Thursday, August 18, 2022
Thursday, August 18, 2022
Home Business Wachira Njuguna to step aside for NHC audit

Wachira Njuguna to step aside for NHC audit

by Susan Mwenesi
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HOUSING CORPORATIONKenya’s land ministry has asked National Housing Corporation (NHC) Managing Director WACHIRA NJUGUNA to step aside by the Lands Ministry to allow an audit by the ministry.

Mr. Njuguna will be handing over his office tomorrow to an official seconded form the ministry, who will be acting managing director during the period of investigations.

Mr Njuguna said, although he was surprised at the request by Lands Cabinet Secretary Charity Ngilu to step aside to allow for the investigations, he has utmost respect for the CS and would fully comply and cooperate with the investigators and the Ministry.

He expressed confidence that he will be absolved of any wrong doing and resume duty shortly after the investigations are concluded as he is confident that he will be cleared.

“I will be stepping aside as a show of my utmost respect for the Cabinet Secretary Charity Ngilu. I’m looking forward to resume duty and service to Kenyans shortly after the investigations are concluded, as I am confident that I will be cleared of any wrong doing,” he said.

Mr Njuguna was appointed managing director of NHC two years ago and has turned around the corporation that has had marginal growth. He is a highly respected architect and among the few youthful chief executives manning government agencies.

In his first year in office, he was able to more than double the Corporation’s profitability to Sh835 million, the highest level of profitability for NHC. The corporation also gave a Sh57 million dividend to Treasury. The rise in profits followed an aggressive reduction in wastage, bringing down corruption levels and increased collections from NHC’s existing rental houses as well as proper coordination of the Corporation’s personnel.

NHC has also recently embarked on implementing an IT system that will integrate its operations with its estates including rental collections. The system is expected to seal the loopholes that have in the past seen vast amounts owed to NHC go uncollected.

In the two years, the Corporation has also been able to complete some of their projects including 300 units in Langata, 280 units in Nairobi West and another 300 in Makadara.

NHC is now gearing towards the construction of more than 10 000 low cost housing units across the country. Already awarded and contractors have moved to site include Kisumu (600), Kisii (40), Athi River (380) and Mavoko (1 080). Others in the pipeline include Eldoret where its plans to put up 2 500 units, Mavoko (2 000) and Stony Athi (4 300). The units will be financed through a housing bond that NHC plan to float and other innovative financing mechanism such as contractor financing.

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