RECOVERYBut the outgoing chairperson, Ms Teresa Mutegi, said the Sh2 billion loss had been reversed. The sacco acquired Spire Bank, then known as Equatorial Commercial Bank, in 2015 from businessman Naushad Merali. The more than 57,000 teachers who are members of the sacco were guided to invest a total of Sh2.4 billion for a 75 percent stake in the bank. Besides the residential houses, Mwalimu sacco also completed a 17-storey building worth Sh1.5 billion in Upper Hill, Nairobi. The Central Bank of Kenya (CBK) has, in recent years, shut down other lenders such as Chase Bank for capital breaches.

Source: Daily Nation February 28, 2019 07:18 UTC