Billions lost forever? Alarm as State moves to liquidate KUSCCO
Oparanya: KUSCCO’s books were being 'audited' by a man who was already dead, with clerks allegedly using his name to hide a Sh12bn hole...
✨ Key Highlights
The Kenyan government is considering liquidating KUSCCO (Kenya Union of Savings and Credit Cooperatives Limited) following a forensic audit that uncovered massive fraud and financial irregularities, potentially leading to billions in permanent losses for members.
- An estimated Sh12 billion financial hole has been exposed, with only about Sh4.8 billion expected to be recovered.
- Key involved parties include KUSCCO, Cooperatives and MSMEs Cabinet Secretary Wycliffe Oparanya, and the Senate Trade Committee.
- The audit revealed a complex web of fraud, ghost saccos, manipulated accounts, fake audits, and allegedly politically connected networks, with some deposits reportedly mobilized through 3% finder's fees.
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Billions Lost Forever? Alarm as State Moves to Liquidate KUSCCO - May 2026
The Kenyan government is considering liquidating KUSCCO (Kenya Union of Savings and Credit Cooperatives Limited) following a forensic audit that uncovered massive fraud and financial irregularities, potentially leading to billions in permanent losses for members. An audit by Auditor General Nancy Gathungu has revealed significant revenue leakages and questionable leasing practices at Postal Corporation of Kenya. However, Posta Kenya has achieved profitability, reporting a net profit of Sh488 million for the financial year ended June 2025, a significant turnaround from a Sh1.08 billion loss in the previous year.
