Gakuyo siphoned Sh1.5bn from Ekeza Sacco, audit reveals how

What you need to know:

  • A damning audit report by the government on the sacco’s operations has revealed that irregular cash outflows to Gakuyo Real Estate, Mr Kariuki, Ms Muriithi, Mr Wanjuu and some law firms were made between 2015 and 2018.
  • About Sh1.419 billion was irregularly transferred from the sacco’s Equity Bank account, with Sh88,138,375 transferred in 2015; Sh850,463,877 in 2016; Sh454,097,630 in 2017; and Sh27,002,220 last year.

Details have emerged of how besieged televangelist “Dr” David Kariuki Ngare, alias Gakuyo, siphoned more than Sh1 billion belonging to 78,000 members, mostly peasants, of the troubled Ekeza Sacco.

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