EADB: Bank Refutes Raphael Tuju’s Allegations Over Banking Standards
The East African Development Bank (EADB) has refuted claims concerning its credit procedures made by former Jubilee Secretary General and Cabinet Secretary Raphael Tuju in a radio broadcast on Monday, March 24.
On Thursday, EADB issued a statement disputing the charges and asserting that it is concerned with transparency, legal compliance, and good banking standards.
“The East African Development Bank (EADB) takes great exception to comments and allegations made in an interview during a live radio talk show in Nairobi, Kenya in the morning hours of Monday, March 24, 2025, touching on its lending operations,” part of the statement reads.
The Judicial Service Commission (JSC) has cautioned against public discussions on the ongoing legal dispute between Dari Limited and the East African Development Bank (EADB), citing the sub judice rule, which prohibits commentary on active court cases.
— Cyprian, Is Nyakundi (@C_NyaKundiH) March 27, 2025
The warning follows… pic.twitter.com/unn4HsrsrK
The EADB said that its operations are governed by the rule of law and are carried out in strict accordance with the governance standards of its four member countries.
“The Bank states unequivocally that all its operations are governed by the rule of law and conducted in strict compliance with governance principles that guide banking operations across its four member states,” the statement said.
EADB emphasized that all loans go through rigorous approval processes and are unaffected by a person’s status or connections.
The Bank indicated that it was unable to comment on some of the charges made during the discussion show since they included active legal matters.
“The Bank remains confident that the facts, as presented by the Bank in court, will prevail, as evidenced in prior rulings at the High Court in the United Kingdom, as well as the High Court, Court of Appeal, and Supreme Court in Kenya,” EADB stated.
This comes as the Bank is under greater scrutiny for its legal struggle with Dari Limited, in which various courts have decided in its favor.
Tuju alleged in an interview that certain EADB board members received loans and then canceled them.
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He also accused the bank of using unfair methods and putting him under pressure in a loan issue.
Raphael Tuju clarifies his loan dispute:
— SpiceFM (@SpiceFMKE) March 24, 2025
“I didn’t take a loan to buy property; I took a loan for a project. The bank approved 1.2B. 900M for land, 300M for development, plus my 100M contribution. They paid for the land but withheld the development funds, violating our… pic.twitter.com/0ZtJOiiKbt
“The problem is that I am not compliant with the kind of blackmail they tried to impose on me,” Tuju said during a live radio interview.
He said that the bank had granted a Ksh 1.2 billion loan, Ksh 900 million for land and Ksh 300 million for development, with him contributing an extra Ksh 100 million.
“They paid for the land but withheld the development funds, violating our contract,” Tuju claimed.
EADB: Bank Refutes Raphael Tuju’s Allegations Over Banking Standards
