Finance Solutions Firm’s CEO On The Spot Over Sh1.3M Alleged Fraud

NAIROBI – The chief executive officer of a Nairobi-based finance solutions firm is facing allegations of fraud after a businessman accused him of orchestrating a scheme that saw him lose Sh1.35 million in purported facilitation fees.

The CEO of PBI Africa, a company operating out of Keystone Park in Riverside, Westlands, is accused of luring a client, Steve Wangombe, into paying the amount as “verification fees” for the financing of a Local Purchase Order (LPO) worth Sh15 million.

According to Wangombe, the CEO, identified as Gachau Mwangi, assured him that PBI Africa would facilitate the LPO financing through an escrow account once the upfront payments were made.

However, nearly a year later, no financing has materialised.

Instead, the complainant says he was subjected to repeated meetings where new terms were introduced, shifting the goalposts of the initial agreement.

Despite numerous follow-ups, PBI Africa has allegedly refused to refund the money.

Wangombe also revealed that the CEO frequently boasted of the company’s banking ties with major institutions, claiming to work closely with KCB, DTB and NCBA.

However, when contacted, all three banks reportedly denied any association with PBI Africa.

“After paying the Sh1.35 million, they kept coming up with new requirements and promises that never materialised. Eventually, I confirmed with the banks that they don’t even recognize this company,” Wangombe said.

The matter has since been reported to the Directorate of Criminal Investigations (DCI), with the complainant urging other possible victims to come forward.

As of press time, PBI Africa and its CEO had not responded to requests for comment.

The case adds to growing concerns about fraudulent financial consultancies exploiting desperate entrepreneurs in need of capital.