Former National Social Security Fund (NSSF) manager Francis Moturi has been sentenced to 14 years in prison or a fine of Ksh.2.6 billion for defrauding the pension fund of Ksh.1.2 billion over a decade ago.
High Court Judge Nixon Sifuna upheld the 2022 fine and jail term, determining that Moturi’s actions caused significant financial losses to the pension fund.
Moturiβs attempt to overturn his conviction and sentence, initially imposed by Chief Magistrate Lawrence Mugambi in 2022, was unsuccessful.
Moturi, who had been in charge of the department responsible for purchasing shares, was fined Ksh.2.6 billion and sentenced to 14 years in prison for his role in the Ksh.1.2 billion loss at the pension fund. He was convicted alongside officials of Discount Securities Limited (DSL), including Isack Nyakundi, Wilfred Munyoro, and David Githaiga. DSL was also convicted.
Dissatisfied with the verdict, Moturi and the other parties appealed, but Judge Sifuna upheld their convictions and sentences, emphasizing the importance of accountability in managing public funds.
Trial Magistrate Lawrence Mugambi fined the three former DSL employees Ksh.803 million each or 12 years in jail. Discount Securities Limited was ordered to pay a fine of Ksh.4 billion, with its assets to be auctioned if the fine is not paid.
The convicts were accused of defrauding NSSF by purchasing non-existent shares between August 2002 and July 2007.
As the investment manager, Moturi was expected to act with diligence, prudence, and honesty, according to the high court.