Metropolitan National Sacco’s assets dropped by 89.3 percent to Kes 1.07 billion in 2023 compared to Kes 10.02 billion in 2022 attributed to a Kes 12 billion loss uncovered by an audit.
According to Sacco Societies Regulatory Authority (SASRA) data, the audit, initiated in response to allegations of mismanagement and fund misuse, exposed substantial theft by Sacco management.
Key figures implicated in the audit include former CEO Francis Ng’an’ga and Benson Mwangi, who were dismissed and replaced by a caretaker committee in 2022.
Further, the inquiry mentioned several employees, including those heading internal audit, ICT, risk, compliance, credit, and finance departments.
The investigation, prompted by teacher complaints about mismanagement, revealed significant financial discrepancies.
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For example, while the reported interest income from 1987 to 2021 was Kes 16.2 billion, the total income for the period was estimated at Kes 6.8 billion.
Further scrutiny uncovered questionable land transactions and the creation of an investment arm, Metropolitan Investment Corporative Society Limited, with an initial seed capital of Kes 1.01 billion—an action taken without members’ approval.
In response to the findings, the Teachers Service Commission (TSC) suspended remittances for 11,310 teachers affiliated with the Sacco in April this year.
