ABSA bank branch in Mombasa

Chaotic scenes hit ABSA bank with top officials scrambling for banks assets at a low price colluding with cartels to make millions and drive audi, range rovers among other high end vehicles. 

Absa Bank Kenya may announce huge profits, but behind the scenes lies a shocking series of cruel bargains and events involving senior staff. 


Despite the bank's involvement in endless court cases, senior staff still have access to client information and details on underutilised assets.


The staff then acquires these properties through proxies at discounted prices. Chief Finance Officer Yusuf Omar, a seasoned accountant and expert in economics, is under scrutiny for working with cartels regarding the company’s assets. 


Confident in his protection from the higher-ups, Omar acquired the Bamburi Absa branch, which sits on a 1-acre piece of land touching the tarmac and second row from the beach, neighbouring the iconic Whitesands Hotel. 


He snapped up the property for around Ksh 35 million, significantly below its rightful value of Ksh 100 million. Insider sources indicate that the directors at Whitesands were willing to acquire the property at a price above market value. 


Wycliff Makori, a contentious staff member in Mombasa who is currently under pressure from several other cases of a similar size, assisted Omar.


Makori is accused of conspiring with the data department and high-ranking staff to reveal crucial client data and bank details to external entities, including fraudsters.


Other staff members implicated include Elizabeth Irungu, Chirera Waithaka, Ruth Kamengere, Moses Muthui, Ms. Karori, Steve Omamo, Elkana Momanyi, and unidentified officers based in Nairobi. 


Bank employees run the risk of acquiring numerous assets through dubious means in Nairobi, Malindi, Nakuru, Mombasa, Kisumu, Naivasha, and Diani.


Sources claim there is a long list of bank branch managers who have been colluding with outsiders to defraud clients and access sensitive information. 


Omar, who owns properties worth millions, is known for holding secret meetings with leading corporate CEOs, county executives, and corrupt government officials who seek quick money deals through the bank. 


Notably, corruption, nepotism, and even sexual favours often led to the appointment of the bank's cartel staff across various branches in Kenya involved in these dubious deals, even though they did not qualify for their key positions.


Broader Implications Accusations levelled against the bank have prompted the Central Bank of Kenya (CBK) to launch wide-ranging investigations into some of the branches. 


Media reports highlight serious allegations of sexual harassment, insider fraud, money laundering, data breaches, and customer manipulation.


According to reports, sales employees have been manipulatively colluding with their managers to get commissions at the branch level, particularly targeting customers seeking loan facilities.


The main issue is data leakage, where a protected cartel makes huge profits with the help of data engineers at the main office in Westlands, Nairobi. 


These engineers steal customer records and sell them on the black market. An analysis reveals that random individuals are receiving loan marketing SMS from companies they never signed up with.


According to reports, the engineers sell customer data for as much as Ksh1,000 per record. Details can include credit card information, mobile banking details, and other sensitive data. 


Young engineers driving high-end cars like Audis, Volkswagens, and Benzes on mere salaries of net averages of Ksh 150,000 indicate the scale of the data leak. 


The affected branches include Queensway, Lavington, Nyali, TRM, Nkrumah, and Ngong. 


When they suspect fraud, bank officials from the forensics department are quick to demand bribes from suspects, thereby obstructing the investigation.


The DCI is currently investigating one executive in connection with a recent Ksh 179 million equity bank heist.


"We have 'handled' and 'controlled' the mainstream media to stop publishing any negative stories in exchange for paid media advertising space," says an insider.


Other fraudulent activities include manipulating contracts to favour known companies and using rogue methods to collect money from loan defaulters. 


A court ordered Absa to compensate a couple for the fraudulent sale of their shares on January 10, 2023, and found them guilty of selling shares in various companies, including EABL and BAT Kenya, without the couple's consent.


The bank's top management may now have to conduct thorough scrutiny of its staff to prevent future litigation. Absa must address these internal issues to restore trust and ensure the integrity of its operations.

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