German Investor Accuses Kenyan Politician of €1 Million Fraud in Failed Petroleum Deal
Three months after losing her bid for Nairobi’s governorship, Agnes Kagure entered into an undisclosed petroleum deal with a German investor, who now claims she defrauded him of €1 million (Sh142 million).
Uwe Heinz Odenthal says he invested the amount in Trojan Six Oil 2019 Ltd, expecting annual dividends of 30% of his capital, equivalent to €300,000 (Sh42 million).
Mr. Odenthal says he took out a €500,000 (Sh71.3 million) loan from a German bank and has been struggling to repay it, as Ms. Kagure and other company directors have since gone silent.
Repeated calls to Ms. Kagure’s phone on Wednesday and Thursday went unanswered, and WhatsApp messages also received no response.
According to Mr. Odenthal, when the deal was struck, he was assured of receiving a percentage of the profits directly into his German bank account every month.
Instead, he now faces monthly repayments of €4,500 (Sh641,500) for the loan he took for the investment.
While dealing with the financial strain, Mr. Odenthal admits he might have avoided a bigger mistake. He had been so confident in the investment that he planned to put in another €3 million (Sh427 million).
“I feel cheated, stolen from, and defrauded,” Mr. Odenthal said in a statement to the Directorate of Criminal Investigations (DCI), revealing he had considered selling a building for additional investment.
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The initial plan was to pool his €1 million with other investors for the petroleum business.
The deal dates back to November 19, 2022, when Mr. Odenthal received a dinner invite from his friend, Jurgen Haese, who also lives in Cologne, Germany.
At dinner, Mr. Haese spoke about opportunities to profit from the petroleum business in Kenya.
Both men are married to Kenyan women, and Mr. Haese claimed that his wife, Rose Kirimi, was a close friend of Ms. Kagure.
Mr. Haese claimed to have invested €2.5 million (Sh356.3 million) and was expecting a 30% return annually.
Mr. Haese mentioned that €2.5 million was the minimum amount for any investor to join the deal.
After some consideration and reassured by his friend’s testimonial, Mr. Odenthal decided to proceed with caution.
He proposed investing €500,000 initially, suggesting Mr. Haese could add it to his €2.5 million, but Mr. Haese refused, insisting Mr. Odenthal invest independently.
The two planned a trip to Nairobi, so Mr. Odenthal could conduct due diligence on the investment.
Mr. Odenthal said Ms. Kagure first reached out to him on November 25, 2022.
On December 18, 2022, Mr. Odenthal and Mr. Haese traveled to Kenya and spent time in their spouses’ homes in Nairobi and Diani.
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On January 4, 2023, Mr. Odenthal met Ms. Kagure at her home, introduced by Ms. Kirimi, Mr. Haese’s wife.
After Ms. Kagure’s presentation on the petroleum industry in Kenya, Mr. Odenthal expressed interest in investing €500,000 to test the waters for a year.
If successful, he was willing to invest an additional €1.5 million by July 2024.
Ms. Kagure insisted on a minimum of €1.5 million, but a deal was reached when Mr. Odenthal stated he wouldn’t risk more than €1 million.
After lunch, Ms. Kagure gave him a tour around Nairobi, which lasted the whole afternoon.
On January 5, 2023, the group, including Ms. Kagure, planned to travel to Nanyuki to meet a company director, initially introduced as Benson Mwangi, alias Patron.
Mr. Odenthal had been told the petroleum company was based in Nanyuki.
However, it turned out that Patron was Joseph Mwai Nderitu, a co-owner of Trojan Six Oil 2019 Ltd, sharing ownership equally with Kinyua Mwangi. Company records show Ms. Kagure, Said Mohamed Farah, and Franklin Were Juma as directors but without shares.
Mr. Nderitu denied involvement in the company’s operations, suggesting any questions be directed to Ms. Kagure.
Ms. Kagure allegedly backed out of the Nanyuki trip at the last moment.
Mr. Odenthal claims Mr. Nderitu’s demeanor made him more confident in the investment.
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When visiting what was presented as company premises, Mr. Odenthal said he was not allowed to take any photos.
The next day, Mr. Odenthal wired €125,000 (Sh17.8 million) to a law firm, as instructed by his soon-to-be partners.
On January 7, 2023, Mr. Odenthal met Ms. Kagure in Nairobi, explaining he could only raise €1 million, half of which was through a loan.
Ms. Kagure allegedly agreed.
“Kagure accepted my proposal and said she was the main authority on the company’s board. We shook hands, hugged, and she said, ‘Welcome to the company,’ witnessed by Jurgen, Rose, and Amina,” Mr. Odenthal recalled in his police statement.
On January 11, 2023, he sent €375,000 (Sh53.4 million) to the law firm, followed by another €500,000 on May 2, bringing his total investment to €1 million.
Two days later, he flew to Nairobi to sign contracts for the investment.
Ms. Kagure and Mr. Nderitu allegedly refused to let him read the contract before signing.
“Don’t you trust us?” Mr. Nderitu reportedly said, explaining the document needed a lawyer’s stamp and would be sent to him later.
The next day, when the contract was still unavailable, Mr. Odenthal realized something was wrong.
“I sent €1 million without a lawyer, and when I wanted a copy of the agreement I signed, they said it wasn’t ready because of a stamp. I still haven’t received it,” Mr. Odenthal stated.
The contract promised monthly payouts from Trojan Six Oil 2019 Ltd to Mr. Odenthal’s German account.
On May 11, 2023, Ms. Kagure, Mr. Nderitu, and Ms. Kirimi called Mr. Odenthal to a meeting, demanding an additional €500,000 for the business to proceed.
After insisting he couldn’t raise more money, Ms. Kagure and Mr. Nderitu allegedly offered to lend him the amount, and he signed another agreement.
Ms. Kirimi had even bought champagne to celebrate the deal.
That meeting was the last proper contact Mr. Odenthal had with his business partners.
Since then, Ms. Kagure has occasionally responded to WhatsApp messages but has ignored any questions about the money.
Mr. Odenthal has asked the DCI to investigate Trojan Six Oil 2019 Ltd and its directors, hoping to recover his money, plus interest.
German Investor Accuses Kenyan Politician of €1 Million Fraud in Failed Petroleum Deal
