Nairobi — Metropolitan National Sacco's assets plummeted by 89.3 percent to Sh1.07 billion in 2023, according to a new report.

This dramatic decline follows the revelation of a Sh12 billion loss uncovered by an audit.

Data from the Sacco Societies Regulatory Authority (SASRA) indicates that total assets decreased from Sh10.02 billion in 2022.

The audit, which was initiated in response to allegations of mismanagement and fund misuse, exposed substantial theft by Sacco management.

Key figures implicated in the audit include former CEO Francis Ng'an'ga and Benson Mwangi, both of whom were dismissed and replaced by a caretaker committee in 2022.

The inquiry also mentioned several employees, including those heading internal audit, ICT, risk, compliance, credit, and finance departments.

The investigation, prompted by complaints from teachers about mismanagement, revealed significant financial discrepancies.

For instance, while reported interest income from 1987 to 2021 was Sh16.2 billion, the total income for the period was estimated at Sh6.8 billion.

Further scrutiny uncovered questionable land transactions and the creation of an investment arm, Metropolitan Investment Corporative Society Limited, with initial seed capital of Sh1.01 billion--an action taken without members' approval.

In response to the findings, the Teachers Service Commission (TSC) suspended remittances for 11,310 teachers affiliated with the Sacco in April this year.

As of March 31, 2024, 2,401 teachers remain active members of the Sacco.