Written by Lisa Murimi
Busia Senator and presidential hopeful Okiya Omtatah has scored a major win in his legal battle against what he terms “odious debt,” after the Central Bank of Kenya (CBK) officially backed his petition.
In a statement on Wednesday, June 4, Omtatah revealed that the CBK, through court filings, supported his case, which challenges the legality of certain public debts incurred by past regimes.
Odious debt refers to loans taken without public consent and that fail to benefit the people.
“The Central Bank of Kenya (CBK) has officially backed our petition on ODIOUS DEBT. In court filings, CBK affirms that the petition raises substantial constitutional questions on illegal borrowing, debt mismanagement and public finance abuse,” Omtatah stated.
“They support the empanelment of a multi-judge bench under Article 165(4). A monumental step in the fight for justice, accountability and economic liberation for Kenyans; now and in future.”
Court documents show that CBK Governor Dr. Kamau Thugge endorsed the call for empanelment of a multi-judge bench under Article 165(4) of the Constitution, stating the matter raises weighty public interest issues.
“Take notice that the governor, the Central Bank of Kenya, the 19th Respondent herein, shall support the 9th Respondent’s application dated 14 May 2025 and the Petitioners’ prayer for empanelment of a bench in the Application dated 24 April 2025,” part of the CBK statement read.
The case seeks to expose misuse of Eurobond proceeds, which petitioners allege were unlawfully deposited into offshore accounts instead of the Consolidated Fund.
Omtatah withdrew an earlier version of the petition filed in 2015 and refiled it to overcome technical objections that had stalled its hearing for nearly a decade.
“After consultations and given the technical objections raised by the court, it has become untenable to proceed with this petition in the manner that it was. So we have withdrawn it tactically to avoid the cascading disaster that was before us,” Omtatah stated.
“However, we are going to refile the same immediately so that we can avoid all those technicalities that were being placed in our way like minefields,” he added.
The petition marks a bold push for economic accountability and seeks transparency in Kenya’s borrowing practices—an issue that has long drawn concern from civil society and financial watchdogs.
