advertisement

Market News

Ekeza Sacco to stay shut over management overhaul

Chris Kiptoo
Acting Co-operatives Principal Secretary Chris Kiptoo. FILE PHOTO | NMG 

Ekeza Sacco will remain closed until authorities are satisfied it has a proper management structure in place.

Acting Co-operatives Principal Secretary Chris Kiptoo said liquidators were still combing through its books while overseeing separation from sister company, Gakuyo Real Estate. “We want to ensure its governance structures are proper and member funds are well accounted for. This will ensure all monies collected from members are well-protected.

“No investments will be done haphazardly as this adversely affects liquidity in the sacco,” he said.

Ekeza, associated with televangelist and founder of Calvary Chosen Centre Bishop David Ngari aka Gakuyo, was closed last March by Commissioner for Co-operatives Mary Mungai who appointed two liquidators to oversee its operations pending a probe into its funds management. Ms Mungai said the decision was informed by complaints that the 85,000-member strong sacco had reneged on an earlier pledge to assist members acquire plots and build houses.

In an interview, Ms Mungai maintained that the Sacco was still closed but payments had been disbursed for savers with Sh50,000 and below with plans underway to refund monies to super-savers. She’s still awaiting a report from the liquidators, Assistant Director of Co-operative Audit Stephen Kamau and Principal Co-operative Officer Philip Ukhevi.

“I gave them an extra three months to complete work while the sacco’s management should complete the required changes,” she said.

advertisement