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    LG unveils premium monitors

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    Price of bread rises to Ksh55

    Price of bread rises to Ksh55

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    Pesalink appoints Gituku Kirika as CEO

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung Galaxy S21 is now out,pre orders open in Kenya

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    Tatu City Partners with Konza to Attract Investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

    LG unveils premium monitors

    LG unveils premium monitors

    Price of bread rises to Ksh55

    Price of bread rises to Ksh55

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung Galaxy S21 is now out,pre orders open in Kenya

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    Brace for harsh times as fuel pump price hikes

    6.5 million register new mobile money accounts in 2020 -CBK

    6.5 million register new mobile money accounts in 2020 -CBK

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    KRA wins Kshs 105.6 million case against Mars Logistics Limited

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    Hospitality Industry Players Eyeing MICE for Business Revival

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    SIB banks’ foreign investment arm records mild drop in returns

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    Tatu City Partners with Konza to Attract Investors to Kenya

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    Pesalink appoints Gituku Kirika as CEO

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    Tatu City Partners with Konza to Attract Investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

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    • Agribusiness
    • Banking
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Kenyan Business Feed
  • Home
  • News
    Tatu City Partners with Konza to Attract Investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

    LG unveils premium monitors

    LG unveils premium monitors

    UK’s Serious Fraud Office closes bribery investigations into British American Tobacco

    US Ambassador to Kenya Kyle McCarter has resigned

    Price of bread rises to Ksh55

    Price of bread rises to Ksh55

    Injustice 5 years on, haunts Safaricom killer director

    Injustice 5 years on, haunts Safaricom killer director

    Government cancels appointments for passport applications

    Kenyan Passport among the most powerful in Africa

    Pesalink appoints Gituku Kirika as CEO

    Pesalink appoints Gituku Kirika as CEO

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung Galaxy S21 is now out,pre orders open in Kenya

  • Markets
    Tatu City Partners with Konza to Attract Investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

    LG unveils premium monitors

    LG unveils premium monitors

    Price of bread rises to Ksh55

    Price of bread rises to Ksh55

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Brace for harsh times as fuel pump price hikes

    Brace for harsh times as fuel pump price hikes

    6.5 million register new mobile money accounts in 2020 -CBK

    6.5 million register new mobile money accounts in 2020 -CBK

    KRA wins Kshs 105.6 million case against Mars Logistics Limited

    KRA wins Kshs 105.6 million case against Mars Logistics Limited

    Hospitality Industry Players Eyeing MICE for Business Revival

    Hospitality Industry Players Eyeing MICE for Business Revival

    SIB banks’ foreign investment arm records mild drop in returns

    SIB banks’ foreign investment arm records mild drop in returns

  • Real Estate
    Tatu City Partners with Konza to Attract Investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

    National Bank and Octagon ink 100 billion service partnership

    National Bank and Octagon ink 100 billion service partnership

    Real Estate: Cytonn invites bids for this 4 acre piece of prime land in Kilimani

    Mizizi Africa Homes voted best low cost housing developer 2020

    Mizizi Africa Homes voted best low cost housing developer 2020

    Cytonn Hands Over Phase III of Comprehensive-Lifestyle Project, The Alma

    Cytonn Hands Over Phase III of Comprehensive-Lifestyle Project, The Alma

    32% of Kenyans to change houses over Covid-19

    32% of Kenyans to change houses over Covid-19

    Kenyan Firm awarded Most Innovative Community Developer 

    Cytonn Real Estate completes The Alma Phase 3; 120 units set for handover

    Serviced Apartments Record Decline in Rental Yields

    Serviced Apartments Record Decline in Rental Yields

    Moad Capital, leading the homes of the future

    Moad Capital, leading the homes of the future

  • Tech
    LG unveils premium monitors

    LG unveils premium monitors

    Pesalink appoints Gituku Kirika as CEO

    Pesalink appoints Gituku Kirika as CEO

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    realme C12 and 7i now Available In Kenya

    2021: realme to release more smartphone in Kenya

    Samsung banking on technology personalisation to increase market share

    Samsung banking on technology personalisation to increase market share

    Cellulant CEO Ken Njoroge to step down in 2021

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Whatsapp to block users this February following new policy

    Whatsapp to block users this February following new policy

    Tough times ahead as taxis set to increase fares

    Tough times ahead as taxis set to increase fares

  • World Business

    Twitter CEO finally breaks silence about banning US President Donald Trump from the platform

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Trump threatens to slash US funding to World Health Organization

    A year later, WHO still insists on visiting China to probe virus origin

    F1 superstar to miss Sakhir GP after testing positive for coronavirus – Statement

    F1 superstar to miss Sakhir GP after testing positive for coronavirus – Statement

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    Boeing’s 737 Max Cleared to Fly in the US After Crashes

    Guinness forced to recall contaminated brand

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    WTA Names Kenya as Africa’s Leading Tourist Destination 2020

    WTA Names Kenya as Africa’s Leading Tourist Destination 2020

    United States: Close Contest as Trump Declares himself Winner

    United States: Close Contest as Trump Declares himself Winner

    Terror group Al-Shabaab collects almost as much tax as the Somalia government – Report

    Terror group Al-Shabaab collects almost as much tax as the Somalia government – Report

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Tatu City Partners with Konza to Attract Investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

    LG unveils premium monitors

    LG unveils premium monitors

    Government cancels appointments for passport applications

    Kenyan Passport among the most powerful in Africa

    ‘Beware of fake currency’, CBK Warns

    Diaspora remittances rose by 11 per cent to Sh341 billion in 2020 – CBK

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Brace for harsh times as fuel pump price hikes

    Brace for harsh times as fuel pump price hikes

    6.5 million register new mobile money accounts in 2020 -CBK

    6.5 million register new mobile money accounts in 2020 -CBK

    KRA wins Kshs 105.6 million case against Mars Logistics Limited

    KRA wins Kshs 105.6 million case against Mars Logistics Limited

    Hospitality Industry Players Eyeing MICE for Business Revival

    Hospitality Industry Players Eyeing MICE for Business Revival

    • Agribusiness
    • Banking
      ‘Beware of fake currency’, CBK Warns

      Diaspora remittances rose by 11 per cent to Sh341 billion in 2020 – CBK

      6.5 million register new mobile money accounts in 2020 -CBK

      6.5 million register new mobile money accounts in 2020 -CBK

      SIB banks’ foreign investment arm records mild drop in returns

      SIB banks’ foreign investment arm records mild drop in returns

      DTB issues profit warning

      DTB issues profit warning

      How to join, get a loan from Metropolitan Sacco

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      Equity Restructures Ksh92 Billion Loans To cushion Customers Against COVID-19

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      Equity Group Appoints Christopher Newson as Non-Executive Director

      Equity Group Appoints Christopher Newson as Non-Executive Director

      How To Get Advance Salary Loan Via Co-operative Bank On Your Phone

      Co-operative Bank Launches Global Money Transfer Service

    • Insurance
      ICEA Lion Life appoints a new CEO

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      Exposed: Insurance Company on The Spot for Fruatrating clients

      Exposed: Insurance Company on The Spot for Fruatrating clients

      Octagon feted in 2020 World Pension Summit Innovation Awards

      Octagon feted in 2020 World Pension Summit Innovation Awards

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      National Bank of Kenya Bags Global Recognition

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    • Manufacturing
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      OPINION: Why Amina Mohammed’s Push to Head WTO is ill-timed

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Home KBF Banking

Atwoli Has Been Sacked!

by Montui
October 17, 2019
in Banking
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Francis Atwoli, Secretary-General of the Central Organization of Trade Union (COTU)

The Secretary General of the Central Organization of Trade Union (COTU) and Board Member at the National Bank of Kenya (NBK) representing the interests of workers at the National Social Security Fund (NSSF) Francis Atwoli has been fired.

His dismissal comes after the KCB Bank Group completed the process of acquiring NBK and apppointing new board members.

The new directors are; Mr John Nyerere who will be the chairman of the board, Engineer Stanley Kamau, Mr Jones Nzomo, Ms Linnet Mirehane, Gen,(Rtd)Dr Julius Karangi, Mr Paul Russo, and Mr Joshua Oigara. The Bank will be lead by Mr Paul Russo who was appointed as Managing Director shortly after the acquisition.

National Bank of Kenya

National Bank’s Chairman Mohammed Hassan was recently accused of tax evasion in the Bluebird Aviation saga where over Ksh100 billion was said to have been pocketed by some directors.

Mr. Hassan formerly worked at Dyer & Blair Investment Bank Limited, which is owned by Jimnah Mbaru. He was fired for defrauding a client and found a safe haven at NBK where he found a friend in the mismanagement of the bank in Atwoli.

COTU SG Francis Atwoli survived the exit of NBK CEO Munir Mohammed who was an accomplice in the running down of the lender. Munir was variously accused of financial improprieties.

In 2016, the police took the issue and sent-out a warrant of arrest for Munir, who was by then suspended. The warrant accused the bank executive of involvement in unethical conduct, including taking loans and lending to their cliques in disregard of all banking guidelines.

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After Munir, Wilfred Musau was appointed as the Managing Director and Chief Executive Officer (CEO) of NBK. It didn’t take long before a sexual scandal involving the new CEO erupted at the struggling lender.

Musau was accused of sexual harrassment by a worker known as Samantha.

Francis Atwoli

Francis Atwoli was adversely mentioned in the financial impropriety at the National Bank of Kenya.

Representing workers and as stated earlier, Atwoli has been a director at National Bank, serving the interests of National Social Security Fund (NSSF) who are the biggest shareholders at 48.06%.

The financial mismanagement brought the bank to its knees.

Chronology of mismanagement

In June 2015 NBK declared a Kshs. 1.7 Billion half-year profit based on building sales that actually never took place – add the fact that they hid non-performing loans by almost 90% – making Kshs. 1.7 Billion (fake profit + 1.2 loss announced that time) equalling Kshs. 3.9 Billion loss, according to an analyst farmiliar with the matter.

‘NBK financial declarations were fictitious, NBK went ahead to understate their financial position for short-term expediency. That is when the rain started beating them’, said the source.

‘By revamping the board of the bank, KCB Bank Group has done a great thing and it is a frsh start without Atwoli’, he concludes


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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