The Government has lifted the ban effected on Ekeza Sacco for failing to comply with the laid-down cooperative societies act.
Commissioner of Cooperatives Mary Mungai who is the cooperative regulators said the lifting of the ban was effected after it met set conditions.
“Whereas the cancellation/liquidation order was invoked and on conditions set out in the Cabinet Secretary for Industry in a letter dated June 25,2018 which has been complied with. I now in powers conferred to me revoke the cancellation/liquidation order dated March 26,2018 and reinstate registration of Ekeza Sacco,” read parts of gazette notice by Ms Mungai.
Dogged by controversy
The cooperative society has been in and out of one controversy after another since its closure March last year.
Ms Mungai revoked the Sacco’s permit after widespread concerns emerged that Ekeza Sacco was sharing office space and bank accounts with Gakuyo Real Estate Company, also owned by televangelist-turned-politician David Kariuki Ngare alias Gakuyo.
Billion shilling deposits
At the time of closure in March, 2018, Ekeza Sacco had a total of 6 branches and Sh2.56 billion in deposits.
Mr Gakuyo who is the Sacco chairman hailed the reinstatement of the license saying that was a clear indication that the institution had no any wrong doing.
He called on members who have been seeking to have their money refunded to give him time to get money to refund back their savings.
“It is my promise to all the 53,000 members of Ekeza Sacco that no one will lose their money. I am selling some of my properties and soon I will repay members all their savings,” said Gakuyo.
In January, Gakuyo Real Estate, owned by bishop Gakuyo, advertised in a local daily listing the properties it wants to dispose of.
Among the properties listed are a residential house in Nyari estate near Village Market, Nairobi, a hotel in Juja town and a house on half-an-acre along the Thika-Garissa road near Makongeni estate.
The other properties on sale are a four-storey building along the Thika-Garrissa road, a 50 acre piece of land in Kilimambogo, Thika, 100 acres in Kabati, Murang’a, and a quarry, also located in Kabati.