Bingwa Sacco CEO Jane Mugo’s mismanagement spelling doom for the entity
Bingwa Sacco CEO Jane Mugo is on the spot for mismanaging the once vibrant and high flying Sacco and is now spelling doom for the entity and risks sinking members into poverty if her role at the helm remains to be tolerated.
Members are now pointing fingers at Ms Mugo arguing that her actions have led to the loss of millions of shillings of Sacco money on advertisements, skewed procurement, the installation of banking software systems and the expansion of the Sacco headquarters whose contracts were all awarded to firms said to be associated with members of her family.
Her Board members are now demanding that she resigns or forcefully removed from office owing to the fact that she has heavily mismanaged the Sacco and that she has overstayed her welcome at the helm of the once vibrant but now dying Sacco, with members left a frustrated lot while others have altogether left it to rival Saccos like Greenland Fedha.
An example of her mismanagement is the loss of close to Ksh. 1.2 billion in liquidity and high-interest rates in loans with the Sacco now facing serious financial distress due to loan default brought about by members who have since moved to rival Saccos.
It is also said that CEO Mugo single-handedly launched a raffle dubbed TAJIRIKA NA BINGWA PROMOTION against sober advice from a section of dissenting board members, leading to the loss of millions of shillings of Sacco money.
Members are now demanding for an audit of the Sacco’s accounts and assets and that EACC to be seized of the matter in a bid to rescue it from Ms Mugo who members say has left the Sacco a shell from what it used to be.
About The Author
