- Waititu took the loan from Mwananchi Credit ltd in January 2020
- The microfinancier has withheld two logbooks of Waititu’s vehicles
- The ex-county boss owes a Sh 10 million loan
By Collins Osanya
Former Kiambu Governor Ferdinand Waititu has found himself on the wrong side of a creditor’s books after he reportedly defaulted on a car loan.
Waititu owes Mwananchi Credit Limited Sh10 million, a loan he took in January 2020. The microfinance has since gone for the embattled ex-county boss seeking to auction his vehicles.
The two logbooks owned by Waitutu are with the microfinancier and belong to vehicles used by Waititu in his transport business.
“If the vehicles are sold, I will be highly prejudiced besides suffering irreparable loss and damage,” Waititu plead in court documents.
Barred from running for any political seat in the country by the Ethics and Anti-Corruption Commission (EACC), the one-time governor, moved to court to block the planned auction claiming he is financially constrained after he lost his job in January 2020.
“My failure to clear the subject loan was neither deliberate nor intentional, but it was occasioned by circumstances beyond my control. Due to [the] current financial constraints, I’m facing, I’m unable to clear the said-loan within the afore-stated period,” Waititu explained.
While accepting that he defaulted on the loan, Waititu plead that the only money he is left with foots his legal bill.
I am seeking more time to sell some of my property and use the money to offset the loan. Alternatively, the lender should allow me to settle the loan in installments,” said Waititu.
Mwananchi Credit Limited has already seized the two vehicles Waititu used as collateral to secure the loan.