Get Published! Submit original article and get published. Find out More

How Nairobi County chief made Sh1.4b in five years

Suspended Nairobi County Chief Finance Officer Jimmy Mutuku Kiamba deposited nearly Sh1.4 billion to his private and business accounts over a period of five years, according to the Standard Newspapers on Sunday.

The bulk of these deposits were made to his private accounts, now the subject of investigations by the Ethics and Anti-Corruption Commission (EACC).

Suspended Nairobi County Chief Finance Officer Jimmy Mutuku Kiamba.

Suspended Nairobi County Chief Finance Officer Jimmy Mutuku Kiamba.

Majority of these deposits were made between 2011 and 2014 when Mr Kiamba, 41, served as treasurer of Nairobi City Council and later as chief finance officer of Nairobi County.

However, the volume and the frequency of the deposits increased substantially in 2013 until December 2014 when EACC went to court to freeze his accounts.

Documents presented in court by EACC details a series of multiple cash deposits nearly on a daily basis to Kiamba’s nine accounts in five local banks. Five of the accounts are held in CFC Stanbic Bank Ltd while the remaining four are held in Standard Chartered Bank, Co-operative Bank, Equity Bank and Gulf Africa Bank Ltd.

Of the five accounts at CFC Stanbic, one belongs to Jimbise Ltd, a company formed in 2010 and which Kiamba and his wife Tracy Mbinya Musau are directors.

However, only a fraction of the money, Sh45 million, was deposited in Jimbise’s accounts between April 2011 and October 2014. Incredibly, between August 2009 and February 2015, Kiamba’s gross salary as a public officer was only Sh8.5 million, a yawning difference between his vast wealth and his known income.

Mr Kiamba has defended himself as an astute businessman who made his fortune by, among other things, selling water from his borehole to residents of Machakos County. He told EACC investigators that he also buys and sells cattle in Narok and grows wheat and maize in the same region.

He also said he earns a fortune from rental income. See Also: EACC wants six-month freeze on Nairobi County official’s Sh400m Given the nature of these businesses, one would expect Kiamba’s accounts to reflect a healthy bottom line at end month — in respect to rental income — and at the end of the year in respect to farming.

‘Income flows’ However, the deposits in his accounts tell a different story: that of a prosperous businessman who banks anything as low as Sh50,000 to as high as Sh70 million in day.

For example, September 11, 2014 was particularly good pay day for Mr Kiamba. On that day, Sh83.6 million was deposited to his accounts. Sh72 million was deposited to his Standard Chartered Bank account, Machakos branch. That was the single highest amount ever deposited to his accounts on a single day.
Read more at: http://www.standardmedia.co.ke

Add a Comment

Your email address will not be published. Required fields are marked *