Exposed: Well paid bank CEOS behaving badly, Cop Bank’s Gedion Muriuki tops

Kenya’s bank Chief Executive Officers (CEO) have for a long time been believed to be pocketing millions of shillings every year. The latest listings of earnings of these CEOs proves that fact.

Despite the accolades and praises they get along the way, there are many gaps that are witnessed when the institutions declare dividends and announce major profits.

It is reported that the six highest-earning bank CEOs took home a total of KSh1 billion in salaries, allowances and bonuses last year alone.

This is due to the increased profitability of the lenders even as other sectors of the economy face financially challenging times.

The chiefs are also claimed to be taking home nearly twice their basic salaries in bonuses and allowances on average amid the scandals and poor governance that are recorded.

Leading the pack, Co-operative Bank’s boss Gideon Muriuki is noted to have been the highest paid CEO in the last financial year, going home with Ksh376 million.

However, Muriuki reign is not smooth-sailing. It is said that despite the profits they return, are soiled by the way their banks operate, which mean a lot to the investors and shareholders, but the sideshows and the scandals that rock the country’s leading bank CEO is wanting.

Social media has been awash with scandals involving Cooperative Bank employees and ways they use to pilfer money from the customers, poor internal mechanisms to run their business and for Muriuki as a church going person, a long running rumour about a sex scandal that has refused to go.

On the other hand, a land dispute by a group of greedy naive squatters on his property in Donholm Estate has refused to go and will not be in the coming future. Though aggrieved by the squatters whose intent is to settle on the land and wait for the government to declare them settlers, the fact that the matter is in court soils the name of the CEO, one of the bank’s leading shareholders.

He was followed by Kenya Commercial Bank (KCB)’s boss Joshua Oigara, who pocketed Ksh273 million.

The two chiefs attributed the bulk of their salaries to performance-based bonuses. Whereas Muriuki’s basic salary for the year was Ksh105.5 million, Mr Oigara’s was Ksh68 million.

Responding to queries on the CEO’s pay, KCB noted: “The main driver for the increase in the executive directors’ pay was bonus payment, which is performance-based and an enhancement in the bonus policy for employees,” said KCB in an earlier response to queries on the CEO’s pay.

“Bonus and salary adjustments for staff are tied to achievement of multiple metrics, including profitability of the group and at all times reflect the bank’s performance in a year,” they concluded.

Oigara on his part if faced by a rumour that his bank played a role in financing the Jubilee Party campaigns in 2017, something that they have not denied. The figures bandied for the amount KCB gave to the Jubilee election machine varies. Not reported in the media is a fact that several cases of relationships with the female employees have been reported in the past.

In the early days of his reign in the bank, Oigara is said to have orchestrated the employment of a man from his tribe who had to resign within less than two months of taking up the job after employees of the country’s largest bank leaked the information to the media.

The director who has phony degrees and certificates was forced to resign after the Central Bank of Kenya (CBK) caught wind of the story, forcing the unheralded exit.

NIC Bank MD John Gachora recorded a decrease in his salary as he got Ksh95.9 million as opposed to Ksh98 million in 2017.

However, Gachora, who has been on the ropes after a recent merger with Commercial Bank of Africa (CBA) in a deal that has raised eyebrows in the country’s financial sector after it emerged that the financial industry bigwigs turned a blind eye on a requirement by the banks.

Barclays Bank CEO Jeremy Awori has been listed fifth for being paid Kah66.8 million.

Barclays Bank have in the recent past been caught in several cases involving their employees and an infamous case where one of their branches in the CBD was found to be used by a criminal network to use its facilities to store fake gold and dollars.

Last week, Tanzania’s central bank has fined two Kenyan banks Sh55.78 million for breaking anti-money laundering rules, as regulators in East Africa move to curb the flow of illicit money.

The Bank of Tanzania (BoT) said in a statement yesterday that the fines were imposed for failure to conduct proper customer due diligence and file suspicious transaction reports to the state-backed Financial Intelligence Unit (FIU).

I&M Bank was slapped with the biggest fine of Sh29.58 million followed by Equity Bank (Sh26.2 million).

The post Exposed: Well paid bank CEOS behaving badly, Cop Bank’s Gedion Muriuki tops appeared first on Kenya Today.

Government cuts traveling costs on CSs, principal secretaries

On Thursday, September 26, the government through a statement by acting Treasury Cabinet Secretary (CS) Ukur Yatani suspended all foreign bench-marking trips by government officials in a fresh bid to cut the spending.

The move by Yatani comes after the Controller of Budget flagged a spending spree in the national government in contravention to the austerity directive issued by President Uhuru Kenyatta.

This move affects the Judiciary, Parliament, independent offices and commissions to free more money for development. Yatani also limited the number of people accompanying a Cabinet Secretary on a foreign trip to three.

Acting Treasury CS Ukur Yatani directed public officers to use foreign missions and embassies to transact government business.

The CS advised ministries, state departments and agencies to utilize technology and transact business through teleconferencing. He further advised public officers to use foreign missions and embassies to transact government business.

All accounts will be limited to flying economy class for domestic air travel and not the usual business class.

Official training will be conducted at the Kenya School of Government and other government training institutions except those that can’t be conducted locally.

Principal Secretaries will have to cut airtime cost to 30% and use internet calls and only cheaper options to cut down spending.

In addition The Government Vehicle Check Unit has been asked to impound vehicles used outside official working hours without the necessary authority.

This decision was arrived at after several instances of abuse, where government vehicles have been spotted on roads past official working hours as well as weekends carrying officers out of official duty.

“No officer should use a government vehicle outside the official working hours unless authorized by an accounting officer in writing,” the CS directed.

Controller of Budget’s data shows state offices still overspend with the Teachers Service Commission taking up Ksh240 billion of the Ksh2.3 trillion budget.

The post Government cuts traveling costs on CSs, principal secretaries appeared first on Kenya Today.

CS Matiangi begins crackdown on outlawed Mungiki group

Following the emergence of Mungiki in Kiambu County, Interior Cabinet Secretary Fred Matiangi has said he will employ the same strategies used by former Security minister John Michuki to crush the sect.

Michuki on Thursday told journalists that police have so far arrested four members of the gang and are closing in on other suspects.

The Super CS also ordered the transfer of security chiefs with immediate effect to curb growing insecurity in the area.

President Uhuru Kenyatta dispatched CS Matiangi and Inspector General of Police Hillary Mutyambai to Gatundu following the brutal murder of George Kahuga last week by a gang believed to Mungiki.

Matiangi said: “I have been sent by the President following bad security reports that we have been receiving from Kiambu, which have even shocked us, especially from Gatundu South. I have also come to tell you that we will do our work,”

He said the Government will immediately deploy a special security team to deal with criminals in the county.

The CS also apologised to the Kiambu residents for the spate of crimes that have rocked the area recently.

The late Michuki employed ruthless tactics to crush Mungiki which had spread terror and death in some areas of the Central Province.

He issued a shoot-to-kill order in clampdown of the members of the proscribed group.

The post CS Matiangi begins crackdown on outlawed Mungiki group appeared first on Kenya Today.

You won’t divide MT. Kenya anymore – Former Mungiki leader Maina Njenga tells Ruto

Former Mungiki leader Maina Njenga has hit out at DP William Ruto’s presidential ambitions warning that he won’t allow him to divide central Kenya.

Speaking in a local dialect, Njenga cautioned the DP saying he will not allow ‘people from Rift Valley’ to come and divide central Kenya for their own political benefits.

“There is no way people should move from Rift Valley to come to divide central. Why is it only central that is being divided?” Maina posed in Kikuyu.

Njenga was reacting to allegations by some leaders from the region allied to Kieleweke team accusing the DP of infiltrating central Kenya region with an intention of dividing them.

Njenga was speaking at the Chief Administrative Secretary at the Youth and Gender Affairs ministry Rachel Shebesh’s house on Wednesday when he announced his support for the Team Embrace (the team that is supporting the handshake between Uhuru and Raila)

Shebesh, who had met with former Mungiki leader boss thanked him for the support and promising to help the sect members start their own businesses.

The former Nairobi county woman rep also agreed to work with Njenga by helping the youths who follow him get access to funds that will enable them to start their own businesses.

“The youth who listen to you (Maina Njenga), we can change their lives. We can take a youth wherever he is and build him as the government, he gets his own business and he looks after his family,” Shebesh told Njenga and his supporters.

“His plan (Uhuru Kenyatta) was to hold our youth especially those from Mt Kenya to come out of alcohol and become productive people. And today you have given me the authority to do that work without any worry,” Shebesh told Njenga.

Their remarks come in the backdrop of claims that Mungiki sect is back in Kirinyaga and in Nyeri towns.

Recently, Kirinyaga County Commissioner Jim Njoka told the alleged gangs to surrender before the government catches up with them.

He revealed that the gang was masquerading as Boda-boda riders, as miraa and muguka sellers, at bus stages in the two regions.

The post You won’t divide MT. Kenya anymore – Former Mungiki leader Maina Njenga tells Ruto appeared first on Kenya Today.

Slain Dutch Tycoon Tob Cohen owed 2 Kiambu politicians Ksh. 35 million

Sarah Wairimu has revealed how she learnt that two unnamed Kiambu politicians claimed that Tob Cohen owed them Ksh.35million.

In a damning affidavit filed in court on Thursday, Cohen’s widow cast doubt over the claims saying:

” I am not aware that my late husband owed such a colossal amount of money to anyone let alone Kiambu politicians and will in due course request that the claim be fully investigated.”

Wairimu and her lawyer Philip Murgor skipped the reading of the will after they alleged that it had been compromised.

The affidavit further raises questions on the alleged intent of the Director of Criminal Investigations (DCI) George Kinoti over the property that was allocated to Cohen’s sister Gabrielle Van Straten.

According to her, Kinoti’s responsibility is to investigative criminal cases and not ownership of property or matrimonial issues.

“I am further apprehensive that the efforts to further detain me is an attempt to keep me away while those who claim to have rights over the said property take ownership unobstructed. I believe that Mr. George Kinoti is now determined to hand over the keys to my matrimonial home to the purported beneficiaries of my husband’s alleged will without due process of the law,” the affidavit reads.

Wairimu also questioned the abrupt departure of Cohen’s sister from the country after the opening of the will despite publicly claiming that the she wanted to accord him a decent Jewish send off.

Ms. Gabrielle Van Straten, flew out of the country a day after her late brother’s will was opened.

Earlier on, there was push-and-pull over the funeral modalities as both Gabrielle and Wairimu claimed the right to bury the deceased Dutch billionaire.

Cohen’s sister had demanded that the body be released to her after the post-mortem but Wairimu objected saying she is still his wife despite charges facing her and was entitled to bury him.

The two parties however reached an agreement and announced that both women would both take part in the private burial ceremony.

However, lawyer Cliff Ombeta told Citizen TV that Gabrielle and her husband had returned to their home in Netherlands due to personal reasons.

Cohen was laid to rest on Wednesday with Wairimu present under the tight watch of five prison warders from Lang’ata Women’s Prison.

Among those present at the burial were President Uhuru Kenyatta’s uncle Ngengi Muigai, the President’s cousin Rtd. Captain Kungu Muigai, former Gatundu North MP Patrick Muiruri among others.

Hours later, lawyer Philip Murgor recorded a statement at Parklands Police Station accusing Muiruri of threatening and insulting him at the burial.

In a letter addressed to the OCS, Murgor claimed that Muiruri confronted him and uttered an unprintable insult before shouting: “I will deal with you outside.”

Heated arguments characterised scenes in court on Thursday as the Prosecution led by Catherine Mwaniki took on Murgor over Wairimu’s planned plea taking.

The Prosecution accused Wairimu of contempt of court for speaking publicly about the case during her husband’s burial.

This is after she warned Cohen’s killers that their days are numbered.

“I am not scared of anybody. One thing Tob taught me is not to take No for an answer. So even in this, I’m going to fight. And even as we stand here many of the ones who are responsible for Tob’s death here in sheep skin… believe you me your days are also numbered,” said Wairimu.

Courtesy citizen digital

The post Slain Dutch Tycoon Tob Cohen owed 2 Kiambu politicians Ksh. 35 million appeared first on Kenya Today.

Over 68 tubes of cocaine nabbed in Riruta, Nairobi

OVER 68 Tubes of suspected COCAINE were last night confiscated in Riruta-NRB & Two Suspects; 23-Yr-Old Mohamed Kebbay & Jogy Fondo (29yrs) arrested by Kilimani Detectives. Several sachets of Bhang & Kamagra Oral Jelly also seized. Suspects booked awaiting arraignment.

The Intelligence-led operation also saw the confiscation of several Brown Cookies believed to have been baked using the Drugs, 508 Empty tubes for Packaging, a Weighing Machine, three Laptops & some Envelopes. Crime Scene processed & all Exhibits secured.

OVER 68 Tubes of suspected COCAINE were last night confiscated in Riruta-NRB & Two Suspects; 23-Yr-Old Mohamed Kebbay & Jogy Fondo (29yrs) arrested by @DCI_Kenya Kilimani Detectives. Several sachets of Bhang & Kamagra Oral Jelly also seized. Suspects booked awaiting arraignment. pic.twitter.com/fByOS4Kbca

— DCI KENYA (@DCI_Kenya) September 26, 2019

The post Over 68 tubes of cocaine nabbed in Riruta, Nairobi appeared first on Kenya Today.

Fraudulent dealings at Equity bank exposed, sad testimonies, millions lost!

Case 1
Lydia Mathia
There’s a cartel inside Equity that preys on old people. They took my Dad’s money and gave it back when I obtained critical evidence against them and threatened to sue. They still got him listed on CRB. Debbie Bubi we should really consider that class action. This bank iko shida. And they are not doing much to mitigate.

Case 2
Jack Bawa
In the month of February this year I got a text saying that I had paid for an E-citizen service via my National Bank Debit card in two Transactions of 25k and 22K and just like that 47k was siphoned from my account in a matter of minutes. I gave the bank a quick call and they locked the account if not more money would have been lost. Now thats where the drama started. I was of course promised quick investigations Infact I was told 2 weeks I will get my money money back. but NO. It has been cat and mouse games with the bank.Mara ohh we are waiting to hear from E-citizen, mara ohh we are waiting to hear from visa, mara ohh National Bank of Kenya is being bought by KCB Group. lastly they told me that they would not completely determine that am not the one who did the transaction so They would not refund even after having asked hard questions such as why was the debit CARD E-COMMERCE activated without my knowledge? is there not some secondary security feature for online transactions? DONT forget all this time the balance that was in the account when they locked it is still in there. As recently as last month, they have even refused to unlock my account so that I can access my bank balance after wafanye hio wizi yao. they are still playing games with with the excuse of KCB Group BUY OUT of National Bank of Kenya. Is there really a safe Bank in Kenya? Whom do u turn to for help when these guys have refused to even give access to my accoun

Case 3
Joyce Wambui Mwangi
My easy banking was not working, i decided to go for help at tom mboya branch where a customer service guy tried helping but the app didn’t work. Same day i got messages at night of four withdrawals, sijui online purchases. I immediately reported and they blocked my atm. They refunded the money after about 3 weeks but claimed i must have exposed my card out of the country coz i was using it in India. But i still wonder why did it happen the same day i had gone for help at the bank. Must be an inside job

Case 4
Mutugi M’Njue
Equity is infested with robbers!
I know of some young boys who speak openly of how they used to withdraw 10 bob from every customer’s account every week.
They became millionaires after doing this for about a year and quit working for the bank. Now they’re big time investors.
Hii bank ni kichinjio!

Case 5
Edith Sheila

My mum also lost an entire months salo. They said she used her Atm card at a PDQ machine at TRM and that’s how the thieves who had planted the chip on the machine got her details. Since then, my balance with equity bank has been maintained at ksh.200 and my account has fallen domant. I have an equitel line and those fraudsters have called me several times but Mimi huwashow “Tafuta mjinga udanganye” Wakitaka waibe hiyo 200 bob!!
Saving with Equity is a No No!!
I feel for the old lady. She should continue putting pressure on the bank. They did refund my mum (less 3k I don’t know why) after pushing for 3 months.

Case 6
Wambua Justus
This is not the first case am hearing from equity bank. My friend lost almost 1m through dubious means. I have followed all these particular cases and am convinced that staff do this things. I changed my bank immediately i started noticing this. I still hold the account and do little transactions but dont save money there

Case 7
Kibiwott K Koross
I lost 45,000 in 2015. The best equity could do was to take me in circles. I even shared with James Mwangi on the same but nothing came forth.Pole hata mnaibia shosho

Case 8
Pablito Muchemi
I once logged in my Eazy Bank App and found that my Balance was 164,000. The real balance was surely less than 2k. I could have transferred to Mpesa at the expense of an unfortunate Wanjiku. But didnt for I know this would be theft and I am properly raised. Equity Bank is run by clueless guys who do not even understand its products than customers. I remember educating one of the staff (a mzungu or pointee in one of the Eldoret bank) about Equity-paypal. If you have simple issues with the bank, you might have to go to the headquarters for it to be resolved😑

Case 9
Jimnah Kuria
I had a similar case where someone used my ATM details to purchase goods online…I contacted customer care immediately and they blocked my card.It was on a Sunday evening and they advised me to report to the nearest branch on Monday …My issue was handled well by the manager,some investigations were done and in 3 weeks time my money was refunded.You are however cautioned against exposing your ATM especially 3 digits at the back to the Agents…

Case 10

Dear Equity Bank,

Goodmorning.

My name is Faith Wanjiku.

I am 73 years old.

As it is with most people my age, I live with high blood pressure, and therefore in need of a tremendous assistance with relatively mundane tasks.

I opened an account with Equity bank on the 31st day of May 2019.

A few days later, I sold the only thing I had, a piece of land. The sale gave me Shs. 2m.

My idea was to buy another land and build a simple house, to live in for the rest of my life.

You know with age, you realize the value and joy of simplicity

I got land and paid my first installment of Kshs. 1M a few days later and was to complete payment of the purchase price upon attainiing consent of the LCB.

Unfortunately, this was not to be.

On the 16th day of July 2019 the sum of Kshs. 970,216, was illegally siphoned from my account in 4 series of transactions using the Eazzy App platform by Equity in the following sequence.

(1). Ksh 300, 030. 00 to Vivian Jelagat Kips

( 2). Ksh 300, 030. 00 transfered to Anthony Babu Kaira

(3). Ksh 300, 030. 00 Kelvin Maina Mwaniki

(4). Ksh 70, 000.00 to various Equity numbers.

Now, I do not have a smart phone and I have never registered to use an App called Eazzy App.

I have never even sought service from such an App.

What is even more surprising is that I get notified of anything happening on my account, but on this one, I did not get any notification.

I have also never lost my ATM

When I reported the illegal withdrawal of funds from my account, I was promised quick investigations.

But even as investigations started your staff accused me of sharing my ATM PIN witha third party.

Eventually, your staff came up with a report, which they refused to share with me or give me a copy.

I was simply told that because my sister assisted me to withdraw money from an ATM – I compromised my PIN and could not be assisted further.

It is important to note that I am sick and my sister is my sole and trusted caretaker.

Anyway, I managed to ask your staff the following,

1. Is my sister a suspect? The answer was NO.

2. Did my sister open the Eazzy App ? The answer was NO.

Your staff also confirmed,

1. I have never opened an Eazzy App account.

2. The theft was not as a result of the pin or her sister assistance.

But your staff still concluded:-

That they would not give me back the money and therefore killing my dreams to build a simple home.

Now my project has stalled.

I am old and sick.

I am landless because I am in default of a land agreement.

All that because someone in your bank, a bank I trusted with my dreams and vision was careless or is intentionally stealing.

It is unfortunate that money was withdrawn through an APP I do not have on my phone and the bank cannot act in good faith.

I end this letter with a prayer for you to do what is right and help me live my remaining years, resting, sharing wisdom and happy. Not cold, angry and fighting.

Hata hio nguvu sina.

Your Loyal Customer,

Faith Wanjiku

Case 11
Ole Nyaga

I paid a bill of fuel of 8k at a station in juja via easypay and on realizing I paid the wrong account I called the equity costumer care to cancel the transaction which she did and assured the money will be in my account in 24 hrs. So I paid the bill via mpesa. 3days no money up to 3wks, on several occasions when I called I was being assured that by the end of that particular day I would get the money. I became furious to the costumer care now and demanded more info as for my account appeared reverse transaction of the payment cancelled then a immediate withdraw, I was now told that they reversed the money and wired it to account I was to pay. With who’s authority? No answer. Which petrol station would agree a stranger customer to fuel 8k and give excuses of kind and be allowed to leave without payment. I made a trip to the said station in juja armed with mpesa sms, receipt and a bank statement ready to fuel the 8k the bank had paid them on my behalf. On getting there I found the guy who served me that particular day, luckily he could remember the transaction cause I explained to him that day, he took me to the manager who was shocked that a bank can lie to their costumer that they deposited the money to the station acc. The station manager called the equity bank branch for explanation that how I got my money. Pole Sana CUCU it is an inside job

Case 12
Walter Wariith
i Know of a trader who withdrew some 150k from an Equity branch somewhere in Kiambu to buy shop implements in Nairobi, the matatu he was in was carjacked near Kentmere Motel and all that the robbers asked for was 150k from the trader, no other passenger was robbed. Till today the fella swears it’s the teller who served that organised the robbery

The post Fraudulent dealings at Equity bank exposed, sad testimonies, millions lost! appeared first on Kenya Today.