This archive report was first published on 26 August 2019.
August 26, 2019
Ronnie Osumba, the former deputy presidential candidate who ran alongside Peter Kenneth in the 2013 elections, is facing financial distress after auctioneers attached his home in Athi River, Machakos County.
The four-bedroom house, valued at around Sh10 million, is scheduled to be sold on September 19, with Valley Auctioneers inviting bidders to participate in the sale.
Osumba, who served as the chairman of the Youth Enterprise Development Fund, is listed as the joint owner of the property alongside Vera Akinyi Ogundu.
The auction is a pointer to financial distress often associated with a borrower's inability to service loans, and it is unclear whether the property was bought on mortgage or collateralized as security for another loan.
Commercial banks are unwilling to extend new loans to the private sector, contributing to soaring default rates on loan repayments, analysts suggest.
