Youth Fund CEO Bruce Odhiambo Resigns
Barely a year before the end of his term, embattled Youth Fund Board Chairman Bruce Odhiambo has resigned.
Mr Odhiambo in an email to a media house, Royal Media Services, said he was “stepping down to allow investigations to continue.”
It read: “There has been lots of talk recently…about YEDF [Youth Enterprise Development Fund]…that is shadowing the ongoing investigations.”
He said he was ready to be called anytime to answer any further questions but added: “[I] am out of the country on private issues and get back on the 3rd of April.”
The former music producer has been fingered over alleged theft at the youth fund, particularly how Sh180 million was transferred in two tranches of Sh115 million and Sh65 million to Quorandum Limited, 10 days after Mr Odhiambo appointed Ms Catherine Namuye, the suspended acting chief executive, as the sole signatory to the fund’s account.
Ms Namuye allegedly contracted Quorandum to design a computer management software for the fund before making the payments.
This was shared this week in the National Assembly’s Public Investment Committee.
The hearing was told that the Public Service, Youth and Gender minister Sicily Kariuki had ordered the blockage of Mr Odhiambo and other board members from accessing and transacting any business on behalf of the fund.