Investors in Ekeza will be refunded in form of land

The founder of the troubled Ekeza Sacco bishop David Ngari alias Gakuyo now wants members still seeking reimbursements of their contributions to go for refunds in the form of land.

He said while the Sacco has paid disgruntled members Sh800 million in cash and assets including land parcels and vehicles worth Sh1 billion its coffers have since run dry as a result of harsh economic environment in the country. “There is no more cash to repay to the 2,000 members who are yet to receive their savings,” Ngari stated.

The Sacco, which has been in turbulence since 2018, according to a report read to members at a special general meeting at Moi International sports centre, Kasarani in February 2019 owed members over Sh2 billion.

Ngari noted that the Sacco still owes Sh450 million to its investors which now can only be paid in kind, adding that the Sacco management is keen to ensure all members will be duly repaid. He said the members can only get land parcels worth their savings, noting that the Sacco has huge land tracts, in various parts of the country.