AFC directors among defaulters of Sh3bn, auditor says

Six directors of the Agricultural Finance Corporation (AFC) have defaulted on Sh35.82 million which they took from the company, but has now been deemed unrecoverable, making them among borrowers who have defaulted on loans worth Sh3.06 billion.

An audit report by Auditor-General Nancy Gathungu says the State-owned development financier lent a total of Sh54.92 million to seven directors in the year ended June 2022. However, six of them defaulted on Sh35.82 million or 65.2 percent of the total loan.