Why Bank Wants to Auction Ngara Affordable Houses Already Sold to Kenyans 

Wednesday, 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 20, 𝟐𝟎𝟐𝟒

In today's money news, Nation reports that the National Bank of Kenya (NBK) has warned that it may auction the affordable housing units at Jeevanjee Estate in Ngara, Nairobi, to recover a Ksh1.9 billion loan extended to developer Jabavu Village Limited. The title deed for the 8.9-acre land, held as collateral, has sparked controversy as the Nairobi County Government, which holds a minority 20% stake in the project, accuses the bank and developer of breaching agreements and conducting questionable loan processing. Amid claims of outdated valuations, lack of due diligence, and unauthorised site activities. Over 1,500 homeowners, some who have already made the full payments for the affordable homes. The affordable houses were completed in 2020 with one bedroom units going for Ksh1 million. Two and three bedrooms were sold at Ksh2 million and Ksh3 million, respectively. 
NGOs, and churches, now dominate Treasury bill holdings at 56% (Ksh346 billion) of the Ksh615 billion market, surpassing banks, which hold 34% (Ksh208 billion) as reported by Business Daily. Trusts and pension funds account for 9% (Ksh55 billion), with insurance firms at 1% (Ksh6 billion). This shift reflects growing interest in T-bills, fueled by higher returns and easier digital access, as individuals and organisations seek secure investment options amidst economic uncertainty.

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The Central Bank of Kenya (CBK) has announced the release of updated Ksh50, Ksh100, Ksh200, and Ksh500 banknotes, following the earlier rollout of the Ksh1,000 note in August 2024.

Key updates include:

• The signatures of CBK Governor Dr. Kamau Thugge and National Treasury Principal Secretary Dr. Chris Kiptoo.
• The year of print updated to 2024.
• Enhanced security threads with unique colour-changing effects for each denomination.

CBK reassures the public that older banknotes remain valid and will circulate alongside the updated notes.
Nation reports that public universities in Kenya are under scrutiny following an audit revealing over Ksh14 billion lost to financial mismanagement, corruption, and weak oversight in the year ending June 2022. The Auditor-General's report flagged dubious expenditures, irregular payments, and unaccounted funds in institutions like Maasai Mara University, Moi University, and Kenyatta University. Cases include Maasai Mara’s Ksh6 million spent on foreign trips with no documentation and Moi University’s unexplained Ksh1.6 billion. The findings expose a pattern of wasteful spending, weak governance, and systemic flaws, amplifying calls for accountability in the education sector.

Chief Justice Martha Koome has called for increased funding to bolster Kenya's child justice system, emphasising the need for collective efforts to uphold children’s rights as outlined in the Constitution, the Children Act, 2022, and international agreements like the Convention on the Rights of the Child (CRC). Speaking at the 35th CRC Anniversary, Koome highlighted the urgency of implementing trauma-informed, child-centred courts and strengthening Children Court User Committees to ensure universal access to justice for Kenya’s 23.6 million children. UNICEF’s findings on widespread childhood violence underscore the critical need for action as reported by Capital Business.