Wycliffe Oparanya, the Cabinet Secretary nominee for Cooperatives, disclosed his net worth to be approximately Ksh 600 million during a parliamentary vetting session on Sunday. The former Governor of Kakamega attributed his wealth mainly to buildings and residences he owns.
“My net worth is around Ksh 600 million made out of buildings and houses that I reside in,” Oparanya informed the National Assembly Speaker Moses Wetangula-led panel.
Reversal on the Hustler Fund
Oparanya, previously a vocal critic of the Hustler Fund, revised his stance during the vetting. He acknowledged that his initial opposition stemmed from a lack of information but now sees the Fund’s potential in poverty alleviation.
“I was among the people who were opposing the Hustler Fund, and I had not known the facts about the Fund until now that I have been briefed. I think this Fund, if well managed, will take our people out of poverty,” he explained.
The nominee emphasized his commitment to establishing proper structures for the Fund’s management if confirmed to the position. “If you give me a chance, I will make sure that proper structures are put in place so that money given out there to our people is recovered and becomes a revolving fund so that other Kenyans can enjoy it,” he noted.
Oparanya assured the committee of his intent to create a robust legal framework and appoint a dedicated board and staff to manage the Fund effectively. “If you approve my nomination, the first thing I will do is make sure that there is a proper legal framework, and ensure there is a board and staff to manage the fund.”
Addressing Corruption Allegations
Addressing allegations of corruption, Oparanya denied any wrongdoing. The Ethics and Anti-Corruption Commission (EACC) had previously opposed his clearance, citing the receipt of Ksh 56.7 million irregularly. However, Oparanya maintained his innocence and assured the committee of his commitment to transparency and integrity.
Safeguarding Depositors in Cooperatives
Oparanya also highlighted his plans to protect Kenyans from financial losses due to failing cooperatives. He proposed the introduction of a deposit protection fund similar to those in banks, ensuring that members of collapsed institutions have financial recourse.
“As a ministry, because people have lost their money, we want to introduce a deposit protection fund as is in banks or deposit guarantee funds so that if an institution collapses, then members of that particular institution have something to fall back to,” he stated.
Emphasizing the importance of cooperatives in job creation, Oparanya noted, “We must grow cooperatives. That is critical. We can create jobs through Small, and Medium-Sized Enterprises (MSMEs) because they can employ about 15 million people. This is why it has become a pillar of the national government.”
Vetting Process Highlights
Sunday, August 4, marked the conclusion of a four-day vetting process for Cabinet nominees. Among those vetted was Justin Muturi, the nominee for Public Service and Human Capital Development, who declared a net worth of Ksh 801 million, reflecting a 5.6 percent increase from Ksh 761 million.
