Gakuyo: I’ll Sell My properties to Refund Your Savings


Nairobi-based billionaire and Controversial Bishop David Kariuki Ngari, popularly known as Gakuyo (borrowed from his multi-billion embattled firm Gakuyo Real Estate), have announced that he will be disposing off some of his personal belongings to raise the billions to refund sacco members’ savings.

The founder and chairman of Ekeza Sacco(Sister company to Gakuyu real estate) on Saturday revealed that he had put up some of his personal properties for sale to raise cash needed for the refunds.

“No one will lose their money. I want to give an assurance to all the 53,000 members of the sacco who want their money back that they will get their money. That’s why I am disposing some of my properties so that I can raise the money,” Ngari said.

Members of the sacco have been camping at the sacco offices in Nairobi offices at Yala Towers at the junction of Koinange and Bishara Street leading to the offices closure citing disturbances of other tenants.

A notice posted on the premises last week reads, “The management of Yala Towers has closed offices of Ekeza Sacco indefinitely due to the disturbance caused to our tenants by the members of Ekeza Sacco”

Other devastated sacco members and investors caused chaos at the Bishop’s church, Calvary Chosen Center in Thika, demanding to get addressed by the Man of God.

Ekeza Sacco has been dogged by controversy, Last year March; the government announced it had cancelled its license through a gazette notice for violating sacco laws. The society had 26 branches and Sh2.56 billion in deposits at the time.

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