The investment scandal involving Wealth Sharing Group, also known as Opticoin, has raised questions about accountability within the Seventh-day Adventist (SDA) Church in Kenya and whether the controversy may have influenced the retirement of East-Central Africa Division (ECD) President Pastor Blasious Ruguri.
The scheme, which reportedly promised unusually high returns, attracted church members who were told their investments could double in about 45 days. Some participants were also encouraged to recruit new investors. However, when the scheme collapsed, many reportedly could no longer access their money, while others were asked to pay additional registration fees in attempts to recover their investments.
The financial losses affected members who had reportedly sold land, livestock and household property or borrowed money to participate. Testimonies presented to a church investigation included the account of an elderly woman who lost KSh300,000 after selling land and another participant from Athi River who reportedly lost KSh40,000.
The controversy drew further attention because some pastors and church employees were reportedly involved in promoting the investment venture. Among those named in the investigation was Pastor Paul Mwangi, former president of the Central Kenya Conference, whom the commission reportedly identified as a principal promoter.
Mwangi maintained that he had also invested in the scheme and lost money, disputing aspects of the allegations against him.
An ECD commission chaired by Dr Gideon Mutero investigated the matter and presented its report to the division’s Executive Committee on April 15, 2026. The report reportedly found that some church employees had promoted the high-risk scheme and that church oversight mechanisms had failed to respond adequately.
The commission recommended disciplinary proceedings against implicated employees, stronger oversight of ministerial ethics, independent audits and leadership changes. It also raised concerns about the impact of the scandal on members’ confidence in church leadership.
The matter subsequently attracted the attention of Kenya’s Capital Markets Authority (CMA). On September 11, 2026, the regulator named Wealth Sharing Group (Opticoin) among entities it said were soliciting investment funds without the required licences or approval.
The authority said investigations involving the Directorate of Criminal Investigations were ongoing. Its warning did not, in itself, amount to a final court judgment.
The controversy has also brought attention to the leadership of the wider ECD, where Ruguri has served as president since 2010. He announced his retirement from active church service, effective December 31, 2026, prompting questions about whether the investment scandal played a role in his decision.
However, there is no publicly verified evidence establishing that Ruguri was dismissed or that the Opticoin controversy caused his retirement. The division’s official announcement described the retirement as his own decision. Although the commission’s findings raised wider concerns about leadership and governance, they did not establish that Ruguri personally participated in or promoted the investment scheme.
The controversy has exposed concerns about financial accountability and the involvement of church leaders in promoting investment opportunities to members. The SDA Church now faces questions about how it will address the findings, strengthen oversight and respond to the concerns of those who lost money.
