Jubilee MP Samuel Arama's Ksh25M Home to be Auctioned

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Interior CS Fred Matiang'i (left) with Nakuru West Town MP Samuel Arama in Nakuru in 2019.
File

Nakuru Town West MP Samuel Arama's Ksh 25 million home is lined for auction after he failed to pay a Ksh 3 million loan he secured from a local bank. 

Leakey's Auctioneers was directed to recover the loan by selling the property sitting on a Ksh 0.51 acre plot.

The MP is also set to lose four residential blocks located near his home. 

The property registered under his wife's name will be sold on Wednesday, October 21, at the Nakuru General Post Office parking yard. 

Nakuru Town West MP Samuel Arama addresses a crowd in Nakuru in 2019
Nakuru Town West MP Samuel Arama addresses a crowd in Nakuru in 2019
File

Bidders were asked to pay Ksh 1 million refundable deposit. 

Arama lost a case against the local bank after he failed to convince the court not to authorise the sale of his property in 2017. 

The MP joins a list of politicians whose property are facing auction. 

Jubilee Secretary General Raphael Tuju is fighting to save his Ksh 1.6 billion property after a bank filed suit to repossess his property. 

Former Cabinet Minister Gideon Ndambuki's land-based in Machakos was also listed for auction after he failed to fully repay his Ksh. 5M loan.

On Wednesday, September 30, the Central Bank of Kenya (CBK) announced the resumption of the Credit Reference Bureau (CRB) listing for loan defaulters. 

"On the recommendation of CBK, (Treasury CS Ukur Yattani) published the suspension for a period of six months, the listing of negative credit information for borrowers whose loans were performing previously but have become non-performing from April 1, 2020.

"Consequently, loans that fall in arrears from April 1 to September 30, 2020, will not lead to the “blacklisting” of the borrower on the CRBs," reads the statement in part.

Central Bank of Kenya (CBK) building in Nairobi.
A file image of the Central Bank of Kenya (CBK) building in Nairobi.
Simon Kiragu
Kenyans.co.ke
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