President William Ruto has been accused of acquiring an interest in currency printing company De La Rue Kenya through Monarch Capital Limited, a Mauritius registered company whose directors include business figures from Uganda and Mauritius.
Three years after De La Rue announced that it was suspending banknote printing operations in Kenya, the company is now positioning itself for possible multibillion shilling security printing contracts under a new ownership structure.
Records from the Mauritius Registrar of Companies show that Monarch Capital Limited was incorporated on October 6, 2025, with Coowar Bibi Shaheen, Kaudeerally Mohammad Zeead and Humphrey Arnold Munyamareme Nzeyi listed as directors.
The records give Monarch Capital’s registered address as the offices of Safyr Utilis Corporate and Trust Services Limited, located on the seventh floor of Nexteracom Tower One in Cybercity, Ebene, Mauritius.
Monarch Capital later acquired a 60 percent shareholding in De La Rue Kenya, leaving the Kenyan government, through the National Treasury, with its existing 40 percent interest in the security printing company.
Company records show that former Safaricom chief executive Michael Joseph, Humphrey Arnold Munyamareme Nzeyi and Andrew Pkemoi Lopokoiyit were introduced as directors, with Isaac Mukui Nduru listed as the company secretary.
The same records show that the Cabinet Secretary to the National Treasury holds 800 ordinary shares on behalf of the Kenyan government, representing the remaining 40 percent ownership.
Andrew Lopokoiyit currently serves as managing director of Wilken Aviation Limited, which operates from Wilson Airport in Nairobi, and is an elder brother of former Safaricom chief operating officer Sitoyo Lopokoiyit.
Nzeyi is a Ugandan businessman linked to several commercial interests and serves on the board of the Uganda Manufacturers Association, according to information about his business and organisational roles.
Sources familiar with the ownership changes claim that Lopokoiyit, Nzeyi and Joseph are acting as proxies for President Ruto, though no public company record directly names the President as a shareholder.
Former Deputy President Rigathi Gachagua raised the claims last weekend when he challenged President Ruto to declare whether he holds any interest in the currency printing company.
Gachagua claimed that President Ruto had acquired an interest in De La Rue Kenya and questioned whether the company could be used to print currency ahead of the next election campaigns.
President Ruto and the national government had not publicly responded to Gachagua’s claims by the time this article was prepared, leaving the accusations unanswered in public.
Government sources say De La Rue Kenya is seeking contracts beyond currency production, including the printing of passports, examination papers, election materials and other protected government documents.
Greece based Lykos Inform Hellas Limited, which was awarded a multimillion shilling Kenya National Examinations Council contract, is said to be working with De La Rue Kenya on examination printing arrangements.
The Greek company received the examination printing contract amid reports of an ongoing Kenya Revenue Authority inquiry concerning possible tax evasion, which remains separate from the questions surrounding De La Rue’s ownership.
A source at KNEC said Lykos Inform holds the contract, but the physical printing of KCSE and KEPSEA examination papers is expected to take place at De La Rue’s factory along Thika Road.
De La Rue Kenya is also said to be preparing for contracts connected to the next elections, including the printing of ballot papers for the electoral commission and political party nomination exercises.