aggrieved Sacco members.

Gakuyo Real Estate, a sister company to Ekeza Sacco, has since placed an advert in one of the local dailies listing some of the properties it is seeking to sell.

They include a rental apartment in Nyari Estate near Village Market in Nairobi, a hotel in Juja and a house along Thika-Garissa road in Makongeni.

Others are 50-acre parcel of land in Kilimabogo Thika, 100 acres of land and a quarry in Kabati, Murang'a County.

However, CS Munya says he has stopped the plan saying that he's not convinced that cash raised from the sale of the properties will be used to repay the society's members.

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

Munya has also dismissed Bishop Gakuyo's claims that the Sacco's bank accounts were frozen.

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

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

Ekeza Sacco has a membership of more than 50,000 with 5,000 of them being Kenyans in the diaspora. It has 26 branches across the country and Sh2.56 billion in deposits.