Former Nairobi Governor Hopeful Accused in €1M German Investment Scam
Prominent businesswoman and former Nairobi gubernatorial candidate Agnes Kagure faces serious allegations of fraud.
German national Uwe Heinz Odenthal claims Kagure deceived him out of €1 million (approximately Sh142 million) in a failed investment scheme. The controversy centers around Trojan Six Oil 2019 Ltd, an oil company that allegedly promised Odenthal annual dividends of €300,000 (around Sh42 million) in exchange for his investment. Odenthal reports that after transferring the funds, he encountered significant difficulties in contacting Kagure and other company directors, raising suspicions about the legitimacy of the venture. The saga began at a dinner organized by Jurgen Haese, a friend of Odenthal's, who lauded the profit potential in Kenya's petroleum sector.
Haese claimed to have invested €2.5 million (about Sh356.3 million) in the venture himself and emphasized a minimum investment requirement of €1 million for interested parties. Enticed by the prospect of substantial returns, Odenthal decided to participate. Subsequently, Odenthal and Haese traveled to Nairobi, where Odenthal purportedly conducted due diligence and met with Kagure. On January 4, 2023, they reached an investment agreement, with Odenthal initially committing €500,000 (Sh71.3 million). However, at Kagure's insistence, he later increased his total investment to €1 million.
“Kagure agreed and accepted my proposal above and she told me that she is the main boss on the board of the oil company and that I should not worry at all. We then shook hands, hugged each other, and she say (sic) welcome to the company.” Mr Odenthal statement to the police reads.
The situation took a concerning turn when planned meetings to discuss the investment were abruptly canceled, and Odenthal's requests for documentation went unfulfilled. Adding to his unease, he was not permitted to take photographs during a visit to the company's alleged premises. Trusting in the venture, Odenthal transferred funds in installments, totaling €1 million by May 2023. Despite assurances that contractual agreements would follow, his attempts to obtain copies of signed documents were met with excuses from Kagure and her associates. Tensions escalated on May 11, 2023, when Odenthal claims he was pressured to provide an additional €500,000 (Sh71.3 million) to ensure the business's progression.
“I mean, I sent €1 million without a lawyer, their lawyer brings the contract to sign; I see him only for five minutes, and now I want a copy of the agreement I have just signed, then I am told it is not ready just because of a stamp? To date I have not been given that agreement,” Mr Odenthal said in his statement.
His refusal led to a purported new agreement in which Kagure and Nderitu offered to loan him the additional investment amount. Frustrated by Kagure's subsequent silence and lack of updates, Odenthal has filed a formal complaint with the Directorate of Criminal Investigations (DCI). He now finds himself struggling to meet his own financial obligations, having secured a €500,000 loan from a German bank to fund his original investment. It is reported that both Odenthal and Haese are married to Kenyan women deepening their connections to local business circles.