Youth fund boss cracks whip,sent home seven staff members over irregular loan disbursements

Youth fund boss cracks whip,sent home seven staff members over irregular loan disbursements

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BY KORIR JUMA,NAIROBI,5TH MARCH 2018-In a move aimed at tightening the knob at  the Youth Enterprise Development Fund (YEDF) ,the board has suspended seven of its staff members over  their involvement in irregular disbursement of loans.

This is after inconsistencies emerged in the disbursed loans during the process of migrating the Fund’s data into the new enterprise resource planning (ERP).

a statement released by the fund’s chairperson, Ronald Osumba, and seen by WWW.UPESINEWS.CO.KE  indicate that the board was notified of these discrepancies on February 6, 2018 and consequently commissioned a special internal audit to scrutinise them.

The audit report,  tabled before the board on March 2nd  identified the error among other anomalies.

As a result, the board has additionally suggested wide-ranging staff changes across the entire organisation especially in the finance and credit departments and invited both the National Treasury to conduct a special and independent audit to determine the extent of the problem, and the Directorate of Criminal Investigations to determine any criminal liability on the part of the recipients and the staff.

The Youth Enterprise Development Fund has in the past been riddled with claims of irregularities in its dealings and financial transactions and some of its former leaders accused of abuse of office.

To accomplish this, the board made several changes to its organisation including streamlining the Fund’s governance and putting up measures to ensure transparency and accountability, restructuring the organisation and investing in a robust ERP system for efficiency, among other changes, in the past 18 months.

“I wish to reiterate the commitment of my board to transform the Youth Enterprise Development Fund into a world class responsive, open, transparent and accountable entity that embraces efficiency and customer focus” said Mr Osumba in the statement.

In effect, this current board was appointed in June 2016 to restore public confidence in the manner in which the fund was being managed and streamline the institution’s operations to ensure it impacts the youth.


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