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Trouble As KBA As CEO Habil Olaka Is Accused Of Having Questionable Doctorate Degree And Corruption

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Discontent has hit the Kenya Bankers Association (KBA) over the leadership style employed by the Chief Executive Habil Olaka.

Staff  at the institution accuse Olaka of being a lone ranger who rarely consults his juniors even in matters that require them to implement.

They claim,Dr Olaka has been drawing hefty allowances including travelling ones.They now want the CEO who boasts to have a questionable doctorate degree investigated.Further they claim,the association accounts are being manipulated to show all is good when in true sense doctoring of figures is the order of the day.Insiders reveal,Olaka and his cronies use Chairman Ball Dinner  to solicit funds from sponsors that cannot be easily accounted for.

Among the sponsors during the last dinner event were Telkom Kenya,Quintessence Tailor,Glenmorangie and Kenya Wines Agencies Ltd.

The CEO is accused of being arrogant and openly engaging into nepotism.

They say the CEO runs the association like personal property and has little regard for advice from the governing council.

KBA is the financial sector’s leading advocacy group and the umbrella body of the institutions licensed and regulated by the Central Bank of Kenya (CBK) with a current membership of 47 financial institutions.

Olaka was appointed Chief Executive Officer in October 2010 to be responsible for strategic direction of the Association under guidance from the KBA Governing Council.

The staff say despite his wide experience, having started his career at the PricewaterhouseCoopers, Nairobi in the Audit and Business Advisory Services Division and sitting on a number of boards representing the KBA, Olaka has little to show for since assuming the helm at KBA.

Bitter staff claim that, though KBA General Body elects a Governing Council that comprises a minimum of 12 CEOs who represent the members and oversee the Secretariat’s operations, programmes and budget, Olaka runs the show like personal property and enjoys the support of the chairman, Joshua Oigara who is the Chief Executive, Kenya Commercial Bank.

To win the local bank CEOs on his side, Olaka releases negative dossiers on the operations of the banks and then promises cover-ups.

The current representatives are Kariuki Ngari (Standard Bank), Martin Mugambi (Citi Bank), Rebecca Mbithi (Family), Olobayo Velacrux (GT Bank), Gideon Muriuki (Co-operative), Jeremy Ngunze (CBA), Nasmi Devji (Diamond), James Mwangi (Equity), Kihara Maina (I&M) and JoyAnn Wainaina, among others.

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According to sources, KBA has remained mum over the KCB takeover of the troubled National Bank of Kenya though Kenyans have expressed reservations on the merger.

The Association only came out to defend African Banking Corporation (ABC) from allegations of money laundering and other financial crimes even after Central Bank Of Kenya raised a red flag over ABC operations.Talk is rife,ABC top management compromised KBA to come to its rescue. .

But KBA, which prides itself as the leading advocacy group and the umbrella body of the institutions licenced and regulated by the Central Bank of Kenya (CBK), remained mum when Imperial and Chase banks sank with Kenyans’ money.

The association was also silent as a cartel of politically well-connected individuals’ looted National Bank dry, leaving it bleeding to its death.

Though KBA prides itself with reinforcing a reputable and professional banking sector in a bid to best support Kenyans, who entrust their ambitions and hard-earned resources with its member banks, it did nothing as rogue managers worked hand in hand with crooks to steal taxpayers money in the National Youth Service and NBK scandals.

Another KBA member, Housing Finance is also struggling to stay afloat after top officials awarded undeserving persons loans amounting to billions of shillings.

Other KBA top officials include Fidelis Muia, Director, Technical Services, Nuru Mugambi, Director, Communications and Public Affairs, Kennedy Mutisya, Chief Finance Officer, Jared Osoro, Director, Research and Policy and Raimond Molenje, Manager, Legal, Human Resources and Industrial Relations. Key players in KBA corruption deals  are Mutisya and Osoro.They head departments that are strategic.Osoro is Olaka spanner boy.

Insiders want Olaka to state how much KBA has received inform of donor partnership and projects undertaken.Further they want him explain those who accompanied him during a visit to South Africa to receive  honours on behalf of KBA.The South African trip is said to have been turned into a sex tour with millions used.

Concern is that , KBA which also has micro finance institutions as members  has been minting millions from mushrooming micro finance as protection fee despite looting from innocent Kenyans.

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