Former Kenyan Insurance Company Manager Imprisoned for 9 Years for Stealing Sh62.7 Million from His Employer

Lincolin Kivuti Njeru, a former investment manager at Insurance Company East Africa (ICEA) was on Monday sentenced to nine years in prison for stealing over Sh62.7 million from his employer.

Njeru was handed the prison sentence by Chief Magistrate Francis Andayi of Milimani law courts after he was found guilty of the charges leveled against him.

He was accused of receiving the said amount through the collapsed Nyaga Stockbrokers for the sale of ICEA share investments between 2003 and 2005. Instead of depositing the money into ICEA's accounts, Njeru channelled the proceeds to his personal accounts. 

While pleading for a non-custodial sentence, Njeru told probation officers that he regretted committing the offense, blaming it on “greed and young stupid mind.” He added that he could have refunded the money if he was financially stable.

But Magistrate Andayi rejected the probation report and handed Njeru, 58, the jail term without an option of fine, saying the amount lost was colossal. 

He also dismissed the convict's claim that it was an investment loss, stating that audit reports, evidence by the prosecution and the chain of cash transactions clearly showed Njeru stole the millions.

“From the totality of evidence presented by the prosecution the losses experienced by ICEA were correctly linked to the accused person and not as investment losses as he purported,” Andayi ruled, giving Njeru 14 days to appeal against the sentence.