Equity bank on the verge of collapse - Jacob Juma

The man who warned Kenya agaisnt Dubai Bank, but whose dossier was ignored by former central bank of Kenya Governor Prof Njuguna Ndung’u, until Dubai Bank was weeks ago declared bunkrupt, is again sending warning against one of Kenya’s household Banks -Equity.

According to Billionare Jacob Juma, Equity Bank is a financial time bomb waiting to explode. It is a ponzi scheme of gigantic proportions.

This, he said, after news of silent exit of former Kenya Wildlife Service Director Julius Kipng’etich to Uchumi points to sticky management issues as he believes Kipng’etich’s exit is the lull before a storm.

“As a shareholder of Equity, Dr. James Mwangi should hand over management to other competent managers. This will stop the bank from imminent collapse.” says Juma.

“Equity’s James Mwangi has no monopoly of knowledge. How can a NSE public listed bank with many depositors be left in the hands of one man?”