Njuguna Ndung’u denies wife received favours from fallen Imperial Bank executive


Prof Njuguna Ndung'u during his vetting in Nairobi on October 18, 2022. PHOTO | DENNIS ONSONGO | NMG

Treasury nominee, Prof Njuguna Ndung’u, has denied claims that his wife received gifts from Imperial bank’s former managing director Abdulmalek Janmohamed as part of a calculated scheme to co-opt the banking sector regulator into abetting a massive fraud that crippled the financier.

Prof Ndungu said he paid for the 2014 trip to a resort in Thailand disputing court claims by former Imperial Bank shareholders that Mrs Nancy Ndung’u at one time billed Mr Janmohamed for her stay with a companion at a luxury resort, indicating the toxic relationship the regulator had with the bank.

Read (from the archives): Ex-CBK governor’s wife sought favours from Imperial boss

The former CBK governor was put to task over past scams including a Sh1.2 billion controversial security tender, contracts with British currency printer De la Rue and sale of Grand Regency hotel.

He claimed he has been a victim of the criminal justice system’s wrongful prosecution and was absolved of blame in most of the cases.

“The 2014 trip was paid for in advance to the agent of the resort. I paid for that holiday for my wife,” Prof Ndung’u told Parliament during the confirmation hearings Tuesday.

Anwar Hajee, a director of Abdumal Investments Limited, which held a 14 percent stake in Imperial Bank said in court the lender had more than arms’ length relationship with the regulator.

Read: CBK officials probed over Imperial Bank mega fraud