Former KCB CEO Joshua Oigara has been named in documents linked to CBK scrutiny of large transactions involving politically exposed persons.
A set of documents and regulatory records circulating among investigators and journalists has raised questions about a series of high-value banking transactions involving senior figures connected to KCB Group, a former non-executive director, and individuals associated with Kenya’s political elite.
The materials, which AllInAfrica.co.ke could not independently verify, relate to transactions flagged by the Central Bank of Kenya (CBK) and reviewed under anti-money-laundering controls. No court has made findings of wrongdoing against the individuals named.
Retirement of KCB Board Member Followed Regulatory Attention
Earlier this year, KCB Group announced to the Nairobi Securities Exchange the retirement of Adil Khawaja as a non-executive director.
While the move was presented as routine, sources familiar with the matter allege it followed heightened regulatory scrutiny of certain financial transactions. KCB has not publicly linked the retirement to any investigation.
CBK Flagged KSh314 Million Transfer
According to the documents, on 14 May 2020 CBK flagged a transfer of KSh314 million from an account associated with Khawaja at I&M Bank to an account held by a man identified as Mr Tanui, described in the records as a relative of then Deputy President William Ruto.
On the same day, approximately KSh240 million was withdrawn in cash from the recipient account.
The transaction was reportedly explained to CBK as a tender-related payment linked to Kenya Pipeline Company. Correspondence cited in the records indicates that the regulatory response was approved by Joshua Oigara, then Chief Executive of KCB.
Banking analysts note that while senior approvals are not unlawful, large politically sensitive transactions typically undergo layered internal review.
Anti-Fraud Unit Activated
Sources say CBK subsequently referred the matter to its anti-fraud unit for further review, focusing on the nature, timing, and beneficiaries of the transfer.
Investigative notes referenced in the documents allege that responses to possible regulatory queries were anticipated and prepared in advance. One such note refers to a later KSh16 million deposit made into a KCB account held by an individual identified as Veronica Nyabuto, shortly after the flagged transaction. Investigators are said to be examining the origin and purpose of that deposit.
No judicial determination has been made that the payment constituted a bribe or illegal inducement.
Other Transactions Cited in the Records
The documents also reference additional transactions during the COVID-19 procurement period, including payments to companies that supplied medical equipment to KEMSA.
In one instance, a supplier reportedly received KSh135 million, part of which was later transferred to an account linked to Khawaja. In another, a separate KEMSA-related payment involving a different supplier and intermediaries allegedly triggered further CBK queries that were answered through KCB channels.
The records suggest recurring patterns of large inflows, rapid transfers, and regulatory explanations, though no court findings have established criminal liability.
No Charges, No Court Findings
It is important to note that:
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No Kenyan court has ruled that the transactions amounted to money laundering
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No criminal convictions have arisen from the matters described
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Regulatory reviews and investigative inquiries do not in themselves establish guilt
KCB Group, Joshua Oigara, Adil Khawaja, and individuals associated with the transactions were contacted for comment. No responses had been received by the time of publication.
Why the Issue Matters Beyond Kenya
Financial-crime experts say the questions raised highlight broader challenges facing African banking systems, including:
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Managing politically exposed persons
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Ensuring independence of compliance functions
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Preventing regulatory capture
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Strengthening cross-border financial oversight
As African economies integrate further into global financial systems, transparency around large public-interest transactions remains critical.
Whether the matters described will result in prosecutions, regulatory sanctions, or remain unresolved depends on ongoing institutional processes.
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