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Kenyan MPs probe sale of troubled Spire Bank to teachers Wednesday April 28 2021 Advertisement Kenyan lawmakers have opened an investigation into the controversial sale of the troubled Spire Bank to Mwalimu National Sacco (MNS) in a deal estimated at over Ksh3 billion ($28 million). The sacco board blamed the poor performance of the lender on business tycoon Naushad Merali who withdrew all of his deposits amounting to Ksh1.7 billion ($15.74 million) immediately after selling his shares in the bank. The Senate Committee on Finance and Budget is investigating the transaction that has raised eyebrows in investment circles and is demanding an explanation from Central Bank on how teachers appeared to have been duped into putting money in an investment that has failed to generate profit in the last six years.

Nairobi areaSacco meraliNaushad meraliCharles kibiruSpire bankCentral bankSenate committee onChase bankEquatorial commercial bankRegistrar of companiesSpire bank to mwalimu national saccoSacco societies regulatory authority sasraErnst youngCompetition authority of kenyaImperial bankMwalimu sacco spire bank