Ruto accused of using a proxy to acquire De La Rue Kenya stake
President William Ruto has been accused of acquiring an interest in currency printing company De La Rue Kenya through Monarch Capital Limited
President William Ruto has been accused of acquiring an interest in currency printing company De La Rue Kenya through Monarch Capital Limited, a Mauritius-registered company whose directors include business figures from Uganda and Mauritius.
Three years after De La Rue announced that it was suspending banknote printing operations in Kenya, the company is now positioning itself for possible multibillion-shilling security printing contracts under a new ownership structure.
Business Daily reported that former Safaricom chief executive Michael Joseph had joined the De La Rue Kenya board following the sale of a 60 percent stake.
Records from the Mauritius Registrar of Companies show that Monarch Capital Limited was incorporated on October 6, 2025, with Coowar Bibi Shaheen, Kaudeerally Mohammad Zeead and Humphrey Arnold Munyamareme Nzeyi listed as directors.
The records give Monarch Capital’s registered address as the offices of Safyr Utilis Corporate and Trust Services Limited, located on the seventh floor of Nexteracom Tower One in Cybercity, Ebene, Mauritius.
Mauritius company records list Coowar Bibi Shaheen, Kaudeerally Mohammad Zeead and Humphrey Arnold Munyamareme Nzeyi as directors of Monarch Capital Limited.
Monarch Capital later acquired a 60 percent shareholding in De La Rue Kenya, leaving the Kenyan government, through the National Treasury, with its existing 40 percent interest in the security printing company.
Company records show that former Safaricom chief executive Michael Joseph, Humphrey Arnold Munyamareme Nzeyi and Andrew Pkemoi Lopokoiyit were introduced as directors, with Isaac Mukui Nduru listed as the company secretary.
Kenyan company records show Monarch Capital Limited holding 1,200 ordinary shares, representing 60 percent of De La Rue Kenya’s total 2,000 issued shares.
The same records show that the Cabinet Secretary to the National Treasury holds 800 ordinary shares on behalf of the Kenyan government, representing the remaining 40 percent ownership.
Andrew Lopokoiyit currently serves as managing director of Wilken Aviation Limited, which operates from Wilson Airport in Nairobi.
Nzeyi is a Ugandan businessman linked to several commercial interests and serves on the board of the Uganda Manufacturers Association, according to information about his business and organisational roles.
Sources familiar with the ownership changes claim that Lopokoiyit, Nzeyi and Joseph are acting as proxies for President Ruto, though no public company record directly names the President as a shareholder.
Former Deputy President Rigathi Gachagua raised the claims last weekend when he challenged President Ruto to declare whether he holds any interest in the currency printing company.
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Gachagua claimed that President Ruto had acquired an interest in De La Rue Kenya and questioned whether the company could be used to print currency ahead of the next election campaigns.
Rigathi Gachagua challenged President William Ruto to declare any interest in De La Rue Kenya and assure the country that currency would not be printed for campaigns.
Government sources say De La Rue Kenya is seeking contracts beyond currency production, including the printing of passports, examination papers, election materials and other protected government documents.
Greece-based Lykos Inform Hellas Limited, which was awarded a multimillion shilling Kenya National Examinations Council contract, is said to be working with De La Rue Kenya on examination printing arrangements.
A source at KNEC said Lykos Inform holds the contract, but the physical printing of KCSE and KEPSEA examination papers is expected to take place at De La Rue’s factory along Thika Road.
De La Rue Kenya is also said to be preparing for contracts connected to the next elections, including the printing of ballot papers for the Electoral Commission and political party nomination exercises.
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