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Irungu Nyakera accused of conning Affordable Housing investors

2 mins read
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Members of the Safaricom Investment Corporation (SIC) are accusing the Farmer’s Party leader Irungu Nyakera’s company of conspiring to con them millions of shillings in a failed Affordable Housing project in Kiambu county.

Nyakera’s Sycamore Pine Limited was listed as the vendor in the multi-million project, with the sales agent being the Safaricom Investment Cooperative – which recommended the product to its members.

”It was quite well advertised, 2 and 3 bedroom apartment at Ksh 2.95m and 3.95m respectively. Safaricom Investment Cooperative (SIC) as sales agent recommended the product to us because we are their members.

As per the sale agreement signed between the buyer (us) and the vendor (Sycamore Pine Limited) we were to deposit 40% of the cost of the apartment and the rest was to be paid in 24 equal monthly installments starting from when the construction commences,” a SIC member confides to this publication while detailing how their money was deposited to Sycamore PINE Ltd account but through MMC ASAFO. A law firm in Spring Valley owned by Lawyer Edward Muriu.

On Friday 3rd, 2020, Housing PS Charles Hinga launched the premier luxurious-low-cost housing Samara Estate project. Despite it being listed to start by early 2021 and the apartments ready for occupation by 2023, it did not happen, something that shocked SIC.

”SIC sensing a breach of the agreement by the developer (Sycamore pine Ltd owned by Irungu Nyakera) advised us to withdraw from the project and ask for a refund which we did. We wrote to MMC, withdrew from the project, and asked for a refund of our cash. MMC didn’t have an objection but needed approval from the director of Sycamore Pine Ltd who is Irungu Nyakera,” he adds.

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