Ksh11 Billion Stolen Through Fake SHA Claims - Health CS

Hello and welcome to the Money News Roundup Newsletter, where we are covering an audit that has exposed how hospitals stole Ksh11 billion from SHA. We also cover the surge of house prices in Langata and Nairobi satellite towns.

Duale Says SHA Has Lost Ksh11 Billion Through Fake Claims  

The Social Health Authority (SHA) lost Ksh11 billion to fraud between October 2024 and April 2025, with private hospitals submitting the bulk of fake claims, a Ministry of Health audit has revealed.

As reported by Nation, hospitals inflated payments by converting outpatient visits into inpatient admissions, claiming higher reimbursements for services that were not delivered, or billing for costlier procedures than those actually performed. 

Some facilities even registered healthcare workers as patients to log false claims. In maternity wards, hospitals reported all deliveries as caesarean sections, defying WHO standards, while surgical claims often lacked theatre notes or complete documentation, making verification impossible.

Health Cabinet Secretary Aden Duale said the six-month period marked the height of theft within Kenya’s universal health coverage scheme.

He noted that faith-based hospitals had the lowest rejection rates, while private and referral hospitals accounted for most fraudulent activity. 

Investigations are ongoing, with 118 files submitted to the Directorate of Criminal Investigations. So far, 24 facilities have confirmed fraud cases, 61 are under investigation, and 15 files have been forwarded to the Director of Public Prosecutions. 

Over 18 doctors and 22 clinicians have been blocked from the SHA portal for involvement in fraud. Despite the losses, Duale noted that the government had paid Ksh75 billion to the Social Health Insurance Fund in the past 14 months.  He added that the ministry remained committed to recovering stolen funds while ensuring Kenyans receive the healthcare they paid for.

Lavington Leads Nairobi Suburbs in House Price Growth, Runda Tops Rentals

House prices in Lavington led Nairobi suburbs in Q4 2025, rising by 2.8%, followed by Westlands at 2.6% and Karen at 2.4%, according to the HassConsult Q4 House Price Index. 

As reported by Capital Business, overall, property prices in 18 city suburbs grew 0.8% in the quarter, while rents increased 1.5%. 

Westlands apartments recorded the largest annual price decline at 11.5%, though Q4 saw only a 0.5% drop.

Rental growth was highest in Runda at 3.1% and Lavington at 2.6%, with Upper Hill apartments rising 2%. 

In Nairobi’s satellite towns, Tigoni led house price growth at 2.2% and rents at 2.8%, followed by Ruiru. Apartment sales rose modestly, but rental prices surged, including a 15.6% increase in Ruiru during 2025.

Kenya Airways Shares Surge by  70% Amid Investor Talks and Appointment of Esther Koimett to Board

Kenya Airways (KQ) shares have surged 69.7% in eight trading days, closing at Ksh5.50 on Tuesday, up from Ksh3.24 on January 15, generating paper gains of Ksh13.1 billion for shareholders.

As reported by the Business Daily, the rally follows rumours of talks with a strategic investor and the creation of a new board seat representing Kenyan banks. 

Esther Koimett was appointed to the board to represent KQ Lenders Company 2017 Limited, a consortium of ten local banks holding about 38% of the airline. 

KQ did not confirm investor talks. The banks’ move, coupled with Koimett’s expertise in finance and restructuring, is expected to strengthen strategic decision-making as the airline seeks capital injections amid a negative book value of Ksh129.5 billion.

Rupsa Sacco Obtains Court Orders to Auction KUSCCO Assets Over Ksh108.8M Unpaid Deposits

Ruiru-based Rupsa Sacco has secured court orders to auction movable assets belonging to the Kenya Union of Savings and Credit Cooperatives (KUSCCO) over unpaid deposits and interest totaling Ksh108.8 million.

As reported by the Business Daily, the move comes amid KUSCCO’s ongoing financial woes, which include alleged fraud and losses exceeding Ksh13 billion from irregular investments in lending, mortgages, and insurance. 

Rupsa had previously won a ruling from the Co-operative Tribunal in 2024 ordering Kuscco to settle the debt, but payments were not made, even as KUSCCO refunded other member saccos.

KUSCCO cited liquidity challenges and a PwC verification exercise as reasons for the delay, but Rupsa maintains it was not informed of the audit. The auction marks a first legal push to recover owed funds.

Audits Reveal Quarter of County Staff Are Ghost Workers Who Pocketed Ksh978M in Salaries

Special audits of 26 county payrolls have raised concerns over possible ghost workers, with about 25.3% of sampled employees, 596 out of 2,354, unable to be traced, despite receiving Ksh978 million in salaries between July 2021 and June 2024. 

The audits, conducted by Auditor-General Nancy Gathungu, found Machakos, Mandera, Kajiado, Nairobi, and Nandi among the worst affected, with non-verified staff pocketing salaries ranging from Ksh47.6 million to Ksh112 million over three years.

The findings highlight risks of fraud, irregular payments, and inflated wage bills, particularly where manual payrolls were used.

Extrapolated, counties could have paid up to Ksh33.5 billion to non-existent staff in 2024/25, out of a total wage bill of Ksh132.2 billion. Read more.

Tanzanian Billionaire Edha Nahdi to Inject Ksh25.8 Billion Into East Africa Portland Cement

Tanzanian billionaire Edha Nahdi’s Amsons Group is set to inject Ksh25.8 billion into East Africa Portland Cement to fund a major plant upgrade and almost quadruple production within three years.

As reported by Billionaires.Africa, Kalahari Cement, a subsidiary of Amsons Group, which owns 69 per cent of the firm, says the funding will modernise equipment and expand capacity to nearly 4 million tonnes annually from 1.3 million tonnes. 

Nahdi said preparations are advanced following a plant tour in Kajiado, with the first phase focusing on an energy-efficient grinding and clinkerisation plant. Amsons has already engaged a global EPC contractor for a turnkey design. 

The investment is expected to stabilise operations, boost staff confidence, and strengthen Kenya’s cement supply amid rising demand, potentially positioning East Africa Portland Cement as the country’s largest producer.

Yogupay Appoints Payments Kevin Ng’ang’a as Chief Commercial Officer

Yogupay has appointed Kevin Kigima Ng’ang’a as its incoming Chief Commercial Officer as it scales its cross-border payments and trade settlement infrastructure for African businesses. 

As reported by Techcabal, Ng’ang’a brings over 20 years of experience across fintech, FX, and trade finance, having held senior roles at global and regional payments firms, including serving as country lead for a regulated cross-border payments fintech. 

As CCO, he will drive market expansion, liquidity development, and partnerships, while aligning product and customer outcomes. 

He said Yogupay’s focus on instant trade settlement, transparency, and liquidity, shaped by his own importing experience, positions the firm to address persistent frictions in Africa-to-global trade corridors.

I&M Bank Certified as Top Employer in Kenya 

As reported by Citizen Digital, I&M Bank Kenya has been certified a Top Employer in Kenya for 2026 by the Top Employers Institute, recognising its ability to create a high-performing workplace through data-driven HR strategies and practices that boost employee engagement, growth, and business performance. 

The global HR authority, active in 125 countries, assessed the bank across six domains, including people strategy, work environment, talent acquisition, learning, diversity & inclusion, and wellbeing.

I&M Bank Kenya’s Regional CEO, Kihara Maina, said the certification reflects the bank’s commitment to supporting employee growth as part of its iMara strategy. Top Employers Institute CEO Adrian Seligman noted that the recognition demonstrates the bank’s alignment of people strategy with organisational goals and its transformative workplace practices.