New record in war on graft as NSSF fraudsters are fined Sh9.6b

Wilfred Weru (centre) and Isaac Nyakundi at a Milimani court. January 31, 2022. [Collins Kweyu, Standard]

By Paul Ogemba 

Amagistrate yesterday bolstered the war against corruption by setting a new record of Sh9.6 billion in fines for four individuals and a company that defrauded the National Social Security Fund of Sh1.2 billion.

The ruling by anti-corruption chief magistrate Lawrence Mugambi comes as a painful lesson for former NSSF Investment Manager Francis Moturi - a public servant - and three managers of a private company, Discount Securities Limited. Moturi, David Githaiga, Wilfred Weru and Isaac Nyamongo will either have to pay the fine or serve 14 years in prison each.

The shock ruling is likely to send cold shivers across other corruption networks as the magistrate showed no mercy when he fined the graft lords almost nine times the Sh1.2 billion that they stole from pensioners through fraudulent transactions done in 2008. Their scheme involved buying shares of listed companies through Discount Securities Limited.