A shocking robbery at IG (Invest and Grow) Sacco Ltd in Malava, Kakamega County, has peeled back the curtain on what may be a far-reaching financial scandal. Authorities and insiders now believe the heist was staged to obscure evidence of a deeper, ongoing embezzlement scheme that has allegedly enriched Sacco officials at the expense of depositors. With millions of shillings in question, the scandal reveals the troubling extent of alleged graft within the organization and paints a picture of officials living in opulence built on members’ savings.
IG Sacco CEO Vuliyah Anjeyo Peter. [Photo: Courtesy]
The botched heist at IG Sacco’s offices last month saw robbers attempting to steal a safe containing millions. However, unable to move the heavy safe, the thieves left it outside the premises, instead escaping with computers and other office equipment. These details, combined with documentation pointing to lavish assets owned by Sacco leaders, have fueled speculation that the robbery was an inside job, possibly meant to destroy incriminating records.
Lavish Properties and Alleged Corruption Among Top Sacco Officials
The primary figures in this unfolding scandal include the Sacco’s Chairman, Treasurer, Vice-Chairman, CEO, Internal Auditor, and Chief Accountant, all of whom have allegedly used their positions to amass a wide array of high-value properties across Kakamega, Vihiga, Kitale, Kisumu, Bungoma, and beyond.
Kennedy Mbayachi Keya (Chairman) and wife
Documents indicate that Keya, responsible for overseeing both the Fosa and Bosa Products at the Sacco, along with his wife, has amassed an impressive real estate portfolio. Their assets reportedly include a multi-story building in Kakamega’s Hospital View Estate, rental properties in Vihiga, over 100 acres of land in the Lugari/Turbo area, and additional rental properties in Kisumu. The couple also holds stakes in several ventures, including Lodech Holdings Ltd, Manvuh United, and Friends School Muyere, suggesting a substantial income stream potentially derived from misappropriated Sacco funds.
David Kalachi Moyia (Treasurer) and wife
As the gatekeeper of the Sacco’s funds, Moyia is alleged to have directed significant resources toward personal investments. The couple reportedly owns multiple rental properties in Webuye, Bungoma, Busia, and Kakamega, along with large swaths of land in Lurambi and Kitale. They are known to own luxury vehicles, further underscoring the stark contrast between their lifestyles and the financial reality of Sacco’s struggling depositors.
Kennedy Okwemba (Vice-Chairman) and wife
Tasked with supporting the Chairman in safeguarding the Sacco’s operations, Okwemba appears to have channelled resources toward a string of high-value properties. He and his wife allegedly own vast tracts of land in Lugari and Kitale, along with rental properties in Eldoret and Kitale valued at millions.
Vuliyah Anjeyo Peter (CEO) and wife
As the Chief Executive Officer, Peter is accused of steering funds into an extensive real estate portfolio. He and his wife reportedly own high-end properties in Eldoret, a multi-story building in Bungoma, and sprawling estates in Bungoma and Busia, where they also maintain luxury homes. His role as CEO once meant to ensure members’ savings were protected, is now under scrutiny amid claims that he contributed to siphoning Sacco funds for personal gain.
Tirrah Oilasah Kennedy (Internal Auditor) and wife
Kennedy, whose role as Internal Auditor theoretically positions him as a safeguard against misuse of funds, is now accused of capitalizing on his position to build a profitable empire. Together with his wife, he reportedly owns a chain of business premises, multiple stationary supply firms, several tractors, and a diverse real estate portfolio in Kakamega. Their business interests extend to Milken Enterprises Ltd, Western Schools Supply Ltd, and Tizuza Investments Ltd.
Mary Awino Kweyu (Chief Accountant/Finance Officer) and her husband
Charged with managing Sacco’s financial reporting, Kweyu and her husband allegedly own extensive real estate assets, including buildings in Kakamega town, a multi-story building in Bungoma, and rental houses along the Kakamega-Mumias Road. They also have a fleet of minibuses, underscoring the substantial wealth accumulated while under the Sacco’s employment.
The Larger Implications and Response from Sacco Members
For Sacco members, the implications are dire. Many invested their hard-earned savings in IG Sacco Ltd, expecting financial stability and support. The extent of alleged mismanagement and misappropriation now threatens Sacco’s future, raising fears of potential financial collapse and loss of member savings. Calls for an independent audit and potential criminal investigations have grown louder, with members demanding accountability and transparency.
As this story unfolds, IG Sacco Ltd serves as a stark reminder of the vulnerability faced by depositors in cooperative societies where financial oversight is weak. The scandal points to a critical need for reform in governance and financial accountability within Kenya’s Sacco movement to safeguard the interests of everyday citizens.
