Ruth Muthoni Kamau, the woman at the centre of a string of fraud allegations involving a Sh1.5 billion Equity Bank heist and a bitter dispute over Fanikisha Microfinance Bank, says she is being targeted in an extortion scheme.
In an interview with the Daily Nation at Nation Centre on Sunday, Ms Muthoni denied the allegations against her and said the legal battles surrounding her businesses, property and relationships were part of an attempt to force her to pay money she does not owe.
“I am a victim of extortion, and I am where I am because I can't meet the Sh100 million the people who are fighting me want. Some of the lawyers involved in these suits have demanded bribes of Sh20million,” she said.
She questioned why the Equity Bank investigation had continued to focus on her despite the large number of people who were implicated in the 2024 fraud.
“On the Equity Bank heist, there were more than 200 people who were implicated. Why do you people keep focusing on me?” she asked.
Ms Muthoni also disputed claims that she received Sh800 million from the stolen Sh1.5 billion, saying she received only Sh100 million and that the money was a legitimate payment from a supplier.
The Directorate of Criminal Investigations has previously questioned Ms Muthoni over the bank fraud in which investigators alleged that money was channelled through companies and accounts associated with her.
Ms Muthoni also rejected allegations that she acquired a stake in Fanikisha Microfinance Bank through Joel Mwangi Wainaina, whom the institution’s majority shareholder, Geoffrey Kariuki Gathimbu, has described in court papers as her proxy.
Ruth Muthoni Kamau, the woman at the centre of a string of fraud allegations involving a Sh1.5 billion Equity Bank heist.
Photo credit: File | Nation Media Group
“I have not bought any stake,” she said when asked about the dispute over ownership and control of Fanikisha.
Mr Gathimbu has accused Ms Muthoni of using Mr Wainaina to acquire a 49 per cent stake in the microfinance institution and subsequently attempting to take control of its operations and digital infrastructure.
The allegations are the subject of a case before the Kiambu High Court where Mr Gathimbu is seeking, among other orders, the reversal of the share transaction.
Ms Muthoni, however, maintains that she has no ownership interest in Fanikisha.
She has also been linked to a separate company, Fanikisha Access Capital Group Limited, which records show is associated with Mr Wainaina. Her accusers have alleged that the company was used as part of an attempt to move money away from the microfinance institution.
Ms Muthoni also dismissed questions surrounding her acquisition of high-value property, saying she had been in business since her early 20s.
On the Sh90 million Runda property that has become the subject of a court dispute involving businessman Edward Kipkoech Kogo, she said there was nothing unusual about her ability to acquire expensive assets.
“I started making money when I was 23 years old doing export business, and there should be no buzz about where I got my money from,” she said.
The property is the subject of an Environment and Land Court dispute involving Ms Muthoni and Mr Kogo, who has questioned how Ms Muthoni’s father could have acquired the property. Ms Muthoni and her father are seeking to recover the property, while Mr Kogo disputes their claim.
An Equity Bank branch in Nairobi.
Photo credit: Dennis Onsongo | Nation Media Group
Mr Kogo has told the court that he was a business partner with Ms Muthoni until they fell out earlier this year and has accused her of attempting to transfer two high-end vehicles worth about Sh50 million into her name. One of the vehicles mentioned in the dispute, a 2022 Range Rover Vogue, is associated with her.
“The two high-end vehicles you are mentioning, one is under me, that is Range Rover Vogue, but I don't want to discuss more for now,” she said.
Ms Muthoni put her personal wealth at below Sh500 million, saying it was largely held in property and agricultural export businesses.
“I am worth roughly below Sh500 million, and it’s a mix of real estate and agri-export,” she said.
Ms Muthoni said she was preparing a detailed response to what she described as fraudulent allegations and attempts to extort her through third parties.
She asked for more time to provide information that she said would expose those behind the allegations.
“If you can be patient with it and considerate, I would really appreciate it because I am going to expose everyone who has been trying to extort me through fraudulent charges and third parties,” she said.
