The Famous GFC Sacco members, our visitors and especially those who have joined us today with an intention of joining our Sacco good afternoon. May I welcome you all in our 2023 AGM which is being held today to review our performance for the last one year and to lay foundations for the year ahead. Allow me ladies and gentlemen to state that our Sacco has continued to grow steadily shrugging off economic and political downturns both in Kenya where our investments are and the world to record real and tangible growth which will be demonstrated by our economic report today.

Allow me fellow members and our visitors today to say how honoured I feel to stand in front of you having served this organisation for the last 9 years to announce that this organisation has recorded tremendous achievements every year and that we have accumulated a wealth of about 50M as a result of your hard work in your investment. This wealth portfolio is the accumulation of all the properties bought from the year 2015 to date. For the avoidance of doubt, The Famous GFC Sacco does not have any debts or loans attached to it and we have religiously honoured all our financial obligations to date without fail.

Our property portfolio includes 6 plots, 5 of which are in Kitengela and one in Kiambu. All these six plots are fully paid for and their title deeds are in our custody. We have also recently purchased 3 acres of Land in Nanyuki from our long-term partners in real estate, Optiven Limited. We have already embarked on instalments payment for this land and are on course to complete this purchase by September 2024.

The properties we have purchased have undergone thorough due diligence and feasibility study and are all in prime areas in Kenya and are all forecast to appreciate in value due to the already value added they have at the time of purchase. All these properties have basic amenities like water, roads and electricity, security fences and caretakers in them which make them attractive to investors.

The 5 plots in Kitengela are only 10 minutes drive from the town of Kitengela and since we bought these plots many plots in the area have been built up and people have already occupied their houses and therefore resulting in the appreciation of our plots. There are also new feeder roads being constructed by the county government of Kajiado which has also added value to our properties. The Amani Ridge plot in Kiambu is also in a prime area which is only 14 KM from Nairobi town. This plot is projected to appreciate to about 30M in the next 5years and at the moment this is our flagship property as it stands in a prestigious location.

Fellow members, ladies and gentlemen, during our last AGM in 2022 we resolved unanimously to move to the next phase of building our wealth portfolio by buying large acreage of land in prime location and then subdivide this land into plots and sell them off creating profits. Allow me to state that by purchasing the 3 acres in ‘The Great Oasis’ in Nanyuki we have fulfilled our desire and resolution and are on course to achieve the desired objective.

Nanyuki town is know for its thriving economy owing to the presence of 3 army bases, tourists visiting the town, amazing views of Mt. Kenya and also being the base for climbing Mt. Kenya. The town is also famous for ranches, game parks, wild conservancies and good weather. There is also a lot of infrastructure development ongoing in the area including the Nanyuki railway and the recent dualling of the Kenol Marua Road among other developments. If for any reasons the Sacco decides not to sell these three acres we can build holiday homes, shopping malls, a private school, hospital, rental houses, houses for sale, hardwares, warehouses or lodges. With Nanyuki town being famed as a place for happy life, this is surely the place to invest and has real growth prospects.

As stated in our last AGM the main purpose of our organisation is to build wealth together by minimizing the risks of investing individually. GFC means ‘generation for change’ which refers to a new generation of people that believes in pulling resources together for faster, effective, real and secure growth. Our vision at The Famous GFC Sacco has been to be a leading organisation that empowers and transforms a generation by creating real and tangible wealth together. We are on course with this vision and our wealth is real. It is time we now inform our people, our families and friends of this vibrant wealth creating organisation that continues to grow and which is built on honesty, hard work, clear vision, goals and objectives. Our unique level of engagement with like minded organisations, our accountability as evidenced by our organisation yearly returns are an indicator of our discipline which has propelled us this far.

As a family united by the desire to grow wealth together we at The Famous GFC Sacco have scaled greater heights and our properties are our strength and our launchpad to our desired goals and achievements. It is vital to note that one of the cooperative principles is where cooperatives grow through cooperating with like minded organisations. Our Sacco has made this tremendous growth by associating with other like-minded organisations like Optiven who have been vital in our growth.

Carol Burnett says ‘When you have a dream you’ve got to grab it and never let go’. We at The Famous GFC Sacco have a dream of growing wealth together through investment in properties and are not ready to let go this dream. Martin Luther King Jr. said ‘Take the first step of faith. You don’t need to see the whole staircase, just take the first step. Ladies and gentlemen, the future we had all yearned for is now here and we must seize this opportunity and grow stronger together. Long live The Famous GFC Sacco.

Peter Mwangi

Chairman, The Famous GFC Sacco