In a series of tweets yesterday, the controversial businessman wondered why Julius Kipng’etich would leave the bank and join Uchumi, saying he knows him well and he is a proud man who does not tolerate vices.
He then offered the explanation, saying that the bank is a ponzi scheme which will collapse soon.
This is not the first time the collapse of Equity bank has been predicted. The first I heard of it was before the 2007 elections, but instead of dying, it has continued to cemented its position as one of the top 3 most profitable companies in East Africa.
To be fair to Jacob Juma, he always has twisted opinions on many issues, so we cannot argue that he has an agenda against the bank. But from his tweets, it’s clear he’s not very fond of James Mwangi.
He calls him incompetent, yet surprisingly all evidence point to the contrary. Equity Bank is today Kenya’s largest or second largest branch, depending on the parameters used. It has close to 10 million customers in East Africa, and often fight out with KCB for the biggest profits.
Jacob Juma, I believe, has a case with Ruto over Weston Hotel. He is often fighting corruption on Twitter, but most times he’s sadly just an unhelpful loud-mouth.