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Originally published by Nation Counties
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October 25, 2024
10mo ago

Private developer used affordable housing public land to secure Sh1.9bn loan

Private developer used affordable housing public land to secure Sh1.9bn loan

CEC Patrick Mbogo says Mike Sonko had the title deed for the Jeevanjee estate, but the ex-governor denies this claim...

✨ Key Highlights

A private developer used public land's title deed to secure a Sh1.9 billion loan for an affordable housing project in Nairobi, raising concerns about the legitimacy of the transaction.

  • The title deed for Jeevanjee Estate was reportedly used as collateral for the loan from National Bank of Kenya.
  • Charles Kerich, Nairobi County CEC for Finance and Planning, indicated that the matter is under investigation.
  • Former Governor Mike Sonko stated that he is being made a scapegoat and has claimed that beneficiaries received Sh600,000 in compensation.

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