How Bishop Gakuyo Wired Sh1.5 Billion Ekeza Sacco Members' Savings to a Personal Account

An audit report has revealed how Bishop David Kariuki Ngari alias Gakuyo channeled members' savings from the Ekeza Sacco account to a personal account only accessed by himself and his wife.

The report reveals that the founder and chairman of Ekeza Sacco used the cash to fund his lifestyle and acquire numerous personal properties worth millions of shillings.

The audit report compiled by a team appointed by Commissioner for Cooperatives Mary Mungai last year shows that Gakuyo wired the funds to his personal account between 2015 and 2017.

The report was presented to Ekeza Sacco members during a special general meeting held at Moi International Sports Centre Kasarani on Thursday.

It shows that Gakuyo transferred Sh88 million to his account in 2015, Sh850 million in 2016 and a further Sh625 million in 2017.

Of the Sh1.5 billion wired to his account, Sh507 million was loaned to a section of Ekeza Sacco members who sought to purchase homes under Chosen Green City, a housing project in Kabati, Murang’a County. 

The housing project was being undertaken by Ekeza's sister company, Gakuyo Real Estate.

“So we can say the money Gakuyo owes members is about Sh1 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,” the report prepared by appointed liquidator-receivers Philip Ulluma and Stephen Njoroge reads.

The society's Vice-chairman James Kimani and former CEO Gladys Wanjiku facilitated the transactions.

The team wants authorities to seize Gakuyo's properties in a bid to recover Sh1 billion he illegally withdrew from Ekeza.

“All staff who irregularly loaned themselves monies from Ekeza must make arrangements to repay the monies or will have their properties seized to recover the same,” says the report.