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    Crown Paints donates Ksh 1m for vulnerable Muslim families

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    Inaugural IUCN Africa protected areas congress launched

    Court orders brothers to share inheritance with married sisters

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    HELB clearance will now be free for non beneficiaries

    Students who have overstayed in Universities to pay their own fees

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

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    KRA intercepts 6000 litres of suspected ethanol worth Kshs.2.2 million tax

    Kenyas Corruption Lock out US firms from tenders

    Kenyas Corruption Lock out US firms from tenders

    Cash strapped Posta pushing for Ksh1 billion annual allocation

    Cash strapped Posta pushing for Ksh1 billion annual allocation

    Ksh5.8 Billion Deal: KenGen Gets To Drill Geothermall Wells In Ethiopia

    KenGen completes first drilling at Tulu Moye geothermal site in Ethiopia

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    Defiant Digital Taxi App Operators Given 30 Days Notice to Comply

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    Maize Flour Prices to Rise Millers Association Warns

    Eat’N’Go joins Kenyan Market after acquiring Dominos Pizza

    Eat’N’Go joins Kenyan Market after acquiring Dominos Pizza

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    Network International appoints Hany Fekry as Regional President

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    Kenyas economic outlook turned negative due to Covid-19 says report

    Gigiri and Karen performed better in rental yields despite covid-19 – Cytonn

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Nairobi Ranked the Best City in Africa

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    Investors still Consider Land A Good Investment Asset in the Long Term

    Investors still Consider Land A Good Investment Asset in the Long Term

    Residential rents declined by 19% says new report

    Residential rents declined by 19% says new report

    This is how to get awarded Sh50,000 by Cytonn Real Estate

    The Kenyan retail sector performance softened in 2019 with rental yields declining 1.6%

    Cytonn’s Affordable Housing Investment Plan (CAHIP)

    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

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    LG bags 31 prestigious design awards

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    Absa Group CEO abruptly steps down

    Absa Group CEO abruptly steps down

    Inaugural IUCN Africa protected areas congress launched

    Inaugural IUCN Africa protected areas congress launched

    LG bags 31 prestigious design awards

    LG bags 31 prestigious design awards

    Employee Now Wants Ksh100 Million for Wrongful Dismissal

    Employee Now Wants Ksh100 Million for Wrongful Dismissal

    Court orders brothers to share inheritance with married sisters

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    HELB clearance will now be free for non beneficiaries

    Students who have overstayed in Universities to pay their own fees

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

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    Kenyas Corruption Lock out US firms from tenders

    Cash strapped Posta pushing for Ksh1 billion annual allocation

    Cash strapped Posta pushing for Ksh1 billion annual allocation

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      Absa Group CEO abruptly steps down

      Absa Group CEO abruptly steps down

      Family Bank Redeems Ksh2 B Medium Term Note On Maturity

      Family Bank Redeems Ksh2 B Medium Term Note On Maturity

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

      Equity CEO James Mwangi accused of running a Ponzi scheme, swindling staff

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      Equity beat KCB as Kenyas’ most profitable lender

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      Family Bank defy pandemic to grow profits to Ksh1.4 B

      Family Bank defy pandemic to grow profits to Ksh1.4 B

    • Insurance
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Kenyan Business Feed
  • Home
  • News
    Crown Paints donates Ksh 1m for vulnerable Muslim families

    Crown Paints donates Ksh 1m for vulnerable Muslim families

    Inaugural IUCN Africa protected areas congress launched

    Inaugural IUCN Africa protected areas congress launched

    Court orders brothers to share inheritance with married sisters

    Court orders brothers to share inheritance with married sisters

    HELB clearance will now be free for non beneficiaries

    Students who have overstayed in Universities to pay their own fees

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    KRA intercepts 6000 litres of suspected ethanol worth Kshs.2.2 million tax

    KRA intercepts 6000 litres of suspected ethanol worth Kshs.2.2 million tax

    Kenyas Corruption Lock out US firms from tenders

    Kenyas Corruption Lock out US firms from tenders

    Cash strapped Posta pushing for Ksh1 billion annual allocation

    Cash strapped Posta pushing for Ksh1 billion annual allocation

    Ksh5.8 Billion Deal: KenGen Gets To Drill Geothermall Wells In Ethiopia

    KenGen completes first drilling at Tulu Moye geothermal site in Ethiopia

  • Markets
    Gamer overcomes 15,728 odds to bag winnings

    Gamer overcomes 15,728 odds to bag winnings

    Gamer overcomes 15,728 odds to bag winnings

    Gamer overcomes 15,728 odds to bag winnings

    Absa Bank Launches An Asset Management Subsidiary

    Absa Bank Launches An Asset Management Subsidiary

    Tough times for Kenyans as Tomato retails for Ksh 25

    Tough times for Kenyans as Tomato retails for Ksh 25

    AKADEMIYA2063, African Economic Research Consortium sign MOU to Support Evidence-based Policymaking

    AKADEMIYA2063, African Economic Research Consortium sign MOU to Support Evidence-based Policymaking

    Defiant Digital Taxi App Operators Given 30 Days Notice to Comply

    Defiant Digital Taxi App Operators Given 30 Days Notice to Comply

    Maize Flour Prices to Rise Millers Association Warns

    Maize Flour Prices to Rise Millers Association Warns

    Eat’N’Go joins Kenyan Market after acquiring Dominos Pizza

    Eat’N’Go joins Kenyan Market after acquiring Dominos Pizza

    Network International appoints Hany Fekry as Regional President

    Network International appoints Hany Fekry as Regional President

  • Real Estate
    Kenyas economic outlook turned negative due to Covid-19 says report

    Gigiri and Karen performed better in rental yields despite covid-19 – Cytonn

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Nairobi Ranked the Best City in Africa

    Nairobi Ranked the Best City in Africa

    Investors still Consider Land A Good Investment Asset in the Long Term

    Investors still Consider Land A Good Investment Asset in the Long Term

    Residential rents declined by 19% says new report

    Residential rents declined by 19% says new report

    This is how to get awarded Sh50,000 by Cytonn Real Estate

    The Kenyan retail sector performance softened in 2019 with rental yields declining 1.6%

    Cytonn’s Affordable Housing Investment Plan (CAHIP)

    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

  • Tech
    LG bags 31 prestigious design awards

    LG bags 31 prestigious design awards

    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    Cryptocurrency: Bitcoin is the Fastest Asset to Reach a $1 Trillion Market Cap

    Cryptocurrency: Bitcoin is the Fastest Asset to Reach a $1 Trillion Market Cap

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    Sitoyo Lopokoiyit takes over as M-pesa Africa Managing Director

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    Kenyans abandon 500million in their mobile accounts for fear of being known

    Kenyans send 11.4 billion daily over mobile phone

  • World Business
    Businessman Makes Ksh 2 trillion, Then Lost It All in Just 2 Days

    Businessman Makes Ksh 2 trillion, Then Lost It All in Just 2 Days

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    IMF maintains Kenyas debt is still sustainable, Says loan is for the good of Kenyans

    IMF maintains Kenyas debt is still sustainable, Says loan is for the good of Kenyans

    Facebook Fined Ksh67 Million In Cambridge Analytica scandal

    Sensitive data of 533 million Facebook users have been leaked online

    Realme C11 a ‘hot cake’ as it makes top sales in Kenya

    Realme C11 a ‘hot cake’ as it makes top sales in Kenya

    How a religious festival turned into a massacre

    How a religious festival turned into a massacre

    Fire destroys servers at Europe’s largest cloud services firm

    Fire destroys servers at Europe’s largest cloud services firm

    1ST Commonwealth women’s Entrepreneurship Summit launched

    1ST Commonwealth women’s Entrepreneurship Summit launched

    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Absa Group CEO abruptly steps down

    Absa Group CEO abruptly steps down

    Inaugural IUCN Africa protected areas congress launched

    Inaugural IUCN Africa protected areas congress launched

    LG bags 31 prestigious design awards

    LG bags 31 prestigious design awards

    Employee Now Wants Ksh100 Million for Wrongful Dismissal

    Employee Now Wants Ksh100 Million for Wrongful Dismissal

    Court orders brothers to share inheritance with married sisters

    Court orders brothers to share inheritance with married sisters

    HELB clearance will now be free for non beneficiaries

    Students who have overstayed in Universities to pay their own fees

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    Kenyas Corruption Lock out US firms from tenders

    Kenyas Corruption Lock out US firms from tenders

    Cash strapped Posta pushing for Ksh1 billion annual allocation

    Cash strapped Posta pushing for Ksh1 billion annual allocation

    • Agribusiness
    • Banking
      Absa Group CEO abruptly steps down

      Absa Group CEO abruptly steps down

      Family Bank Redeems Ksh2 B Medium Term Note On Maturity

      Family Bank Redeems Ksh2 B Medium Term Note On Maturity

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

      Equity CEO James Mwangi accused of running a Ponzi scheme, swindling staff

      CBK okays liquidation of Chase Bank

      CBK okays liquidation of Chase Bank

      Absa Bank Launches An Asset Management Subsidiary

      Absa Bank Launches An Asset Management Subsidiary

      SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

      SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

      Equity beat KCB as Kenyas’ most profitable lender

      Equity beat KCB as Kenyas’ most profitable lender

      Government looking to re introduce loan relief measures

      Government looking to re introduce loan relief measures

      Family Bank defy pandemic to grow profits to Ksh1.4 B

      Family Bank defy pandemic to grow profits to Ksh1.4 B

    • Insurance
      AAR Insurance Net profits down 55 percent

      AAR Insurance Net profits down 55 percent

      The Association of Insurance Brokers of Kenya (AIBK) appoints Anthony Mwangi as board chairman

      The Association of Insurance Brokers of Kenya (AIBK) appoints Anthony Mwangi as board chairman

      Stima Sacco announce a Ksh.1.02 billion profit

      Stima Sacco announce a Ksh.1.02 billion profit

      Faulu eyeing lucrative agribusiness ecosystem in Limuru

      Faulu eyeing lucrative agribusiness ecosystem in Limuru

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      Trouble at Britam as top executives face sack one month after new CEO takes office

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      Minet feted Insurance Broker of the Year

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      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

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    • Manufacturing
    • Opinion
      OPINION: Energy Efficiency Will Decide Whether We Meet Our Global Climate Targets!

      OPINION: Energy Efficiency Will Decide Whether We Meet Our Global Climate Targets!

      Opinion: Now is The Time to Redeem the Nursing Profession

      Opinion: Now is The Time to Redeem the Nursing Profession

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      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

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      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

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      This is the new Safaricom logo

      Fail or win? Mixed Reactions over Safaricom’s new logo

      After fuliza, Safaricom introduces another way to borrow money

      OPINION: Why Safaricom’s Fuliza is a rip off!

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Client Exposes Urithi Sacco

by Montui
March 11, 2020
in News, Real Estate
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Samuel Maina, Chairman of Urithi Sacco.

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.

Conmen, this is a scam. The message from a disgruntled client.

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.

Members of Ekeza Sacco popularly known as Gakuyo line outside DCI offices to report their predicament. More than Ksh1 billion was said to have been misappropriated

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.

Management of Urithi Housing Sacco led by Chairman Samuel Maina issuing title deeds after exposés by the media. Clients who spoke to kenyanbusinessfeed.com said the title deed giving ceremony was a PR exercise.

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”.

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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 Urithi title deed giving ceremony that was seen as a PR exercise by a section of clients.

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’

We bought plots at Ngata in 2015, we have never received our titles to date. What is the holdup

— John Ngugi (@jongugy) June 11, 2019

I totally disagree with you and as an affected investor iam pushing for the media to include Ruiru ridges which you have never honoured even after one year of reciveing payments. Urithi just give back our money and let it be. We are tired of your nonsense

— Alex Mwangi (@amkamau) June 10, 2019

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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