The Youth Enterprise Development Fund has been embroiled in controversy, with its Chief Executive Officer, Catherine Namuye, suspended following allegations of looting approximately KES 200 million from the fund.
According to investigators, between KES 180 and 200 million was transferred to Quondum Ltd using forged documents between February and April this year. This discovery was made by the Banking Fraud Unit, which uncovered suspicious transfers from the Fund’s account.
Namuye's suspension came after the allegations surfaced, with reports suggesting that she was acting on behalf of proxies who feared she would expose them. The suspension was reportedly carried out via a text message, sparking further controversy.
The incident raises questions about the management and purpose of the Youth Enterprise Development Fund, with many Kenyans questioning whether the fund is truly benefiting the youth or merely serving the interests of a select few.
