Mining CS Hassan Joho Denies Owing SBM Bank Sh54.5 Million in Loan Dispute
Mining Cabinet Secretary Hassan Ali Joho has firmly denied allegations by SBM Bank (Kenya) Ltd that he owes the institution Sh54.5 million in loan arrears, declaring, "I owe you nothing," in response to the ongoing legal battle. The dispute, which has drawn significant public attention, stems from a loan allegedly advanced to Joho in 2014 for the purchase of an apartment at Tamarind Village in Nyali, Mombasa.
According to court filings, SBM Bank claims Joho took a Sh40 million loan on January 3, 2014, under Islamic banking principles, through a facility originally offered by Chase Bank (Kenya) Ltd on December 16, 2013. SBM Bank, which acquired 75% of Chase Bank in 2018, alleges that Joho failed to service the loan consistently, with only a partial payment of Sh20.25 million made between 2014 and 2021. The bank asserts that the outstanding balance, as of August 1, 2024, stands at Sh54.5 million, with default charges accruing at a rate of 20%.
Joho, a prominent political figure and former Mombasa County Governor, has contested the bank's claims, arguing that he does not owe the alleged amount. The bank further alleges that Joho failed to provide the original title deed of the property used to secure the loan, complicating the recovery process. In March 2025, SBM Bank sought a court judgment against Joho, citing his failure to file a memorandum of appearance and defense within the stipulated time.
The case, which remains pending in the High Court in Mombasa, has sparked debates about financial accountability among public officials. Joho, a key ally of President William Ruto, has previously declared himself a billionaire, raising questions about his inability to settle the alleged debt. The outcome of this legal battle could have significant implications for Joho’s public image and political career.
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