Ekeza Sacco and a Real Estate: How Gakuyo’s world of Wealth, Fame and Power Crumbled
Bishop David Kariuki Ngare continues to face challenges as he was unable to secure a bail of Sh10 million in a legal matter where he stands accused of defrauding individuals of more than Sh1.2 billion through a non-existent land and market fund.
When he faced Milimani Senior Principal Magistrate Ben Mark Ekhubi last Friday, the court declined to reconsider lowering the bail terms, asserting that they were proportionate to the Sh1.2 billion he allegedly embezzled from more than 50,000 individuals who had invested in his Gakuyo Real Estate and Ekeza Sacco enterprises.
Alice Mathangani, the prosecutor, requested a one-month extension from the court to give the Director of Public Prosecutions (DPP) time to furnish the accused with statements from witnesses.
“Your honor, the DPP has not served the accused with witness statements and exhibits. There are thousands of pieces of paper. We need a month to go through them and then provide them to the accused,” Ms Mathangani requested the court.
How did the realm of wealth, celebrity, and the privileges of authority collapse for Mr. Gakuyo?
Gossipa2z.com located Mr. Gakuyo at the Industrial Area Remand Prison last Friday, where he has been held for more than a week following his apprehension at Jomo Kenyatta International Airport. He was taken into custody while preparing to board a flight to Zambia.
He appeared tired and fragile, unmistakably a person experiencing a significant downturn. It was evident that he had reached a low point, exacerbated by his defeat in the 2022 General Election for the Thika Town constituency seat against the incumbent, Ms. Alice Ng’ang’a.
“Prison is not a good place, I am struggling for peace of mind and freedom and I am also struggling to fit in here. I am coming to terms with the fact that people will always call you if you have what you need.
“I have learned a lot in the last week that I have been here, that I have no friends. Even when I was detained at Muthaiga police station, only former Kiambu County MP Jude Njomo came to see me,” Mr. Gakuyo said as we sat on a plastic chair in a tiny room for this interview when I asked him what he was struggling with at the moment.
He sported a maroon T-shirt, grey pants, and open sandals, along with a reflective jacket bearing the inscription ‘Remandee Cap.’ This marked a notable departure for a man accustomed to chasing cars, accompanied by bodyguards, and enjoying the adoration of local media personalities who promoted his businesses fervently and lucratively.
“It was a humbling experience, even two former governors whom I supported with my resources, among many others, never reached out or bothered to know where I was. I have come to realize that we are surrounded by false friends, but I am not a bitter man, because a bitter man can struggle to move forward,” he adds in a low voice, inevitably with deep thought.
I inquired whether he was fleeing when apprehended at JKIA.
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“I was not, the media has always written negative stories about my businesses, even after the Cabinet Secretary for Cooperatives and Micro and Small Enterprises, Simon Chelugui, recently said that they had recovered Sh2.5 billion after attaching the assets of Gakuyo Real Estate and were in the final stages of recovering the remaining Sh330 million. I flew to Zambia and I had a return ticket because, with my reputation damaged here, I wanted to look at emerging opportunities in Zambia that I could take advantage of because at the end of the day, I cannot be judged and I cannot judge myself,” Mr. Gakuyo said.
Without delving into specifics, Mr. Gakuyo concedes that there were actions he could have taken differently, which might have averted his downfall.
Nevertheless, according to insiders, individuals appointed by the government to oversee reimbursements to investors in the capacity of a caretaker committee allegedly engaged in agreements with certain members. These arrangements reportedly involved securing additional cash refunds in exchange for commissions. The situation escalated to the point where some of these committee members established land and housing companies, functioning as agents for Mr. Gakuyo.
Mr. Gakuyo chose not to provide any comments on the issue, stating that his current priority is to secure his release from remand prison.
He admits that opportunism thrives even in prison. “I have met several people here who are in jail because they could not raise cash bail of Sh30,000 and Sh50,000 and they think I am in a position to help them,” Mr Gakuyo said.
Is Mr. Gakuyo, a wealthy individual, engaging in tactics to demonstrate his purported inability to meet either his cash bail or bond requirements, as inquired by the Nation?
“Why should I suffer here? Look at it this way, I had distributed my wealth in assets and most of them were seized to compensate investors, accounts were frozen and what was not frozen. I had used it to secure bank loans,” he said as we parted.
The next hearing for his case is scheduled for April 4, 2024.
Mr. Gakuyo has refuted all 12 fraud charges filed against him in the court.
Ekeza Sacco and a Real Estate: How Gakuyo’s world of Wealth, Fame and Power Crumbled
