Business News
National Bank Scandals: Bad Debts Threaten Lender
Published
2 years agoon
Loading...
The Kenyan Digest has received reports that the Joker at the Central Bank of Kenya refused to sign Q3 Accounts last week but was hoodwinked into signing them as a crisis looms at the once great bank.
By the time of going to press, we had confirmed that the National Bank is yet to receive a Ksh 4 Billion bailouts that they expected because of a corrupt management that may squander the cash.
The Lender, which is now sinking dangerously like the Titanic is struggling with bad debts amounting to more than Ksh 30.1 billion, most of it which it has started to write off for “non-recovery”, Kenyan Digest has learnt.
CBK Patrick Njoroge
It has however remained a mystery as to why the Central Bank of Kenya continues to allow the bank to operate despite the red lines like that Imperial Bank of Kenya showed before sinking. A few months ago, various media outlets reported that the bank, Under Kenya’s youngest CEO Wilfred Musau had gone red on various set ratios.
The share price of the ailing lender has dropped from Ksh 9.15 to Ksh 4.95 this year when there were rumours that the Kenya Commercial Bank was planning to buy it, reports that could not be independently verified.
An expert that we spoke to but was not ready to be quoted had this to say:
“The bank’s capital has gone down by 83 per cent, from Ksh10.1 billion to Ksh1.7 billion. The current capital is only Ksh738 million, against the CBK statutory minimum of Ksh1 billion. The bank has a core capital to total deposits ratio of 1.8 per cent against the statutory minimum of 8 per cent. The core capital to total risk-weighted assets ratio is at 2 per cent against the minimum 10.5 per cent. This is not a bank but a collapsing ship” The expert intimidated
Loading...
To play with Kenyans minds, the ill-fated bank’s management started wooing depositors with savings plan despite the fact they are struggling to carry out normal RTGS transactions which are delayed in the bank for more than 3 weeks at times till it reflects at the correspondent bank. It is this way as they have to wait for collections at end month then settle large outstanding transactions. It is obvious that the looting did not stop with the exit of Munir Ahmed, the crook that bought his way out.
NBK CEO Wilfred Musau.
In March 2018, the bank lost an opportunity to onboard a $50m placement credit line from a correspondent bank due to the unsatisfactory response to the sexual harassment allegations which appeared in the Business Daily against the “Hands-On CEO”.
We can confirm that the bailout which they are now expecting is yet to hit the lender’s accounts due to disagreements between themselves, top shareholders, National Social Security Fund and the National Treasury.
Loading...
Related Topics:
The Kenyan Digest Team
Advertisement
Loading...
You may like
Loading...
Main1 week ago
title loans open today1 week ago
Tall danger vendor accounts and bank card processing by re re payment solutions charge card devices
checkmate loans payday loans1 week ago
Cooper as well as other Ebony and Latino leaders may also be objecting to a present move by the Ca
Main1 week ago
The Best 100 Free Dating Site3 days ago
Asian man black colored colored girl well free internet dating solution
easy online payday loans1 week ago
This new CFPB Leadership Should Avoid Speed Caps on Small Dollar Loans
General News4 days ago
Edited at 29.08.2020 – Cheap essay writing
Uncategorized2 days ago
Everything about Cbd Edibles And Their Effects – Panacea Life Sciences
Fickanzeiger seiten1 week ago
Zu händen Alleinerziehende Unter anderem Singles mit Bedeutung für jedes Sippe. Für wen funktioniert Tinder, anstelle wen auf keinen fallEta
Main2 days ago
zip payday loans23 mins ago
Portland, OR. See if you meet the requirements for a payday that is quick in Portland, OR
paydayloans32 mins ago
Payday advances unemployed. Instant payday loans online. Little payday advances payday advances unemployed.
bbpeoplemeet dating36 mins ago
Find Japanese ladies from Japan and have now enjoyable viewing Japanese videos about Japan.
Bristlr bewerten2 hours ago
Dating seiten fГјr lau Kiel BRD. Dies Kalendertag schlieГџlich Nicht Liierter Wohnhaft Bei Braunschweig
fuckbook hookup sites2 hours ago
Bang With Friends: Facebook Sex App Creators Talk Controversial Product. Want to have sex using your Facebook “friends? ”
payday loans no checks2 hours ago
Payday improvements tigard oregon. Missed structured settlement loan
Flirtlife preise2 hours ago
Tips Unter anderem Erfahrungen: Man vermag seekrank werden, Sofern Welche EindrГјcke welcher Sinne nicht zusammenpassen
onlinepayday loans2 hours ago
Let me make it clear about ‘End bank payday financing now,’ customer teams urge
NakedCams Big Tits XXX Live Video2 hours ago
clean the hands and get as a position that is comfortable. Just how to make use of pads
bdsm com reviews3 hours ago
Nine Popular On The Web Platforms a Date can be found by you For Valentine
Loading...
Trending
- Main1 week ago
- title loans open today1 week ago
Tall danger vendor accounts and bank card processing by re re payment solutions charge card devices
- checkmate loans payday loans1 week ago
Cooper as well as other Ebony and Latino leaders may also be objecting to a present move by the Ca
- Main1 week ago
- The Best 100 Free Dating Site3 days ago
Asian man black colored colored girl well free internet dating solution
- easy online payday loans1 week ago
This new CFPB Leadership Should Avoid Speed Caps on Small Dollar Loans
- General News4 days ago
Edited at 29.08.2020 – Cheap essay writing
- Uncategorized2 days ago
Everything about Cbd Edibles And Their Effects – Panacea Life Sciences