KUSCCO Housing CEO Julius Owino Odera, perceived to be a close ally of ex-boss George Ototo, is in trouble with the new management. Sources say the new team has ordered Mr Owino Odera to produce bank statements for KUSCCO Housing from 2013 to date. It is whispered that the move is meant to subject him to some audit queries, which might result in him facing suspension pending investigations
By The Weekly Vision Team
Barely a week following a successful coup at the Kenya Union of Savings and Credit Cooperatives (KUSCCO), where former CEO George Ototo and ex-Chairman George Magutu were shown the door, it has now emerged that the new management team has launched another round of witch-hunts targeting all top officers perceived to have been close to the axed management team.
Impeachable sources divulged that the new team has caused panic at KUSCCO, and heads are expected to roll as investigations get underway to try and unearth alleged multi-million-shilling scandals, especially at KUSCCO Housing. KUSCCO Housing CEO Julius Owino Odera, perceived to be a close ally of ex-boss George Ototo, is in trouble with the new management. Sources say the new team has ordered Mr Owino Odera to produce bank statements for KUSCCO Housing from 2013 to date. It is whispered that the move is meant to subject him to some audit queries, which might result in him facing suspension pending investigations.
According to fresh details, there were intrigues, arm-twisting, and backstabbing by some powerful individuals both in the government and the cooperative sector, leading to Mr Ototo’s team being sent home. Sources say the appointment of Arnold Munene as the acting CEO was made to serve specific interests as those behind the changes retreat to appoint a substantive CEO who will take care of their interests.
It has, however, emerged that Mr Munene does not possess the professional and academic qualifications to hold the sensitive position of CEO at KUSCCO. Records at HR reveal that he is a diploma holder, yet the minimum qualification for a CEO is a bachelor’s degree.
The most senior staff member who ought to have been appointed as acting CEO is George Owino, the finance manager; however, the coup plotters noticed that Mr. George Owino was a close ally to Mr. Ototo, and having been in charge of financial strategy formulation and implementation, budgetary controls, procurement, and financial reporting, there was suspicion that he could have been used to cover up Ototo’s alleged scandals.
It was against such fears that, on the eve of the coup, he was sent on leave for one month to create room for Mr Munene to appoint a person of his choice. More heads are expected to roll at Kuscco as the new team is said to be working on a strategy to sanitise the organisation and to have the current top Kenya Kwanza power brokers take full control and, by extension, the cooperative subsector.
To confirm the changes at KUSCCO, a letter dated January 15, 2024, signed by David Lagat (ref. KUSCCO/ADV/CIRCULAR/Vol.2/01-Leadership Transition within KUSCCO Ltd.) was issued and circulated to all members of staff.
The letter reads, in part, “This is to inform you of important changes in leadership at Kuscco Ltd. We announce the departure of national chairman George Mugutu and group managing director George Ototo.”.
The letter went on to announce the new team. The letter reads, “In view of the above, David Lagat from Imarisha Sacco in the Rift Valley region is now the national chairman of the board of directors of Kuscco Ltd. The Vice National Chairman is David Moyia from Invest and Grow Sacco in the Western Region.”
On Ototo’s replacement, the letter reads, “Further, the board of directors appointed Mr. Arnold Munene into the role of acting group managing director with effect from January 15, 2024.”.
We have also established that the Sacco Societies Regulatory Authority (SASRA) is currently carrying out an audit on Kuscco following allegations of illegal deposit-taking business.
