A client of Urithi Housing Sacco recently hang posters of all the directors of the Sacco at different locations warning future clients from buying from the company.
The posters which read ‘beware of conmen’ was placed strategically in and around Urithi offices.
The Sacco has been accused of not processing title deeds for off-plan development initiatives since 2015 despite receiving billions of money from clients.
“I caution Kenyans from buying from this company, they’ll get conned”, said a client.
In October 2019, the Sacco changed its name to Anchor Premier Sacco in a move some clients say is meant to dupe clients into buying into the scam-riddled firm.
Though in the Annual General Meeting (AGM), senior managers explained that the move was meant to differentiate between the Sacco and the housing cooperative, the management largely remains the same.
Falling Sacco Sector
The Sacco sector which is estimated to have over Ksh1 trillion is facing dire instability due to poor management and looting by senior management and board.
In March 2019, the Directorate of Criminal Investigations – DCI summoned those who allegedly defrauded by Ekeza Sacco popularly know as Gakuyo which is owned David Ngare Kariuki alias Gakuyo.People lined up outside DCI Kiambu offices in a line that stretched for kilometers until yjr exercise was called off.
The televangelist had misappropriated over Ksh1 billion of about 78,000 members.
“The audit reckons that an estimated Sh1.5 billion was unlawfully transferred to the accounts of the preacher, Gakuyo Real Estate, where he is the managing director and his wife Hannah Wachu a co-director, lawyers and vendors of land sold to his company”, the DCI said.
As for Urithi Sacco, complains by members who had not gotten their Title deeds filled the social media sphere.
One Twitter User Jame Wanjiku wrote
“I bought land in Mang’u Nakuru county in 2016 and until now am yet to receive a title deed. Urithi, WHY THE DELAY and lack of formal communication despite frequent queries at your Nakuru offices? a REFUND is highly appreciated if no title is in sight”.
This was followed by another user Henry Gicheru who said
“I bought land in Mang’u Nakuru county in 2016 and until now am yet to receive a title deed. Urithi, WHY THE DELAY and lack of formal communication despite frequent queries at your Nakuru offices? a REFUND is highly appreciated if no title is in sight”.
Urithi went on to the media and run a counter narrative that it had given out title deeds, however, a person privy to the matter senf an anonymous tip to kenyanbusinessfeed.com stating that the management of Urithi was struggling to purchase the lands and thus would delay for longer to issue title deeds.
In mid 2019, Urithi chairman Simon Maina met with disgruntled clients at one of the lands they had bought in Kiambu. He promised them a solution.
“I will talk to the county government to help me get around Ksh3 billion to complete the purchase of lands”, he had stated.
However, nearly a year since the promise, nothing has happened.
The housing sector is also facing tough times as more people fall on hard times.
Auctioneers are stuck with houses no one wants to buy.Prism Towers which is a magnificent building at Upper Hill Nairobi Business District has failed to attract any clients months after its completion.
As clients look forward to own houses, Urithi and other housing cooperatives are struggling to fulfill their promises due to mismanagement and diversion of funds.
For now, Urithi Sacco is struggling and the advice some clients are giving to potential customers of the Sacco is to ‘back off’
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