Family Bank is engaged in an ugly tussle with a 90-year-old woman who took a loan after it emerged that the bank is planning to auction his prime property in Ruaka, Kiambu County.

Edith Njoki has, through her lawyers, written to the bank appealing to it to release the title deed she used to secure the loan after Family Bank scheduled an auction for June 8, 2018.

According to Family Bank, Njoki had loan arrears of Sh2 million but she insists she fully settled the arrears through a payment of Sh2,001,129.70, in a letter penned on May 15.

Through her lawyer Hans Oichoe, the woman is demanding the title deed to her property in the upmarket Ruaka area saying she had met all her obligations to the commercial bank.

On June 8, 2023, the bank's appointed auctioneers, Watts Auctions, publicized their intent to sell the property citing the alleged failure by Njoki to pay Family Bank Sh2,001,129.70.

Read More

  1. Sh80 million settlement for Quickmart after dramatic Wells Fargo staff heist
  2. Family Bank extends Sh9.3 billion rights issue to drive expansion, tech upgrades
  3. Family Bank names Nancy Njau as new managing director, pending approval

The value of the said property stands at Sh25 million, according to a valuation carried out by Family Bank’s appointed auctioneer but Njoki is vehemently opposed to the planned sale.

On December 17, 2021, the two sides had struck a deal specifying that Family Bank would stop the planned auction of Njoki’s prime property if she fulfills her financial commitments.

In the deal, it was agreed that Njoki, who owed Sh13 million by December 16, 2021, would initially pay Sh2 million then make monthly deposits of Sh1 million to settle her arrears.

On its part, the bank would supply Njoki with an updated Statement of Account also reveal any costs of recovery she owed the bank that it was entitled to subtract from her payments.

However, Ann Njambi (her daughter), claims the bank instead demanded Sh4 million from Njoki without any proper reasoning yet she had reportedly paid Sh290,116 in excess.

The woman rushed to court after Family Bank, through their appointed auctioneer, published an auction notice in a local daily newspaper on November 14, 2022.

The bank wants the court to dismiss the case insisting Njoki violated her part of the deal.

On May 5, 2023, Magistrate Rawlings Liluma heard submissions made by both parties in the case and closed the file but the court is yet to reveal the particulars of his ruling up to date.