Connect with us

Hi, what are you looking for?

Cyprian Is Nyakundi


Cyprian Nyakundi- How the looted youth fund money was invested



Indo Africa Finance Ltd chief executive officer Leon Ndumbai and his suspended counterpart at the Youth Enterprise Development Fund Catherine Namuye are alleged to have been entangled in a love affair that led to the fraudulent transfer of funds to Indo Africa Bank accounts.

Keen stalkers of the two noticed that the duo has been having several secret meetings where such deals are believed to have been sealed. Ndumbai is a shrewd businessman and son of former MP Benjamin Ndumbai who was a close ally of Mwai Kibaki. He was among the founders of the Democratic Party in the early 1990s.

It is claimed Ndumbai and Namuye defrauded the youth kitty millions of shillings. In the deal, the fund fraudulently transfered Sh150 million to Indo Africa Finance Ltd in disguise of payment of a credit guarantee scheme.

Other Indo Africa staff members believed to have played a key role in the fraud is Maya Mitrovic who is the managing director and a Ms Phylis who is the head of the administration department.

According to documents , payments voucher no P6739 was made for disbursement to Indo, a credit guarantee scheme provider signed by Namuye herself. Indo Africa had allegedly written to Namuye requesting that the money be banked at its account at the African Banking Corporation Ltd and then Equity Bank.

This illustrates that the monies were being directed to another account rather than the one initially specified. The transfer of the cash was inconsistent with the financial payment procedures and with YEDF board security as had been directed the board.
YEDF lost more than Sh350 million through corrupt deals and irregular award of tenders and misappropriation of youth funds monies to fraudulent banks accounts.

Another controversial tender is the installation of greenhouses with drip irrigation kit — YEDF/2014-2015—was irregularly awarded to a firm called Smart Solutions Africa.

Investigations reveal that the company’s main areas of business was human resource consultancy and marketing agency services for manufactured products as those found in supermarkets but after being fraudulently awarded the tender, it updated its website portraying that it also has interest in agriculture.

The company’s senior staff are Patrisio Njeru who is operations director, Ms Emily Njuki, director, Nicholas Kirera, general manager, Peter Wambugu, account manager, Kimanthi Njue, account manager and Monica Parsimei who is the administration manager.

It is now emerging that a more qualified and well-known Israeli Kenyan based company with experience of over 50 years was denied the tender because it refused to be involved in dirty games and rejecting to participate in corruption activities.
Back to Indo Africa, we have since established that Ndumbai is a fabulously rich entrepreneur who has been involved in controversial business deals.

Sources well-versed with his operations now claim that after it was discovered that the deal between her and Namuye had gone sour, the two began trading accusations and counter accusations. It is claimed that the two have since fallen out and no longer see each other as frequently as it had been before.

It has also emerged that Ndumbai is now accusing Namuye of misleading him to enter into a deal that has now backfired. On her side, she accuses Indo Africa of lying that they never received the money yet they had. She also said that several meetings were held bringing together Indo Africa, the Youth Fund and ABC Bank to resolve the issue.

The youth enterprise gave the bank an ultimatum demanding receipt of a replacement guarantee by February 24, or else they would recall the Sh150 million.

Investigations reveal that Ndumbai owns a chain of hotels and a micro-finance institution which operations in six counties. Last year he purchased a 50-acre piece of land at Sh200 million in Nakuru to put up a magnificent hotel.

In Nairobi, he is said to be investing Sh300 million in Sandalwood Villas, a 40-room boutique hotel facility in Lavington area opposite Jaffrey’s Club, the cricket club house built by billionaire Naushad Merali.

In Malindi, he owns the Golden Beach Resort; an exclusive luxury 20 room hotel that is targetted by the world’s richest. At the Malindi facility, accommodation is 600 Euros (Sh70, 200) a night.
He also runs a hotel in Kitengela townships Hotel Africana which he later expanded and rebranded the facility to a luxury 30 room hotel now called Sandalwood Kitengela.

Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: [email protected] Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.



Click to comment


You May Also Like


A Kenyan property developer with Indian ownership, Kings Developers, has come under fire for its mistreatment of agents and staff in the country. The...


A damning report has revealed that Huduma Centres are operating like private colonial companies with no regard for employees’ rights. This shocking details have...


Weeks ago, this blog reported about the controversy surrounding Fatima Mission Hospital in Ongata Rongai, Kajiado North, as the Evangelizing Sisters of Mary, a...


Following Al Jazeera’s investigative documentary on gold scams that happen in Zimbabwe led by Kamlesh Pattni, police in Kenya have stepped up the hunt...

Copyright © 2021 Cyprian Is Nyakundi.



daftar sbobet


%d bloggers like this: