Banks Implicated In NYS Scandal Will Not Go Unpunished

CENTRAL BANK, NYS SCANDAL — Central Bank Governor, Patrick Njoroge. / COURTESY

Central Bank of Kenya Governor Patrick Njoroge on Tuesday said that banks directly implicated in the National Youth Service (NYS) Sh.8 Billion will be held accountable.

Speaking during a presser, the governor said that the CBK is working closely with the other government agencies to make sure the lenders who violated the law are brought to book.

“The CBK is working closely with the Director of Criminal Investigations (DCI) and other investigating agencies on this case. And as you know, there are two directions that we are going. We are probing recipients with a view to recover the resources as quickly as possible and banks and other entities that may have been involved,” Mr Njoroge said.

He also noted that it is ‘unconscionable that such losses of public funds would take place at this moment and age.’

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“We do have that responsibility to supervise/ oversee banks and their compliance to the tenets of various legislations,” he said, adding that the loot has not only led to loss of public funds but also loss of public trust.

Over 54 suspects are due to face charges in court, among them PS Lilian Mbogo Omollo and Director General NYS, Richard Ndubai.

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