New information has surfaced detailing a major financial proposal made by former Lugari MP and influential political figure Cyrus Jirongo to the National Social Security Fund (NSSF) during the early 1990s. The revelations come from a personal written statement and a formal letter dated October 18, 1990, which outline Jirongo’s request for Sh960 million in funding for a large housing development in Nairobi’s South B estate.
The documents indicate that Jirongo, through his company Sololo Outlets Limited, planned to construct a housing project targeting Kenya’s growing middle class. He proposed that NSSF act as both the primary financier and eventual owner of the development. Under the proposed financial structure, the Fund would issue Sh480 million—50 percent of the total cost—upon signing the sale agreement, with the remainder disbursed progressively as construction milestones were achieved.
Jirongo’s statement also explains the origins of Sololo Outlets, formed in collaboration with Dr. Davy Koech, then director of the Kenya Medical Research Institute (KEMRI). According to Jirongo, Koech’s contribution involved leveraging his government networks, while Jirongo would handle financing and marketing responsibilities.
However, internal discussions within NSSF reportedly revealed a significant obstacle. At the time, existing laws restricted the Fund from investing directly in real estate, making the proposed financing structure legally impossible. This setback forced Jirongo to pursue alternative options, including negotiations with City Finance Company Limited, which demanded substantial deposit backing to provide liquidity support.
As interest in the project grew, efforts were allegedly made to push for amendments to the NSSF Act to broaden its investment capacity—moves that later became tied to wider controversies surrounding the Fund’s financial decisions in the 1990s. The resurfacing of the documents has revived public debate about the historical links between political power, business interests, and public institutions, raising renewed questions about accountability and governance during that era.
The disclosures add a new chapter to ongoing scrutiny of Kenya’s political and economic history, illustrating how high-level negotiations and legal loopholes once shaped the country’s investment strategies and exposed key public funds to financial risk.
By Nation