In Summary
  • David Kariuki Ngare, popularly known as Gakuyo, has moved to court seeking to regain control of Ekeza Sacco.
  • Gakuyo is contesting the findings of an audit report by Commissioner of Co-operatives that exposed massive fraud in the savings and credit co-operative (sacco).
  • He says the report informed the decision to oust the management of the sacco and demands for televangelist to pay Sh1 billion that was irregularly withdrawn from the firm.

Controversial televangelist David Kariuki Ngare, popularly known as Gakuyo, has moved to court seeking to regain control of Ekeza Sacco and quash a surcharge for Sh1 billion allegedly siphoned from the cooperative.

Gakuyo is contesting the findings of an audit report by Commissioner of Co-operatives that exposed massive fraud in the savings and credit co-operative (sacco).

He says the report informed the decision to oust the management of the sacco and demands for televangelist to pay Sh1 billion that was irregularly withdrawn from the firm.

The televangelist also seeks to prohibit implementation of any of the report's recommendations.

Th recommendations include dissolution of the management committee and its replacement with a new team, surcharging Gakuyo and his firm Gakuyo Real Estate Limited Sh1 billion and a fresh audit of the sacco’s books for 2017 and 2018 financial years.

According to the report more than Sh1 billion belonging to 78,000 members, mostly peasants, of the troubled Ekeza Sacco was siphoned through a scheme by Gakuyo.

The preachers is said to have started an investors’ club at Gakuyo Real Estate, where he and his wife Hannah Wachu are co-directors, and asked Kenyans to invest their money to help the company run the business and in return reap a two per cent monthly interest.

He allegedly used the money to upgrade his lifestyle by buying prime properties for his family and boosting his struggling real estate firm.

Gakuyo claims that it is premature to surcharge him given the contested report proposes a further audit within three months.