Court jails former ICEA manager for Sh62.8m theft

A court in Nairobi has jailed a former assistant general manager with the Insurance Company of East Africa (ICEA) Lincoln Kivuti Njeru for nine years for stealing Sh62.8 million.

While announcing the sentence on Monday at the Milimani Law Courts, Nairobi Chief Magistrate Francis Andayi said the company lost a colossal sum of money.

Mr Andayi said ICEA CEO Justus Mutiga said the opportunity of investing the money was lost.

Mr Andayi added that the prosecution, led by Ms Angela Fuchaka, proved that it was Mr Njeru who stole the money.

He also said that Sh10 million was recovered from the accused and a further Sh7 million was found in his account.

The court dismissed Mr Njeru’s defence that the money was an investment loss at the collapsed Nyaga Stock Brokers.