Kenyan investors in Land must be shaken to the core!
What with the recent numbers being churned out by knowledgeable sources, alluding to the downturn of the entire real estate sector, with key indices like consumption of cement down almost 25% between 2016 - 2018. Banks also seem to have recorded a slump in personal loans whilst auctioneers were recently hosted to a cocktail by NMG CEO Stephen Gitagama (arguably the most colorless CEO NMG has had in decades) to underscore the shift in economic fortunes in the country. NMG hosted Auctioneers to a cocktail (photo credit Nohammed Wehliye) Its a complete feeding frenzy by auctioneers, with economic situation in their favor, funded on one-hand corrupt money and on the other hand, its sibling - poor economics. It is not rare these days to see 8 full pages of auction property in the daily Nation.
Worse have been the very public meltdowns of previously high-flying and visible SACCOs, housing cooperatives and home ownership schemes.
The most recent outright con game was the collapse of Ekeza Saccos and scheme which is associated with failed politician Kariuki Ngare, better known as “Dr. Bishop Gakuyo”… Ekeza Sacco member queue at DCI Headquarters on Kiambu Road Government auditors had discovered that Gakuyo had siphoned off in excess of Ksh, 1 Billion of members contributions and called for criminal investigations against him. The matter continues to offer Kenyans a front row seat into the lameness of the Kenyan Judicial system.
On a better note for prospective home owners who had sunk their life savings into Suraya Property Group, the Business Daily reports that the firm has now acquired Ksh. 1.6 Billion with which to complete stalled projects. Sue and Peter Muraya of Suraya Group; Githeri Media reports they have got a 1.6B bailout for their stalled projects while suffering investors inundate social media with horror stories. The Group states that its woes were occasioned by the liquidity crisis that hit the country once MPigs passed the misguided Interest rate caps.
Suraya Group (linked to the couple Sue and Peter Muraya) learnt first-hand how dangerous it is to engage with family owned entities, especially 2nd generation degenerates who fight each other in court and out of it, over these properties.
Suraya Group investment into the mega Fourways Junction real estate project off Kiambu Road almost ground to halt when original owner of the land in question Dr. Samuel Gatabaki and his wife Nancy Wanja Gatabaki were embroiled in a bitter dispute over the land, long after transfers had been done and construction began. Fourways junction project which was the focus of protracted battle between Suraya and Gatabaki family Nancy was only placated when she was offered Ksh. 725 million in an out of court settlement.
His brother, fomer Githunguri MP Njehu Gatabaki also jumped into the fray with his own court petition against his brother and Suraya…
More recently was the open spat between the siblings in the Muigai family over the division of land on Kenyatta Road (on the way to Gatundu). A portion of the land in question had been sold off to Banda Homes Ltd who had sub-divided the piece and started to sell with intention of luring buyers. Kenyatta cousin Kathleen Kihanya who ran to Githeri media claiming fraud in a deal where Banda homes had set up a home ownership scheme. A member of the family and cousin to Uhuru Kenyatta, Kathleen Kihanya ran to the media with alarming news that the investors were being conned by her other family members, and causing complete panic.
The story appeared in the so-called credible media of the Daily Nation and Business Daily.
Kathleen Kihanya, keeps popping up on our radar with links to some of this kleptocracys’ scandals alongside Uhurus sister. She once headed the UK Centre near Parliament which was supposed to spearhead Uhurus 2002 election flop.
For the avoidance of doubt, the entire extended Kenyatta family is totally fucked-up and the members of this particular family are notorious drunks, associated with “The Hood” restaurant in Hurlingham.
But alas….I digress…(hehe)
There is a consistent thread here especially about those who illegally acquired coffee farms from Mzee Kenyatta in the 60s and 70s and whose 2nd and 3rd generations seem to be mired in endless controversy.
How terrifying it must therefore be for the investors of Urithi Housing and Cooperative society to hear once more that 2 of their projects are up for auction by banks.
For most of these innocents, the Urithi Housing projects were their only hope of owning decent housing for themselves and families. Successfully completed Juja Plainsview home ownership project by Urithi No single person should go through this type of agony, for whatever reason.
Media too needs to remember that some of the unsubstantiated claims made by them to the public, sometimes cause health conditions to be exacerbated, panic causes unrest in homes and a whole lot of unnecessary drama.
Ordinary Kenyans, many of them readers of this website and totally panicked have turned to us for solace and hoping that we will seek answers on their behalf.
They are interested in the completion of their projects…
One of the most terrifying things about “Githeri Media” reporting about Urithi is the constant association of the Sacco with the disgraced founder of Ekeza Sacco, the Bishop Dr. Gakuyo. Why would media consistently highlight this conman as having been associated with Urithi, especially now that his own Ekeza Sacco went bust?
Secondly, Urithi business model is very simple! It identifies land and negotiates for it then proposes a housing project to its members.
The members then choose which project they wish to invest in, fund the project and eventually take it over.
This has successfully happened with over 180 projects all over the country.
The current Chairman keeps explaining to “Githeri Media” that the current impasse is that the project in Gatanga has been caused by the members, who have refused to complete payment, demanding title deeds for the part payments made, while the owner is demanding the balance of monies before any more development can proceed.
Where banks were involved to finance the acquisition, the delays have occasioned for negotiations to restructure the loans.
The100-acre Panorama Gardens was acquired in 2016 and is situated on the Thika – Gatanga Road, a few minutes’ drive from the famous Blue Posts Hotel. Over and above the outright buyout of this land, Urithi also accepted to clear an outstanding loan (Principal + Interest) owed by the family of the seller to a bank.
When members delayed their contributions for this project, the bank attempted to call in their loan while the fully paid up members are demanding their title deeds…
Talk about a catch-22 situation!
The other project being touted as being in distress is one behind Mangu High School or Thika Power Plant.
Similarly, and probably due to the dwindling fortunes of members who subscribed to this project, a certain percentage have yet to clear substantial balances. Urithi Housing Sacco members receive dividends from their saving from Chairman Samuel Maina and former Nakuru Governor, Kinuthia Mbugua The fortunes of members seem to be linked with the gross mismanagement of the economy and supervised looting by the Uhuruto kleptocracy that has seen systematic impoverishment of previously well-to-do Kenyans, most of whom work in the informal sector.
Githeri Media is basking in the misery of of its own citizens, powered and underwritten (obviously) by the tainted money from the auctioneers, who seem to have surpassed betting companies as the major buyers of media (especially print) in these dark days of the Kenyan economy.
Based on the information at our disposal and from analysing the trends, we notice that the Urithi imaginary woes are exclusive to the Nation (Githeri) Media Group, in their 2 papers - Daily Nation and Business Daily. These are the people who happily hob-nob with auctioneers as their readers' financial fortunes dwindle, because the NMG lacked the courage and character to stand up to the mismanagement of the economy.
NMG, were only interested in Government advertisement, and fuck everything else.
Currently, Antique Auctioneers seem to be circling the Urithi property like a scavenger, and pushing the negative reporting in the NMG to bolster a case for a premature takeover of the property. Antique Auctioneers Chairman John S Lee It would be instructive to note that Antique auctioneers is owned by John S Lee, the same owner of Lee Funeral Homes...and a poetic similarity to the morbidity of the soul - Death and Auctions.
But we all know where the real blame squarely lies, don't we?
We can only ask, as did Henry II of England of Archbishop of Canterbury, Thomas Beckett in 1170.
Will no one rid us of these two nutters?