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    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

    Asante EPZ Limited Fined For Illegal Merger By CAK

    Mobile phone subscribers decline by over 200,000 – CA Data

    Drunk Driving Will Now Cost You Sh100,000 Fine, As Alco-blow Returns

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    High Court Orders Shut Down of All Sports Streaming Websites

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    Nairobi County Offices Switched off Over Ballooning Power Bills

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  • Markets
    Emirates Takes Triple Gold For The Third Year In a Row For Safety

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    IBL Group acquires Amethis stake in Naivas International

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  • Real Estate
    National Construction Authority Suspends Licences of 18 Contractors

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    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

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    NEMA Re-Introduces Another Tax for Developers

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    Superior Homes Launches Reward Program for Investors

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    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

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    Regional property summit kicks off in Nairobi

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    Five Reasons Why Real Estate Increases in Value

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  • Tech
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    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

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    OPPO Launches its Flagship Device Find X5 in Kenya to Retail for Sh100,000

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    Johan ICT Kenya launched to offer data protection for firms

    Johan ICT Kenya launched to offer data protection for firms

    Winfall For Tea Farmers as Bonus Set to Increase

    Winfall For Tea Farmers as Bonus Set to Increase

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

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    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

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    Zamara Feted as the Overall Best Insurance Broker of the Year

    Zamara Feted as the Overall Best Insurance Broker of the Year

    Jambojet and Cellulant Partner on Loyalty Customer Rewards

    Jambojet and Cellulant Partner on Loyalty Customer Rewards

    Peter Kioko Named National Bank of Kenya Acting Managing Director

    Peter Kioko Named National Bank of Kenya Acting Managing Director

    • Agribusiness
    • Banking
      Procedure for funding your Metropolitan National Sacco account through MPESA

      Procedure for funding your Metropolitan National Sacco account through MPESA

      KCB Group Shareholders Approve Sh9.64B in Dividend Payout

      KCB Group Shareholders Approve Sh9.64B in Dividend Payout

      DIB Bank Opens Its 6th Branch

      DIB Bank Opens Its 6th Branch

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      Bank of Kigali Profits Rise to Sh1.8 Billion

      Bank of Kigali Profits Rise to Sh1.8 Billion

      KCB Sustainability Efforts Win Global Award

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      Absa Earns Global Recognition for its energy and water efficiency investments

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    • Insurance
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Kenyan Business Feed
  • Home
  • News
    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

    Asante EPZ Limited Fined For Illegal Merger By CAK

    Mobile phone subscribers decline by over 200,000 – CA Data

    Drunk Driving Will Now Cost You Sh100,000 Fine, As Alco-blow Returns

    Drunk Driving Will Now Cost You Sh100,000 Fine, As Alco-blow Returns

    IBL Group acquires Amethis stake in Naivas International

    IBL Group acquires Amethis stake in Naivas International

    High Court Orders Shut Down of All Sports Streaming Websites

    High Court Orders Shut Down of All Sports Streaming Websites

    Johan ICT Kenya launched to offer data protection for firms

    Johan ICT Kenya launched to offer data protection for firms

    Türkey ambassador promotes bi-lateral trade with Kenya

    Türkey ambassador promotes bi-lateral trade with Kenya

    Police boss with checkered history breathes his last

    Police boss with checkered history breathes his last

    Nairobi County Offices Switched off Over Ballooning Power Bills

    Nairobi County Offices Switched off Over Ballooning Power Bills

  • Markets
    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    IBL Group acquires Amethis stake in Naivas International

    IBL Group acquires Amethis stake in Naivas International

    Revealed: The number of Kenyans with over Sh100 million in their account

    The raging debate on Twitter over the lack of US dollar in Kenya and the downplaying of the issue by the Central Bank of Kenya

    Agricultural subsidies unfair – Kenya tells WTO

    Agricultural subsidies unfair – Kenya tells WTO

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    Bad News for Kenyans As Fuel Prices Increase By Sh 9

    Bad News for Kenyans As Fuel Prices Increase By Sh 9

    Jambojet and Cellulant Partner on Loyalty Customer Rewards

    Jambojet and Cellulant Partner on Loyalty Customer Rewards

    Gov’t to Give Sh100, 000 for Someone Who Will Name This Building

    Gov’t to Give Sh100, 000 for Someone Who Will Name This Building

  • Real Estate
    National Construction Authority Suspends Licences of 18 Contractors

    National Construction Authority Suspends Licences of 18 Contractors

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    NEMA Re-Introduces Another Tax for Developers

    NEMA Re-Introduces Another Tax for Developers

    Centum Digitalizes Real Estate Sector

    Centum Digitalizes Real Estate Sector

    Superior Homes Launches Reward Program for Investors

    Superior Homes Launches Reward Program for Investors

    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

    Report: High Demand for Luxury Houses in Nairobi Fueling Increase in Prices

    Regional property summit kicks off in Nairobi

    Regional property summit kicks off in Nairobi

    Five Reasons Why Real Estate Increases in Value

    Five Reasons Why Real Estate Increases in Value

    Optiven Foundation Launches TVET Sponsorship Program

    Optiven Foundation Launches TVET Sponsorship Program

  • Tech
    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Nairobi Women to start offering online outpatient services

    mTek Secures Sh340m to Accelerate Paperless Insurance in Kenya

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    This is the New Way to Share Your Data Bundles , Minutes, Voice and SMSs

    Merchants Challenged to Integrate Payment Gateways to Prevent Online Payment Fraud

    Merchants Challenged to Integrate Payment Gateways to Prevent Online Payment Fraud

    Samsung Introduces Its 2022 Lineup of Appliances to Dealers

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    Samsung Showcases its Premium Consumer Electronics Range

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    OPPO Launches its Flagship Device Find X5 in Kenya to Retail for Sh100,000

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    Why Mercedes Benz is Recalling Their Old Models

    Why Mercedes Benz is Recalling Their Old Models

    Cold comfort awaits a springtime Davos

    Cold comfort awaits a springtime Davos

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    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    EA Sports End 29 Years of Video Game Partnership With FIFA

    EA Sports End 29 Years of Video Game Partnership With FIFA

    Central African Republic Adopts Bitcoin as an Official Currency

    Central African Republic Adopts Bitcoin as an Official Currency

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    Putin spokesman refuses to rule out use of nuclear weapons if Russia faced an ‘existential threat’

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    How new regulations are shaking up the world’s fastest sport

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Johan ICT Kenya launched to offer data protection for firms

    Johan ICT Kenya launched to offer data protection for firms

    Winfall For Tea Farmers as Bonus Set to Increase

    Winfall For Tea Farmers as Bonus Set to Increase

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

    Samsung Introduces Its 2022 Lineup of Appliances to Dealers

    Fathers Day Deals: Samsung Honors Fathers With Great Discounts

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    Kenya set to host first ever transport awards

    Kenya set to host first ever transport awards

    Zamara Feted as the Overall Best Insurance Broker of the Year

    Zamara Feted as the Overall Best Insurance Broker of the Year

    Jambojet and Cellulant Partner on Loyalty Customer Rewards

    Jambojet and Cellulant Partner on Loyalty Customer Rewards

    Peter Kioko Named National Bank of Kenya Acting Managing Director

    Peter Kioko Named National Bank of Kenya Acting Managing Director

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      Procedure for funding your Metropolitan National Sacco account through MPESA

      Procedure for funding your Metropolitan National Sacco account through MPESA

      KCB Group Shareholders Approve Sh9.64B in Dividend Payout

      KCB Group Shareholders Approve Sh9.64B in Dividend Payout

      DIB Bank Opens Its 6th Branch

      DIB Bank Opens Its 6th Branch

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      Bank of Kigali Profits Rise to Sh1.8 Billion

      Bank of Kigali Profits Rise to Sh1.8 Billion

      KCB Sustainability Efforts Win Global Award

      Russo Replaces Joshua Oigara as KCB CEO

      Absa Earns Global Recognition for its energy and water efficiency investments

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      LAW: Sacco members will soon use household goods as security for loans

      10 SACCOs in Kenya you should consider investing in for high returns

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      How Rot in The Insurance Sector is Exposing Kenyans to Lose Funds

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Kencom Sacco Members Cry Foul

by Montui
December 13, 2019
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In a growing economy such as Kenya’s, it’s normal to believe that anything associated with one of the leading banks in the region will do well financially, that’s not the case with KCB Bank Kenya ltd’s Kencom Sacco that was started back in July 1994.

Of course Kencom Sacco has mebbers drawn from other two banks namely, National Bank of Kenya (NBK) and Cooperative Bank of Kenya.

It is said that members wishes to have loan facilities without providing tangible security as is a requirement by banks that gave birth to KCB’s in-house Sacco. 

It’s shocking to note that Kencom is one Sacco that clearly defines what mismanagement and corruption is all about. The graft and impunity in Kencom Sacco is on another level. Members money are stuck inside the Sacco, no dividends have been paid for a long time now neither do they approve loans.  For instance, you can save as high as close to one million but when you apply for say sh1 million or slightly above, you will wait even beyond one year as the loan remain unprocessed.

Kencom Sacco takes more than a half a year to pay off members who no longer work with KCB. Members of the Sacco believes that whatever is happening at Kencom Sacco is a collusion amongst Kencom Sacco managers, their counterparts at KCB, NBK and Coop banks, and senior officers from Sacco Societies Regulatory Authority (SASRA). Any attempts to inquire about this foul play from KCB, NBK, Co-op, SASRA, and Kencom Sacco goes unanswered.

It’s important to note that KCB and Kencom only has separate board members, the rest remains same, meaning Kencom Sacco is a fully owned subsidiary of KCB being a society for KCB Group staff.

Recently when the Sacco wanted to do a development project, real estate, which would eventually be sold out to its members, KCB Bank couldn’t finance it because it qualify as insider lending. This prompted one of the managers Musa Adan to market Kencom Sacco’s loan to NBK fraudulent board where a sh1.3 Billion loan was mischievously granted as a bonafide longterm murabahah (whatever that means) financing. KCB Bank is not an islamic entity but still Musa Adan managed to classify Kencom Sacco’s loan as an Islamic product.

Kencom Sacco was in the end financed by NBK and they completed the project. Due to too many kick-backs allegedly paid to Musa Adan, Wilfred Musau and Mohamed Hassan, the  sh1.3 Billion loan remained unpaid and hidden under the opaqueness Islamic Banking Portfolio.

When the KCB Group acquired NBK, Paul Russo the new MD of NBK opted to establish how the SACCO loan was not paid despite all the developed units which are sold as high as sh30 million being taken up only to find out that Musa Adan, Wilfred Musau, Hassan Mohammed, Stephen Gathogo, Sam Mundia, Joseph Kering and Eustace Nyaga were allegedly gifted with house units to frustrate Remedial Measures.

It is said that the cost of Kencom Sacco houses were intentionally hiked to favour a senior politician who has been shielding the corrupt individuals at NBK. All the earlier sacked individuals at NBK were tactfully retained.

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As if the above issues are not enough, there has been more dirty and filthy tricks at NBK, another bank whose staff are members of the Kencom Sacco. One such trick is the accumulation of written-off loans that has benefitted corrupt individuals at NBK.

This has attracted the attention of the new NBK MD Paul Russo who has promised to drain the swamp. Acting on fear of being arrested, embarrassed, taken to court and possibly taken to jail, former Managing Director, CEO & Executive Director of National Bank of Kenya Wilfred Musau recently paid off his Ksh35 Million Loan in cash.

The rot at the struggling lender is disturbing the new management. The Russo-led team is keen on fixing the bank’s poor non-performing loans.

While other lenders opt to hire loan recovery firms to pursue the borrower at a discount or attach property to recover funds, NBK during the tenure of Musau is reported to have engaged its clients directly to reach a “gentleman’s agreement”, in this  kind of agreement, the defaulter could agree to pay only part of the loan recoverable and be allowed to refinance and continue with the relationship with the bank after washing off the legacy debt.

It is said Reuben Koech, Chris Muiga, Musa Adan and their proxies, colleagues with the blessing of the former NBK MD Wilfred Musau would go to some of the big clients to demand kickbacks to effect the write-offs.

“Reuben Koech and Wilfred Musau were sacked on Thursday of December 5, 2019 for various counts of fraudulent activities with the recent being fraudulent release of securities for non-performing borrowers in exchange of bribes. Said Borrowers confessed after being cornered by DCI & EACC” a source revealed.

“Reuben Koech colluded with Eustace Nyaga of remedial department and released securities belonging to Chris Kisire as a tribal and kick back consideration. This is despite Kisire’s loan being Non-Performing” a source privy to the happenings said

This bad habit cost the bank bad loans, estimated at Sh32 billion. The share of the bank’s Non-Performing Loans (NPLs) ratio to total loans stood at 68.8% in the nine months ended September 30 compared to 47% in December last year.

It’s reported that Reuben Koech, Wilfred Musau, Musa Adan and Chris Muiga were recently fired and are being processed to be charged in court.

via 254 news


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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