SIC Co-operative dismisses fraud reports, accuses former staff of misleading the public

Reports indicated that the Co-operative is grappling with a financial crisis that places members at risk of losing more than Ksh.2 billion.

The core function of SIC Co-operative involves the construction of houses for sale as well as the purchase of large tracts of land for resale at a profit to members.

In the media reports, board members were accused of approving the purchase of non-existent parcels of land that have now turned into dead assets.

Further, it is alleged that the Co-operative's financial records were manipulated to conceal losses exceeding Ksh.100 million, while land assets were allegedly inflated to about Ksh.2.6 billion to project a false image of profitability.

In a statement on April 13, 2026, Acting CEO Jared Odhiambo stated that the allegations were being propagated by former staff dismissed over serious breaches of company policy, including fraud and non-performance.

"We wish to reassure you that your investments are safe, and the Society continues to operate normally, with all projects and services progressing as planned," the statement read in part.

Odhiambo appealed to members to rely on official communication channels for verified information.

The recent reports raised questions over the viability of the cooperative’s real estate portfolio, with claims of overpayment for parcels of land.