CBK need to be more vigilant.

As the Kenyan government hunt for former Triton chief Yagnesh Devani, Kenya Pipeline Corporation grapples with a looming bankruptcy suit. It’s reported how the country’s oil lost oil worthy billions of to the Triton as a result of conspiracy of staff members. It is amazing how such a key state corporation could be having such a weak internal control measure
Interestingly also is the fact that such a rogue individual (Yagnesh) managed to swindle the state and other financiers billions of shillings. Most likely by now he has wired that money to his secret accounts in other countries.
Time and again, Kenya has lost billions of shillings through various scams perpetrated by civil servants entrusted in running the government. Even after subsequent auditing and investigations, the stolen public funds are traced overseas.
Money transfer in Kenya is mainly carried out by commercial banks and forex bureax.Understandably, billions of money lost from this country passes through these two institutions.
Much as the Central Bank of Kenya in its guidelines outlines the prerequisite for telegraphic transfer and other money transfer services, it is apparent the same is abused by to some extent. It’s the high time the CBK enforces stringent measures to ensure the country doesn’t continue hemorrhaging financially.
James Mwangi Kanyi
Nairobi.