Spot On! Economist Ndii Explains Why Kenya’s Economy is in Jeopardy

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I might not always agree with David Ndii on lots of things, I mean you cannot agree with everyone right? But he presented an ideology and like most Kenyans I would agree with him.

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Mr. Ndii took to twitter saying something is not adding up with these huge fake currency hauls. If there was that much fake currency around, we would be encountering it more frequently in circulation. He questioned whether this be a cover for confiscating a certain politician’s cash hoard? Just wondering.

In case you are not in the know, detectives from the Directorate of Criminal Investigations ambushed six suspects who were arrested in connection to fake Ksh.2billion stashed inside a safe deposit box at the Barclays bank in Nairobi on Tuesday morning.

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A city businessman who was the target of the con is assisting police with investigations. The six suspects were identified as:

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  • Dr. Erick Adede-Owner of the Box
  • Mr. Ahmed Shah- Fake Investor
  • Ms. Elizabeth Muthoni
  • Ms. Irene Wairimu Kimani
  • Mr. Boaz Ochich – Bank official
  • Mr. Charles Manzi-Bank official

The fake money in U.S. dollar bills that was discovered at the Barclays Bank, Queensway branch on Tuesday. The businessman had been lured into the scheme by the six who posed as international investors.

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They had shown him the money which they claimed was capital for the investment but requested that he deposits KSh 10 million at the Queensway branch. Officers from the flying squad then covertly followed the businessman into the bank where he was supposed to meet with the ‘investors’ and arrested the six.

In a statement issued after the shocking discovery, the bank implied that it was not aware that in one of the lockers rented by the customer lay fake currency. Barclay’s Bank says the money had been hidden “against the bank’s rules and regulations.”

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Here is what Ndii had to say:

Assuming it’s all 1k notes, this 17b equals 8% of all 1k notes in circulation (Sh.210b as per CBK data). Another haul in Ruiru haul was Sh. 32b in multiple currencies including  Ksh. If only Sh. 3b in Ksh, we talking over 10%, one out of every ten 1k notes? What I’m I missing?

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Now, let’s talk counting. Google research tells me machines count on average 1000 notes a minute. Works out to 283 machine hours without reloading, say 300 hours with reloading. 12 machines, for 24 hours non-stop. Is DCI daft, or they are telling us something?

In my view, something is surely not adding up and I think what Mr. Ndii is saying could be correct. Check out some highights from Kenyans about the same:

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