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FEP woes intensify as CEO Korir fired after serving for 2 years, Kithaka returns

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Diaspora-backed investment firm FEP Holdings has sent chief executive Maurice Korir packing nearly two years after tasking him with restructuring the chama.

Previously long-serving founding chief executive John Kithaka has reoccupied the position. Mr Kithaka quit in October 2016 following Mr Korir’s promotion.

Mr Kithaka had been at the helm of the financially haemorrhaging investment group for more than a decade while Mr Korir was the chief operating officer.

“FEP Holdings Ltd board of directors wishes to announce the resignation of the chief executive officer, Mr Maurice Kimutai Korir effective March 8, 2018,”read a statement.

“The board has appointed Dr John Muchira Kithaka to the position of the group executive director with immediate effect.”

Maurice Korir. PHOTO/COURTESY.

The firm’s board linked the management shake up to need to conform to a changing investment landscape.

“The board wishes to assure shareholders and stakeholders, both local and in diaspora, that the corporate leadership changes are aimed at aligning and strengthening the group’s organisational structure to ensure we meet evolving investor expectations,” it said.

The Sh4.4 billion asset chama has faced a string of troubles in the last few years.

Founded in 2002, it has a membership of 70,273 investors, with a significant stock held by Kenyans residing in the UK and US.

FEP’s multiple projects including a planned 146-bed hotel in Sagana, Kirinyaga County, have missed completion deadlines for lack of capital.

Mr Kithaka will be charged with finishing stalled projects and revamping the chama. Its planned rights issue collapsed while plans to acquire a majority stake at Credit Bank, controlled by the Nyachae family, also failed.

The Central Bank of Kenya in 2016 declined FEP’s bid to take control of the bank after raising queries on the chama’s share register and ability of its financial muscle to adequately capitalise the small lender.

The banking sector regulator had raised similar ownership and capital concerns early the same year in denying the investment group a licence to operate a deposit taking microfinance bank, despite a temporary approval.

FEP was rocked by fraud in 2016 and hired an asset recovery agent to pursue six former senior managers and confiscate Sh67 million allegedly stolen from the organisation.

A forensic audit on the investment group’s operations by KPMG had revealed then that half a dozen top executives were discreetly siphoning cash meant for projects and investments. Prior to joining FEP in 2014, Mr Korir was chief operating officer at publicity firm Ogilvy.

-Business Daily


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Cry of a Kenyan man whose Multi-Million-Shilling Apartments have gone unoccupied for 4 Years

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A landlord in Kenya has been left counting losses after his real estate retirement plan goes down the drain.

85-year-old David Ndolo from Kitengela told the media that he had lost more than Ksh10 million in rent after his multimillion apartment block stayed unoccupied for 4 years.

Ndolo says he built the multi-million-shilling property in Kitengela, Kajiado County through his pension savings. Its construction was completed in 2014.

The building consists of five bedsitters and 19 two-bedroom houses, which should earn him a total of Sh250,000 per month.

“I have watched helplessly as my retirement investment crumbles,” he lamented.

According to neighbors, his tenants started fleeing due to sewer water suspected to be coming from an adjacent building linked to a retired government official.

Ndolo’s troubles began in 2014 when over 200 tenants occupied the adjacent building and sewer water started seeping into his apartments.

He says he reported the matter to the National Environmental Management Authority and public health officials but the authorities closed the building instead.

His daughter Roselyn Ndolo said that officials ordered the closure citing that the apartments were a health hazard.

When contacted by journalists, Kitengela Public Health Officer Benard Kiluva stated that he did not have enough information on the matter since he was recently posted to the area.

Kajiado NEMA Director Joseph Kopejo promised to visit the site to probe the matter.

Government officials say Many landlords in the country have been contravening these provisions by either discharging untreated effluent into a public sewer or discharging it into the environment without an effluent discharge license.

“According to Kenyan law, it is illegal for  any person from discharging any effluent from sewer treatment works, industry or other sources into the environment without a valid effluent discharge license issued by the authority,” said a NEMA official.

 


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Kenyans in Diaspora to get a free ride from the Airport courtesy of Certified Homes

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Your developer of choice Certified Homes Ltd is offering Kenyans working and living in the diaspora FREE ride from the airport to their destinations within Nairobi metropolitan.

Certified Homes Ltd is the first developer in Kenya specialising in affordable houses to offer all Kenyans in diaspora rides from the airport free of charge.

On arrival the diasporans will receive special gift hampers courtesy of Certified Homes Ltd.
Have a look at Sukari Heights comprising of Studio, 2 & 3 br plus SQ apartments starting from Ksh 2.7M located in the most exclusive Kahawa Sukari neighborhood.

 

To book your free ride;
Call/WhatsApp +254711128128
Email: diaspora@certifiedhomes.co.ke
www.certifiedhomes.co.ke


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Top athlete turns to jiko-making to beat pandemic

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They say a man must do what a man must do.

This idiom has become a reality to Dominic Samson Ndigiti, the reigning Africa U20 10,000 metres walk race champion and former World U17 10,000 metres walk race bronze medalist during the Covid-19 times.

Ndigiti, who has won Kenya a gold medal at the Africa Under-20 Championships held in Abidjan, Ivory Coast, has been crisscrossing the country, doing what he now loves to do most: Making affordable, energy-saving jikos – charcoal cooking stoves.

Coronavirus pandemic

Though the walking race champion learnt the skills of making this particular kind of jiko in 2018 when in Finland where he had gone for a competition, he did not put them to use until when coronavirus hit the world, putting a break on most sporting activities.

“I saw the whites making the jikos in 2018 when we had gone to Finland for Under20 competitions. It took a week for me to learn. But I started being serious when coronavirus hit us. The jikos now earn me a living,” he said.

The 20-year-old says the modern jikos use charcoal or firewood.

“It uses less firewood and it has a chimney, which helps keep smoke out of the house. It is not a complicated jiko and long after cooking is done, it conserves heat because of the clay bricks used,” he said.

The jikos are of different sizes and can fit in any kind of house be it permanent, temporary or semi-permanent.

“I do not discriminate for which house to make my jikos. Charges vary according to sizes. A one-stoned jiko goes for Sh3,000, two 4,500, three 6,000 and four and above goes for Sh10,000,” said Ndigiti.

He says that materials needed include cement, clay bricks, fireproof and red-oxide paint.

Different work

Ndigiti says many people see him as a successful person owing to his record in the walking race, but the tough times have forced him to work differently.

“I am grateful because Kenyans have responded very well to my venture. I have visited many counties in the past few months, making jikos. Before coronavirus, I did not know my home county of Kisii well, though I have was born and brought up here, but making jikos has made me a tourist,” he said.

Ndigiti, who hails from Marani sub-county in Kisii County, schooled at Kiandega High School in Nyamira county and developed a passion for the walking race while in Standard Six.

He says he was inspired by his teachers.

“I am glad for the achievement I have made in walking race. That is another gift in addition to walking that God has given me. Many people in Kenya do not know this kind of sporting activity. China, Spain and Japan top the competitions,” he said.

The IAAF World U18 Championships is an international event bringing together athletes from all over the world who are 17 or younger.

“Coronavirus brought a lot of problems in the world and we couldn’t go out to compete. I hope this will end soon. But this pandemic has made me learn the hard way. Talents are to be exploited, no matter how much little income they bring,” said Ndigiti.

He is hopeful that after the pandemic, he will represent Kenya in the Olympics and will bring home a gold medal.

Ndigiti comes from a humble family and his success in the walking race has not taken away his humility.

Ruth Mbula | Nation Media Group

“We live life easy. Living well with people has taught me a lot during this coronavirus time. The requests to make more jikos is overwhelming,” he said, adding that Elgeyo Marakwet Woman Rep Jane Kiptoo has already asked for his help in making more than 100 jikos for women groups.

He says most of his clients are women. “They have embraced my idea of making our kitchens look better.”


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