Controller of Budget Dr. Margaret Nyangate Nyakang’o risk losing her job after being charged with fraud

Kenya’s Controller of Budget Dr. Margaret Nyangate Nyakang’o has been charged before a Mombasa court with several counts including defrauding a depositor of Sh29 million.

Dr Nyakang’o was also accused of operating FEB Sacco Society Limited without a valid licence and forgery.

She was presented before Mombasa Chief Magistrate Alex Ithuku who released her on bail, after denying the charges.

The charges against her stated that she defrauded Claudia Mweni Mutungi of Sh 29 million on diverse dates between 1 November, 2019 and 1 May, 2020, by pretending to operate a genuine investment FEB Sacco Ltd.

She is also charged for operating the deposit taking outfit without a valid licence from Sacco Regulatory Authority.

The prosecution further claimed that Dr Nyakang’o forged Mweni’s signature an offence she allegedly committed on 2 December, 2019 at FEB Sacco Society Limited within Mombasa.

The court ordered her to deposit bond of Sh. 2 million with a surety of a similar amount or alternative cash bail of Sh 500,000, to secure her release.

The case will be mentioned on 13th December 2023 for further directions.

The Court at the same time issued summons to Dr. Nyakang’o’s co-accused Jackson Ngure Wanjau, Susan Kendi Kiambati, James Makena Wanyangi, John Muchira Kithaka and Jane Karuu Ndanyi.
Other co-accused are Muthoni Eliphas, Joan Chumo, Mercy Ndura Mukora, Gregory Mwangangi Mailu and Michael Kipkirui.

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