MPs question Sh1m NSE investment by Bishop Gatimu Ngandu Girls
Auditor-General raised questions over Sh1.58 million reported as short-term investments in the school's financial statements for the year ended June 2021.
Nairobi – A committee of Kenyan MPs has questioned why Bishop Gatimu Ngandu Girls High School invested just Sh5,381 in dividends from a Sh1 million stake in the Nairobi Securities Exchange (NSE), despite the high expectations of parents and the public. The matter came under scrutiny after the Auditor-General raised concerns over the lack of supporting documents for the school's reported short-term investments.
Principal Jane Njuguna admitted that the returns were insufficient and questioned the value for money, particularly when parents were being asked to contribute towards the school's needs. Committee chairman Dick Maungu emphasized the need for the school to demonstrate how the investment provided value, especially in light of the public funding.
Several MPs, including Embakasi West MP Mark Mwenje and Sotik MP Francis Sigei, expressed concern over the potential misuse of public funds and whether the investment should be directed towards educational needs instead. The school has been directed to submit documentation proving Treasury approval for the investment and provide details of the shares purchased, investment certificates, and performance records.
Written by urgent.news from Capital FM Kenya's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
