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The story of National Bank vultures has been recorded over and over again. National Bank is forever the harvest grounds for banking industry criminals.

Recently, the Standard Newspaper presented shit-loads of scummy evidence in an expose dubbed “Vultures circle as National Bank weakens under weight of bad debt”. The standard Newspaper’s expose summarized National Bank’s all time management as the EMBODIMENT OF BANKING FRAUD STEREOTYPES. And now, Wilfred Musau has launched a 1% annual interest deposit mobilization drive to unsuspecting customers who would wish to save up to KSH 5,000 in National Bank. Not even the KSH 5,000 deposit drive can save NBK.

CAPTION: Innocent NBK Customers in Harambee Avenue Branch busy participating in Wilfred Musau’s KSH 5,000 campaign for a 1% annual interest not knowing what awaits them once the bank collapses soon. 1% of 5,000 is 50 bob annually. Acha tucheke tu kabisaaaa. Heri ukule mandazi nayo ukijuanga tu ilisha-digestiwa kuliko kujiingiza katika mchezo ya kupoteza.


When the Standard Newspaper penned an enquiry to National Bank requesting the bank to clear the air surrounding the heavy criminal activities in the bank, WILFRED MUSAU responded and this was his response: “In our view, the allegations are baseless and the REAL FACTS HAVE BEEN GROSSLY MISREPRESENTED,” Musau said in an emailed response”

In one of our previous series, we categorically mentioned how NATIONAL BANK was practicing the worst form of toxic accounting. (Read : National Bank’s Rampant Account’s Falsification)

This is the very reason why, as BAD NEWS ANALYTICA, we wish to register our criticism which serves as the OFFICIAL DISAGREEMENT with the Standard Newspaper’s Assertions that “Mr. Musau led the bank to profitability in his first year as CEO, bouncing back from a huge loss the previous year”.

This is a classical case where the REAL FACTS HAVE BEEN COMPLETELY ORPHANED. In an environment where our Bonoko Financial Specialist has been consistent in analyzing National Bank’s financial trickery and recently busted Central Bank Of Kenya’s Governor (Dr. Patrick Njoroge) when he wrongly used his CBK position to force a restatement of NBK Financials, we must use Wilfred Musau’s words and say “Such allegations by the Standard Newspaper about Musau leading the bank to profitability are baseless and the real facts have been grossly misrepresented” We told Kenyans that the restatement was a forced strategy to prevent the bank from making over KSH 5 Billion loss resulting from bad loans (Read:  NBK Restates financials to temporarily postpone a banking industry disaster).

Dr. Patrick Njoroge is not a fool, he is an academic doctor for Satan’s sake. He knew that by allowing NBK to register a loss of over KSH 5 Billion, the bank’s core capital would be immediately wiped out rendering the bank technically insolvent. He would have had no other option but to close the bank. He chose to take bribes and abet financial conman-ship on innocent shareholders through financial restatement giving NBK a one year life-line. Strange Enough, PriceWaterHouseCoopers (Auditors known for clearing bad smoke) gave a clean bill of health to that malpractice. If National bank’s books were to be correctly reported, the bank would have failed all the banking safeguard ratios (CAMELS) over 2 years ago.

Out of KSH 47 Billion sitting as National Bank’s Loan Asset book , KSH 34 Billion (>70%) has been uncollectible for over 2 years. This is the reason why anytime NATIONAL BANK pretends to make a profit, they are blatantly practicing financial criminality. With over 70% NPL, all the profits generated by the <30% clean book is eaten away by the provisions and steep managerial overheads.

Recently, we laid down in bear terms how REUBEN KOECH & JOSEPH KERING conspired and defrauded millions from a bank’s customer going by the name of General Mills East Africa Limited (Read: National Bank’s Customer – General Mills Ransacked by Renowned NBK Criminals).

While we thought that the financial bludgeoning Experienced by BEN GITONGA (Proprietor of General Mills) in the hands of REUBEN KOECH & JOSEPH KERING was a last effort by these two criminal directors to make money before CBK initiated there sacking, we got it all wrong. This was a fully-fledged criminal scheme which was affecting several corporate clientele who couldn’t pay their loans after intentionally being screwed up by the very directors.

In an opaque twist of events, NATIONAL BANK pulled a first ever in the banking industry: “INCENTIVIZED BAD DEBT COLLECTION PROGRAM”. While implementing the shareholder unfriendly criminal model, the bank could negotiate with the over 70% defaulters to pay in exchange of LARGE DISCOUNTS.

While at it, National Bank’s Corporate Swindling Director (REUBEN KOECH) and the bank’s Damaging Director (WILFRED MUSAU) savagely organized for corporate customer visits and started asking even performing customers to default for them to qualify for the Bank’s Cloudy program.

Some customers like BEN GITONGA (Proprietor of General Mills East Africa Limited) accepted the proposal and lost over KSH 28 Million to the crooks while others declined as we are going to discuss a sample below:

Sample 1: Chelsea Holdings Limited – Loan amount of KSH 1.25 Billion

CHELSEA HOLDINGS LIMITED (Registered under the number CPR/2011/50972) is mainly owned by a Nairobi Tycoon Amin Akberali Manji who has worked hard for his wealth and never imagined that at some point in his life, lazy vultures (like REUBEN KOECH, WILFRED MUSAU & JOSEPH KERING) would come demanding for a share of his sweat.

Amin Akberali Manji who is officially reachable through his Project Manager Amool Manji (0722511544) was given a loan by NBK to construct two blocks of Apartments each with 10 Large units on Land reference Numbers 4580/24 & 4580/14 in Nairobi’s Riverside Drive.

We all know how Uhuru Kenyatta has fucked up this economy with the Real estate Sector experiencing a serious slow down. This reason partly contributed to Amin Akberali Manji’s inability to pay up the loan in a timely manner.

Amin Akberali Manji’s investment in Nairobi’s Riverside has 54 serene apartments retailing at KSH 55 Million per unit and 6 Duplexes Retailing at KSH 95 Million per unit.

Amin Akberali Manji was met with deafening surprise when REUBEN KOECH, WILFRED MUSAU & JOSEPH KERING demanded a unit of Duplex each if they were to ensure that half of his loan was written off. The Standard Newspaper captures this as below:


Caption: Extraction from Standard Newspaper

3 Duplexes going for KSH 95 Million each converts to a total of KSH 285 Million. Amin Akberali Manji refused to accept such an offer. According to him, he was not ready to ruin the reputation of his hard earned business empire. Why would he just give away KSH 285 Million just like that to the birds of prey?

In a show of solidarity, Amin Akberali Manji was joined by 11 of his employees and by lifting there 12 Middles fingers, they sent a FUCK YOU MESSAGE to the 3 banking criminals.


CAPTION: Amin Manji’s Riverside Project Marketers from Pam Golding Properties at the site office


Sample 2: Zingo Investments Limited – Loan amount of US$  5.8 Million

ZINGO INVESTMENTS LIMITED (Registered under the number C.105410) is a leather tanning company whose proprietor is Robert Njoka Muthara with physical address as Land Reference Number 9363/98 in Nairobi’s Eastern Bypass. Robert Njoka Muthara (who is reachable on 0727867643) is an upright individual who grew his business from the very rags of the world to a cash minting engine. But the Happiness of having a profitable business stopped when National Bank’s LOAN PEDDLERS (Relationship Managers) visited him and convinced him to re-bank to NBK. After a very long relationship with Kenya Commercial Bank, he opted to divorce KCB for a new suitor which was NBK.

Robert Njoka Muthara was later to be screwed up by NATIONAL BANK EXECUTIVES through an INTENTIONAL TRADE FINANCE GOOF. National Bank is a dirty bank in the eyes of the world top banks. And so we are reliably informed that when Robert Njoka Muthara Decided to transact his export business through NBK, his diaspora buyer insisted on the confirmation of a Performance Trade instrument from NBK. REUBEN KOECH lied to Robert Njoka Muthara that they will be able to have the instrument confirmed through there correspondent banks knowing very well that National Bank had all its limits cancelled by the correspondent banks and as a result, no confirmation could happen.

Based on this advice, Robert Njoka Muthara initiated shipment of leather merchandize to his diaspora buyer because he was also beating time to avoid penalties from the offshore buyer. While the specialized merchandise valued at over US$ 2 Million was already on the high seas, the diaspora buyer cancelled the contract citing frustrations from NBK Correspondent banks. This is how Robert Njoka Muthara LOST US$ 2 MILLION originating from an incompetent advice from REUBEN KOECH.

The bank’s executive declined to extend WORKING CAPITAL FINANCING to Robert Njoka Muthara which meant that his business had no other option but to Nose-Dive.

Robert Njoka Muthara rushed to the courts to prosecute his case and the judge listened to him. However, and just like a baby, he was hoodwinked  by NBK Rascals into dropping the case under the promise that they will avail to him additional working capital financing to jumpstart the business afresh.

Immediately after he dropped the court case, the bank changed the story and now he became the subject of attempted extortion. REUBEN KOECH under WILFRED MUSAU & JOSEPH KERING’S instructions approached Robert Njoka Muthara and asked him to generate 10% of his outstanding loan (circa KSH 50 Million) if his facility was to qualify for the National Bank’s Incentivized Debt Collection Program. Robert Njoka Muthara declined this offer because he did not have the money anyway.

As we speak, he is the bank’s enemy after declining a plundering offer. According to Robert Njoka Muthara, such an avenue to clearing debt was not the best pay-off as it could come back haunting him after the NBK Criminals have left the bank.


CAPTION: Robert Njoka Muthara admiring the rubble which became of his business after NBK screwed him up.


Sample 3: Benvar Estates Limited– Loan amount of US$  11 Million

BENVAR ESTATES LIMITED (Registered under the number C. 97753) is a successful company with a specialty in Floriculture, Horticulture and Quarrying. The Main proprietor of the company is Dr. Kennedy Mbugua Thairu reachable on 0722515025.

Dr. Kennedy Mbugua Thairu started his business empire when he successfully obtained a US$ 2 Million loan from East African Development Bank (Read: Benvar Granted a Medium Term Loan by EADB). Dr. Kennedy Mbugua Thairu’s operations can be found in his Juja Farm along Bob Harris Road registered as Land Reference Number 10082.

Those close to Dr. Kennedy Mbugua Thairu say he is not a happy man because he feels he was unfairly SMUGGLED into a relationship with National Bank. Dr. Kennedy Mbugua Thairu regrets why he did not launder himself back to mainstream banking at the right time.

Dr. Kennedy Mbugua Thairu was convinced to join National Bank in the pretext that they could finance his ambitions at that time. He wanted enough of a loan to Buy A large truck of land (in Nanyuki’s Timau area) and also finance the initial operations. National Bank financed the land identified as Land Reference Number Nanyuki/Marura Block 5/196-197,258,267-280 but refused to finance its operations.

When you finance bare land and refuse to finance the operations that converts the land into an income generating asset, then the only expectation is default. National Bank intentionally positioned Dr. Kennedy Mbugua Thairu for failure. As if that was not enough, REUBEN KOECH approached Dr. Kennedy Mbugua Thairu and asked him for near financial favors. He demanded to be given 3 ACRES of land out of Dr. Kennedy Mbugua Thairu’s Juja farm. REUBEN KOECH explained that the 3 acres were enough for 2 other directors (who everyone suspects to be WILFRED MUSAU & JOSEPH KERING) and that if Dr. Kennedy Thairu Mbugua was agreeable, he would qualify for the NBK’s Incentivized Debt Recovery Plan and will see to it that his loan was written-off up to 50%.

According to REUBEN KOECH, 3 acres out of the 1,200 ACRES Juja Farm was a NO-BRAINER. Dr. Kennedy Mbugua Thairu almost surrendered to this request which was full of shit-loads. He eventually declined that offer because he wanted to stay free from Scandals.

Caption: Dr. Kennedy Thairu Mbugua During his days in Campus. So clueless about what the future had for him. KARMA is a bitch.


Sample 4: Rising Star Commodities Limited– Loan amount of KSH 3 Billion

RISING STAR COMMODITIES LIMITED (Registered under the KRA Pin Number P051142148Z) is a dealer in all sorts of commodities and mainly owned by a Mombasa Tycoon going by the name of Ali Badrudin Alibhai Punjani. ALI BADRUDIN ALIBHAI PUNJANI’S business model can be described as that of conmanship.

Ali Badrudin Alibhai Punjani was once accused by the United States for Terrorism and Drug trafficking. REUBEN KOECH could therefore be construed as a rogue banker engaging in Terrorism & Hard Drug Financing (Read: Ali Badrudin Alibhai Punjani’s Drug Trade).

In fact, Ali Badrudin Alibhai Punjani’s accounts were frozen by the US because they had obtained critical evidence on Drug Trafficking. Part of the Moneys obtained from NBK which were used for Global  Drug Peddling were the subject of the freeze. The Money was given for commodity trade, if the funds were used as designed, then they wouldn’t have been frozen by the US. This is the reason why Ali Badrudin Alibhai Punjani cannot pay back the KSH 3 Billion Loan granted by NBK because the funds are still frozen by the US.

REUBEN KOECH Introduced Ali Badrudin Alibhai Punjani’s Company to NBK on a platform that turned out to be completely fraudulent. Ali Badrudin Alibhai Punjani was granted a KSH 3 billion loan and in exchange offered the following properties to the bank which REUBEN KOECH colluded with VALUERS (at a reasonable fee) and over-valued:

  1. Land Reference Number Mombasa/Block1/261 harboring an accelerated market value of KSH 124 Million. THIS IS THE ONLY PROPERTY WHICH WAS OWNED BY THE BORROWING COMPANY. Against which KSH 3 Billion was just thrown to the wind. 


  1. Land Reference Number MN/1/7601 owned by a related shell company Shrike Investments Limited. The property also harbors an accelerated value of KSH 170 Million.


  1. Land Reference Number Mainland North/Section 1/8731&8732 also registered under another fraudulently Shell Company called Alphina Enterprises Limited. While main land Mombasa has decent values for its assets, KSH 290 Million was a little on the higher side.


  1. Land Reference Number Kwale/Shimoni Adj/372 & Kwale/shimoni Adj./376 also owned by a strategically registered company known for unethical transactions going by the name of Kwale Cement Factory. Kwale is a county of environmental degradation with quarries everywhere and the property given to National Bank was 90% a quarry. Giving such a property a value of KSH 550 Million qualified to be the worst form of financial impunity.


  1. The mother of all jokes is the controversial LAMU Property Land Reference Number 19917 in Witu area registered under the name of a fictitious company, Lucas Investments limited. The property was also given an accelerated value of KSH 1.4 Billion. Bare land which can hardly be used for anything was marketed as being very close to dinosaur’s LAPPSET project.

As we had stated before, Ali Badrudin Alibhai Punjani gave REUBEN KOECH KSH 18.5 Million as a TERRORISM OFFERING TO SACRIFICE NATIONAL BANK SHAREHOLDERS (Read: Rising Star Commodities makes NBK Re-Sate Financials). REUBEN KOECH would then go ahead and collude with Valuers to OVER-VALUE the securities in a conspiracy that saw the bank lose billions. REUBEN KOECH also made sure the VALUER DID NOT GIVE AN INDEMNITY to the bank which is the norm when onboarding service providers by banks.


At the point of attempted foreclosure, NATIONAL BANK (through a fearless employee and Head of Remedial– EUSTACE NYAGA) engaged an ethical Valuer who gave the overall value of all the securities at KSH 700 Million. This is against the initially conspired value of KSH 3.8 Billion by REUBEN KOECH. In essence, the bank lost more than KSH 2.3 Billion because of REUBEN KOECH’S KSH 18.5 Million bribe. Why didn’t the bank just give REUBEN KOECH THE KSH 18.5 MILLION AS A BONUS to save KSH 2.3 Billion? Kwani ni hesabu ndio hamujui ama namna gani?


In One of the Board Papers, a wrong Forced Sale Value is given as KSH 2.5 Billion. Even if this was true, why would Ali Badrudin Alibhai Punjani qualify for an unsecured loan of KSH 400 Million?

Rising Star’s Faulty FSV on a Bank Document


Our previous Verbatim statement


REUBEN KOECH thought he would escape justice when the CBK Governor (Dr. Patrick Njoroge) allowed the bank to re-state its financials and BACKDATE LOSSES. Because facts are stubborn and Reuben Koech knows this, he has inducted Rising Star Commodities Limited to the Incentivized Debt Recovery Scheme hoping that a board approval to write-off KSH 2.3 Billion would eventually get him out of the woods.


CAPTION: Ali Badrudin Alibhai Punjani ruminating about his next Criminal Partners Now that REUBEN KOECH is already used.


Sample 5: Pebo Kenya Limited– Loan amount of KSH 150 Million

PEBO KENYA LIMITED (Registered under the number C.38469) is a distributor of Petroleum Products in South Nyanza. The main proprietor is Mzee Peter Bogonko Onchonga, an old man whose physical address is Land reference Number West Kitutu/Bogeka /3437, Nyakoe Kisii.

Mzee Peter Bogonko Onchonga hails from Kisii county where fraud is the common-thing trait. The good news for NBK was that Mzee Peter Bogonko Onchonga was one pure business man in an environment of Fraudulent business people. Before Mzee Peter Bogonko Onchonga made a decision to move his banking activities from the bank (Standard Chartered Bank – We salute Stanchart) to a BUSH OF FOGGY TRANSACTIONS WHICH IS NBK, the bank’s management promised to give him timely funds to complete the second phase of his Nyakoe Hotel. This was to be a long and contracted battle but they eventually gave him. However, Mzee Peter Bogonko Onchonga had already lost out on time and the value for money.

Now that he could not pay the loan on a timely manner, REUBEN KOECH attempted to recruit him to the Incentivized Debt Collection Program. Just like any other businessman aiming to reduce his cost of business, Mzee Peter Bogonko Onchonga was agreeable to that program until REUBEN KOECH attached a number to that offer. We do not know how much REUBEN KOECH asked for, but we know that whatever he had asked for was rudely rejected by Mzee Peter Bogonko Onchonga. Because of that disagreement, REUBEN KOECH is pushing very hard for the Remedial Notices to elapse so that they can sell the property. Selling a property in Kisii where superstition is paramount will not be very easy. This would have been a very good candidate for the Opaque Incentivized Debt Collection Program.


CAPTION: Eric Bogonko, the son to the Camera shy Peter Bogonko Onchonga. He seems to be enjoying a good time with the most Immoral fella in Tanzania while his father is getting the highest dose of impunity from National Bank.


Now let’s talk numbers. Out of the 47 Billion Loan Book, 70% is a bad book which translates to KSH 32.9 Billion. The interest lost by the bank at an average rate of 13.5% is KSH 4.5 Billion every year. If the borrowers yielded the call to share the lost profits where they pay 50% to the bank, retain 25% and channel 25% to NBK’s top management (KOECH, MUSAU & KERING) as corruption considerations, REUBEN KOECH, WILFRED MUSAU & JOSEPH KERING would easily make KSH 1.1 Billion in one year of default. Hii pesa wanapelekanga wapi jameni?


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