EACC to conduct lifestyle audit on Sacco managers

Owners and managers of Savings And Credit Co-Operatives (Saccos) will be subjected to lifestyle audits following a new agreement signed between the Ethics and Anti-Corruption Commission (EACC) and the State Department for Cooperatives.

Speaking during the signing of the MOU in Nairobi, EACC Chairperson Eliud Wabukala said evidence has shown there is massive corruption and unethical conduct within the cooperative sector which has resulted in loss of millions in members savings.

In the partnership, EACC CEO Twalib Mbarak said the anti-graft body will help the cooperatives department in conducting lifestyle audits on top Sacco managers as well as tracing and recovery of stolen assets.

“We will give you the tips on how to conduct basic lifestyle audit. We will tell you what you need to monitor about the top management so that you can raise the red flag at an early stage.

“And suppose a top leadership of a sacco has been caught in misappropriation of funds or unexplained wealth we will help you do asset tracing and recovery,” said Mbarak.

Following the agreement, institutions and personnel in the Co-operative Sector shall support prosecution of cases of corruption and economic crimes and unethical conduct in the sector.

This comes in the wake of concerns from members of the public over undeterred corrupt practices within Saccos.

The latest incident involves controversial televangelist David Kariuki Ngare, popularly known as Gakuyo, who is facing prosecution over the loss  Ksh.1 billion at Ekeza sacco.

Last week, Gakuyo moved to court seeking orders barring  Interior Cabinet Secretary Fred Matiang’i and Directorate of Criminal Investigations boss George Kinoti from investigating and arresting him over the alleged missing cash.