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UK to repatriate Sh450m stolen by two of Kenya’s richest men

Published

3 years ago

March 30, 2022

The United Kingdom has agreed to repatriate back to Kenya, millions of dollars of public funds allegedly stolen by two of the country’s richest men, following a landmark agreement signed in London on Monday.

The repatriation deal which Kenya struck with Jersey, a self-governing Island in the English Channel, will see the return of the sum of Sh450m allegedly stolen by Samuel Gichuru, a one time boss of Kenya’s power company and former Finance Minister, Chris Okemo

They duo allegedly siphoned the money through taking kickbacks from multinationals which they stashed in a company registered in the Island.

This arrangement, known as the Framework for the Return of Assets from Corruption and Crime to Kenya (Fracck), gives the Jersey authorities licence to unfreeze money they believe was stolen and send it back before those accused of stealing it go on trial.

The Kenyan corruption web was uncovered after Gichuru had a messy divorce from his wife, Salome Njeri, in 2006; not satisfied with the settlement she got from her estranged husband, Njeri made a report to the police alleging that some of her husband’s assets were being hidden in offshore accounts in Jersey.

The revelation led to a nine-year investigation by the Jersey authorities across 12 jurisdictions and in 2011, the duo were indicted and charged to court.

The were accused of committing economic crimes including cutting deals with a Finnish firm to construct a power station in Mombasa, Kenya’s second largest city, and taking millions of pounds in kickbacks from British, Norwegian and German engineering firms, as well as a US communications giant.

The Jersey authorities issued arrest warrants for both men and have been waiting for their extradition from Kenya ever since, while a Jersey-registered company, Windward Trading Limited, accused of laundering money for the two men, pleaded guilty to four counts of money laundering in a Jersey court.

The court ruled that the company, whose ultimate owner was revealed to be Gichuru, should be return more than $4.9m (£3.6m) to the Kenyan government.

Related Topics:corruption Featured Jersey Kenya

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”