Category: East Africa

Kenya’s President Uhuru Kenyatta is usually a very jolly man. But at the 13th Northern Corridor Infrastructure Summit held at the weekend in Munyonyo, Kampala, he appeared to be the opposite of his usual self. Days to the summit, it had been concluded, and perhaps he had even been briefed early enough, that Uganda had…

The National Bank of Kenya (NBK) has officially confirmed the exit of its former chief executive Munir Ahmed. Mr Ahmed had earlier been sent on compulsory leave alongside five other senior executives pending investigations. “In accordance with the continuing listing obligations under the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002, the Board…

A row has erupted between officials in the ministry of Finance and the Auditor General (AG) over the payment of court awards to the tune of more than Shs70b. Some of the payments being questioned by the AG were apparently ordered for by President Museveni, according to documents from ministry of Finance. For instance, in…

Government yesterday launched a Shs42.6b project to expand Entebbe International Airport’s departure and arrival terminals. President Museveni in August last year, launched a $200m expansion works on the airport but Mr John Byabagambi, the Works minister, said the project he was launching was independent of what the president had commissioned. He said President Museveni launched…

The Kenya Bankers Association (KBA) has threatened to kick out errant members from its Clearing House in June, a move that could make it difficult for penalized lenders to conduct financial transactions with other banks. KBA chief executive Habil Olaka told the Business Daily that the body will blacklist commercial banks that break code of…

The government will on Friday table to the National Assembly the much-awaited report of the Controller and Auditor General (CAG). According to the timetable issued by the office of the National Assembly, the 2014/15 report would be tabled before Parliament by the Finance and Planning Minister, Dr Philip Mpango. It shows that the government’s response…

Receiver to manage the project, ensure financing institutions recover their money, and home owners get their houses Maisara has over two years of uncertainty over a property she bought at Palm Estate project in Kagugu, Kigali. The project has been at the centre of a court battle between the developer and funders. Maisara is one…

Britam Holdings has maintained its dividend payout despite announcing a loss of Sh1 billion for the year ended December 2015 linked to lower valuations of the companies it has invested in at the Nairobi Securities Exchange. Britam, which has insurance, asset management and property development businesses, posted a profit of Sh2.4 billion a year earlier.…

The construction of the new Sh43 billion Nairobi-Mombasa petroleum pipeline has run into strong headwinds, raising fears of potential losses to the taxpayer through cost inflation. Concern over the project’s health has risen in recent months as it became clear that work has fallen way behind schedule, closing January at 35.73 per cent against the…

Chase Bank has attracted the interest of at least five suitors keen on acquiring the bank that was placed under receivership last week, said the Central Bank of Kenya Governor Dr. Patrick Njoroge, on Friday. Although the Governor did not disclose the interested parties, he said offers have come from both local and international firms.…