Raila Odinga Names Uhuru Kenyatta’s Aide, Rotich And Top Officials In Eurobond Saga


Opposition leader Raila Odinga has named President Uhuru Kenyatta’s Chief of Staff Joseph Kinyua and top officials of the National Treasury and the Central Bank of Kenya as the top persons of interest he wants apprehended for the “missing billions” in the Eurobond saga.

Mr Odinga while addressing a news conference in Nairobi, said that Kinyua, the principal secretary Kamau Thugge, Treasury’s Cabinet Secretary Henry Rotich, CBK chairman Mohammed Nyaoga, accountant-general Bernard Ndung’u and CBK’s financial markets director John Birech, former CBK governor Njuguna Ndung’u and his financial management colleague Moses Muthui have the obligation of explaining to Kenyans how the Sh250 billion bond was disbursed.

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He asked the three top Treasury chiefs led by Cabinet Secretary Henry Rotich who in his words spent Eurobond funds, to vacate their offices and face charges for undermining the constitution by refusing to deposit the Eurobond proceeds in full into the Consolidated Fund.

The opposition leader further stated that the officials have to face charges for negligence. He reported that the documents which shows remittances of the money into the country were falsified, so they should face charges for trying to deceive tax payers and overall public.

In the words of the CORD leader (CORD):

“There are no bank statements or third party evidence, showing the whereabouts of the money deposited into the account at the Federal Reserve Bank of New York.  The National Treasury did not pay immediately into the Consolidated Fund, the Full Amount of the Net Proceeds of the Sovereign Bond of  Sh 173 .9 billion (US$1.9billion) which were received on June 24,  2014,

National Treasury strategically planned the scheme to deceive the Kenya taxpayers that the proceeds of the Eurobond were deposited into the Consolidated Fund, even where there is visible evidence that no deposit was done.”

He quoted Article 206(1) of the Constitution and the Public Finance Management Act Section 50 (7)(a), insisting that the National Treasury breached the constitution for not obtaining the endorsement of the Controller of Budget Agnes Odhiambo before withdrawals from the Net Proceeds of the Eurobond when effecting the repayment of the Syndicated Loan.

Ethics and Anti-Corruption Commission had asked the Director of Public Prosecutions to close the file and ask the Auditor General for a forensic audit on the Eurobond billions, Raila criticized the local institutions for not having sufficient will to unveil official theft of public funds.

According to him:

The scheme is so elaborate, so thick and so reckless that we believe these officers acted for or on instructions from bosses higher up the Executive ladder. Your guess is as good as mine on who the owners of the plot really are,”.

Mr Odinga urged President Kenyatta to resort to global help independent international Forensic Audit like the UK’s Serious Fraud Office to enable him hunt down the missing Sh 102 billion ($999 million) of the Eurobond Proceeds that were not deposited in the Consolidated Fund.

He challenges President Uhuru Kenyatta to declare the Eurobond matter a National Disaster, and to seek the help of Serious Fraud Unit to look into the matter. He went on to say that the matter isn’t a minor one but should be taken seriously calling it ‘theft in a well thought out plan led by the Kenyan government.

He went on to suggest that President Kenyatta institute an audit of expenditure reportedly financed by the Eurobond proceeds and immediately put into effect the Treasury Single Account (TSA) to scrape the excessive amount of non-transparent revenue collection accounts such as “Sovereign Bond Accounts through which corrupt government officials divert revenues to before revenues are paid into the Consolidated Fund.

He also urged the president to declare Integrated Financial Management System as a material deficiency in accounting and public financial management a national disaster and disgrace.

He finally demanded that the president should appoint professionals who are very familiar with accounting and financial management to head the National Treasury and to restore the independence of the Office of the Auditor General.

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