Home Latest News Business
Category:

Business

BusinessLatest NewsLifestyle

Youths Scramble For Positions in The Newly Launched Kazi Mtaani 2nd Phase

by Pauline Waswa
written by Pauline Waswa

Bungoma South Sub County youths on Friday July 10, 2020 flooded at the county commissioners’ offices in search of being included in the newly launched ‘Kazi mtaani’ initiative.

This comes after President Uhuru Kenyatta launched the second phase of the National Hygiene Program (NHP), targeting to enroll more than 270,000 youths.

The second phase is set to apply in the whole of the 47 counties unlike the first phase which involved only eight counties.

Addressing the press, Deputy County Commissioner Michael Yator stated that Bungoma south sub county has been granted 2,407 which will see youths of that number engage in that program.

“as you can see the work flow today, we are registering the youths in the biometric system and the ones present here have been already employed from every village. In every village there is committee that’s in charge of employing this youths aged from 18 years to 35,” he emphasized

He went further to say that the youths will be engaged more in community and infrastructure development projects and they will be divided in groups of 15 each, working from 8am to 4 pm.

The program comes as an employment opportunity and also provides a platform to lessen the negative impacts of the Covid-19 pandemic.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
BusinessLifestyle

Nairobi Water Announces Major Water Supply Interruption, Areas to be Affected

by Mustafa Juma
written by Mustafa Juma

Nairobi City Water and Sewerage Company Limited has announced a major water supply interruption.

In a press statement issued on Wednesday July 8, 2020, the company informed its esteemed customers that there will be shutdown of the Ngethu Water Treatment Plant from Thursday July 9, 2020 at 6am to Friday July 10, 2020 at 6pm.

The company notes that the shut down will facilitate major repair works at Mwagu water intake along Chania River from where they abstract raw water to Ngethu Water Treatment Works.

This intake was damaged by the heavy long rains experienced recently.

During the shutdown the following areas will not receive water supply:

The whole of City Centre, University of Nairobi main campus, Coca Cola Factory, Jomo Kenyatta International Airport, EPZAthi river.

Areas along Mombasa road, that is, South B, South C and the neighborhoods will also be affected. The whole of Industrial area will also not receive water.

Areas along Juja road: Mlango Kubwa, whole of Mathare, Eastleigh Airforce ,Huruma,Kariobangi, Pangani , The whole of
Eastleigh.

Areas along Jogoo road: Maringo, Buruburu and the surrounding estates, Bahati.

Areas along Outer-ring road: Baba Dogo,Dandora, Dandora KCC factory, Umoja , Donholm, Fedha, Tassia, Avenue park,
Nyayo Embakasi

Areas along Kangundo road: Ruai , Kayole, Komarock estate, Njiru.

Areas along Thika road: Kenya Breweries, Kenyatta University, Kahawa Barrack, Kasarani, Mwiki, Kahawa
Sukari, Garden Estate and Thome Estate.

Areas along Limuru road: Parklands, Ngara area, Aga Khan hospital, University of Nairobi – School of Law
and City park area, Gigiri, United Nation- Gigiri, Muthaiga.

Whilst every effort will be made to restore the supply of water as soon as possible, we urge all customers
in the affected areas to use water sparingly.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
Business

Laikipia County, Co-op Bank Launch Affordable Financing Kitty For SMEs And Saccos

by Mustafa Juma
written by Mustafa Juma

.The Laikipia County Government and the Co-operative Bank of Kenya (Co-op Bank) have today (Monday July 6) launched the Laikipia Enterprise Fund with an initial kitty of Ksh 300 million, to offer affordable financing and business support to co-operatives and entrepreneursin Laikipia County.

To kick-off the Fund, the bank and the county government have entered into an InterestSharing and Guarantee Arrangement.

This is aimed at supporting two key segments; First, to empower co-operatives in Laikipia County through affordable financing and Consultancy Services, to enable them have sufficient liquidity for lending to members, and strengthen their management structures, and Second, to support over 7,000 entrepreneurs in Laikipia County recover from the challenges of
the Covid-19 Pandemic by way of affordable financing and training.

Borrowers will pay single-digit interest rates, which makes this arrangement perhaps the most affordable lending program in Kenya today.

The low interest rate has been made possible by the interest-sharing arrangement, whereby the Laikipia County Government will be offering an interest subsidy of 5 per cent, thereby reducing the bank lending rate from 12.1 per cent to 7.1 per cent per annum for all borrowers.

In addition, borrowers will enjoy a reduced appraisal fee at 1.5 per cent of the approved loan amount.

Co-op Bank will match three times the amount that the County Government will place in the Enterprise Fund, to ensure as many borrowers benefit from the opportunity.

In addition to financing, the bank will make available the full basket of services that include digital banking tools, workshops for business training, and capacity-building consultancy services for cooperatives.

Repayment period for the loans will be upto 12 months for SMEs and upto 18 months for cooperatives. The county government shall undertake initial vetting of loan applicants as provided for in the Laikipia County Enterprise Fund Regulations 2020.

Co-op Bank will further appraise for qualification. The Laikipia Enterprise Fund commences operations immediately.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
Business

5 Reasons Why Kenyans Will Continue Being Fired From Jobs Even After Covid-19

by Mustafa Juma
written by Mustafa Juma

Since the outbreak of the Covid-19 pandemic, many Kenyans have been negatively affected, with many losing their source of income.

This follows the massive job lay offs that have been witnessed, and continue being witnessed in many companies, due to the economic effects of the pandemic.

However, Kenyans may continue losing their jobs even after the end of the pandemic.

Machakos County governor Dr Alfred Mutua says that the massive lay offs may not cease when the Covid-19 is finally contained.

Dr Mutua on Sunday July 5, 2020 listed various reasons as to why Kenyans will continue losing jobs.

1.Inability of Kenyan Economy to Cushion its Citizens

Governor Mutua says that it is quite concerning when we hear of mass sackings of employees from Covid-19 economic hardships. However, he notes that the main problem is not Covid-19, but the inability of Kenyan economy to cushion its citizens during times such crisis.

2. Lack of Economic Freedom and Expansion

According to Governor Mutua, we have, as a society, been primed to place more emphasis on politics and tribal blocs rather than economic freedom and expansion.

He notes that this is the reason families are hurting and Kenyans are suffering due to lack of money and general hardships in life.

3. Lack of Innovation

Governor Mutua notes that in Kenya, voices on need for innovation, economic growth and development are relegated to the back.

He notes that Kenyan politics is not about policy but about formations and who is who. As a result, Governor Mutua notes, while other nations are providing unemployment benefits, money to industries, our people are being fired.

4. Poverty and loss of dignity

According to Governor Mutua, the political class is comfortable while wananchi are living on less than ksh100 a day.

“I see poverty and loss of dignity every day in a country with so much to offer. I play my part in rolling back poverty but clearly development is never viewed as a priority.

“For those who have slept hungry, like I have, living in a Nairobi slum, you know the pains of being poor. Therefore we must ensure that we have a vision of how to transform this country, ‘ he said.

5. Journalists not playing their role right

Governor Mutua has accused journalists and editors of not playing their roles right. He says that it is laughable and ironic that journalists and editors who should be focusing on economic issues, instead give front pages to political games and politicians who have nothing to offer.

“As a journalist, I can say this. It is laughable and ironic that journalists and editors who should be focusing on economic issues, instead give front pages to political games and politicians who have nothing to offer.

“Now, most of these journalists have been fired. The political class that they gave headlines and front pages to are Ok. The journalists’ families will soon be hungry,” he said.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
Business

What Co-op Bank Stands to Reap From Jamii Bora Bank’s 90% Acquisition

by Mustafa Juma
written by Mustafa Juma

Shareholders of Jamii Bora Bank have unanimously approved Co-operative Bank’s offer to acquire 90% of the bank. This is pursuant to an Extra Ordinary General Meeting held on 1st July 2020.

This will be through the subscription of 224,153,154 new class of Ordinary Shares that would enable Co-op Bank inject Kshs.1 Billion and appoint a Board to run the business.

The Co-operative Bank Group is one of the largest banks in the region with an asset base of over Kshs.470 billion, predominantly owned by the over 15 million member Kenya Co-operative movement.

Jamii Bora Bank is a fully-fledged Commercial Bank, licensed and regulated by the Central Bank of Kenya, with over 444,000 customers in 17 branches and employs over 190 staff. The Bank has a strategic niche in MSME banking, offering working capital and trade finance solutions.

The next steps will now be the regulatory approvals notably from Central Bank of Kenya, Capital Markets Authority and the Competition Authority of Kenya.

According to Co-op Bank’s CEO Gideon Muriuki, the strategic entry of Co-op Bank coming in as a 90% strategic owner is an “Inclusive Growth Model” that particularly safeguards the existing shareholders of Jamii Bora; in that they will now share in the expected future Transformation gains/profitability growth.

The deal now awaits regulatory approval from Central Bank of Kenya (CBK), Competition Authority of Kenya and the Capital Markets Authority. CBK had in March welcomed the talks saying the deal would enhance stability in the banking sector.

Co-op bank’s growth strategy has been more focused on expanding in Kenya as opposed to expanding beyond boarders. Outside Kenya, the lender owns 51 percent stake in Co-op bank South Sudan.

With over 440,000 customers and 17 branches, Jamii Bora is a value-add to Co-op Bank, with minimal overlaps and large upside potential for exploration of deeper banking relationships by Co-op Bank.

Co-op Bank has in the past indicated that upon acquisition, Jamii Bora may become the new platform for Co-op Bank to offer specialized business lines such as youth and women banking, asset finance and leasing.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
BusinessLatest News

Uhuru Reveals What Will Determine Reopening of Economy on July 6

by PSCU
written by PSCU

President Uhuru Kenyatta has told Governors that the decision to re-open the country’s economy will be informed by the level of preparedness by the devolved units to respond to Covid-19 infections.

The President said the decision will largely be determined by the counties capacity to effectively respond to new cases of Covid-19 imported into their territories.

“County readiness to respond to new imported cases of infection will largely determine our national readiness to re-open the country as a whole.

“I say this because the nation is the sum total of all the 47 counties. If the counties have met the necessary thresholds, then the nation will be ready to re-open,” he said.

The President spoke today during a virtual meeting of the national and county governments coordinating summit that was also attended by Deputy President Dr William Ruto and representatives of religious and business sectors.

During the extra-ordinary summit, also addressed by Health CS Mutahi Kagwe and his Education Counterpart Prof George Magoha, a progress report on the roll out of the minimum Covid-19 response measures required ahead of the re-opening of the economy was presented.

The progress report was presented by Kakamega Governor Wycliffe Oparanya who is also the current Chairperson of the Council of Governors.

In his report, Governor Oparanya said Counties had attained a total of 6,898 isolation beds against the national target of 30,500 units.

He said, 12 counties had met the 300 per county isolation beds threshold while 34 devolved units were on course to meet the target within the month.

On human resources, Governor Oparanya reported that a total of 16,914 health personnel had been trained on Covid-19 management among them 59,449 community health volunteers.

Speaking on behalf of the 47 County Governments, the Kakamega Governor said 36 counties have a cumulative sum of 343 ICU beds while 28 counties have a total of 337 ventilators.

He said the Council of Governors (CoG) working with the Ministry of Health and partners had developed a guideline on home-based Covid-19 management which is being rolled out.

Governor Oparanya thanked the President for his frontline role in the fight against Covid-19 saying the Head of State’s intervention had helped speed up response preparedness by counties.

“Through your directive that allowed County Governments to procure non-pharmaceuticals from other agencies, Counties have enhanced their response measures,” Governor Oparanya said.

Mr Oparanya said CoG supports the gradual re-opening of the economy subject to the setting up of a strict regime of Covid-19 containment protocols for businesses, places of worship and inter-county travel.

“We propose that a multi-agency approach is applied on disease containment through improvement of testing capacity; contact tracing and enforcing the social distancing mechanisms.

“The reopening of the economy will have a County specific context. This will consider the County specific sector priorities and the health system ability to cope,” Governor Oparanya advised.

Health CS Mutahi Kagwe said Covid-19 infections in the country were on the rise and advised against re-opening of the economy before the response preparedness threshold agreed upon is fully met.

He said countries that had rushed to re-open their economies without having proper Covid-9 containment protocols in place were experiencing an upsurge in new infections.

The Health CS urged counties to speed up the recruitment of the 8000 health workers under the Universal Health Coverage (UHC) program so as to boost the country’s Covid-19 response capability.

Deputy President Dr William Ruto supported the President’s proposal for progressive reopening of economy and urged counties to speed up the implementation of Covid-19 containment measures.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
Business

Governor Mutua Breaks Silence on The Multi-Billion Hotel he’s Putting up in Machakos

by Mustafa Juma
written by Mustafa Juma

Machakos County governor Alfred Mutua has broken his silence on the massive hotel being put up in Machakos, named A and L hotel. The A & L stands for Alfred and Lilian, who is Dr Mutua’s wife.

The hotel takes the shape of a wedge with an oval base according to the 16-floor plan shared in 2016 by Dubai-based architect Svilen Yordanov.

Yordanov works under Meraas Holding and seems to be one high-end architect handling some of the most prominent clients in United Arab Emirates.

Photos of the design were on Tuesday June 23, 2020 widely shared on social media.

Responding to the photos on Wednesday June 24, 2020, Governor Mutua confirmed that the A&L hotel currently under construction was his.

Mutua who spoke to a local news outlet however, maintained that the images shared were inaccurate.

He noted that he own hotels and lodges and have had them since he was working in Dubai in 2002 and as Government Spokesperson.

Construction of the hotel is in its final stages with only finishing touches remaining.

On Saturday, June 20, a 35 kilometre run undertaken by Mutua’s wife, Lilian, to celebrate turning 35 ended at the near-complete A&L Hotel.

Machakos Governor Alfred Mutua poses with his wife Lilian after a run in Machakos on Saturday, June 20 to mark Lilian's 35th Birthday
Governor Mutua and his wife Lilian. PHOTO/COURTESY

Mutua joined her at the 25 kilometre mark and ran the remaining distance to the hotel on Machakos Road, in the presence of athletes and other friends of the family.

He however, dismissed allegations that his latest investment was linked to proceeds of corruption, citing his track record as an entrepreneur.

“I have been an entrepreneur since I was 19 years old when I registered my first company. I published a newsletter and a magazine.

“I own a production company that made Cobra Squad, Beba Beba etc. And many years before I became the Governor of Machakos, I ran a local TV station. I also have interests in aviation and export-based agriculture,” Mutua stated.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
BusinessPolitics

National, County Governments Agree on Terms For Gradual Re-opening of Economy

by PSCU
written by PSCU

A meeting of the national and county governments convened today by President Uhuru Kenyatta at State House, Nairobi agreed on a raft of Covid-19 response measures to be put in place ahead of the gradual re-opening of the country’s economy.

The measures which are aimed at safeguarding Kenyans against the adverse health and socioeconomic impacts of Covid-19 include the attainment of a national 30,500 isolation bed capacity within one month.

The third extra-ordinary session of the national and county governments co-ordination summit set the target of 300 isolation beds for each county so as to deal with the rising cases of infections, currently in 35 of the country’s 47 counties.

In addition to raising the isolation bed capacity, the meeting which was also attended by Deputy President Dr William Ruto tasked county governments to review their fiscal and strategic plans for the 2020 to 2021 financial year to include Covid-19 prevention and control measures.

To address the growing public pressure to re-open places of worship including churches and mosques, the summit agreed to involve the Council Governors in the ongoing consultations being undertaken by an inter-faith council.

So as to ensure the smooth reopening of schools and other institutions of learning, the summit agreed to involve the Council of Governors in the ongoing education sector stakeholder consultations.

The consultations led by Education Cabinet Secretary Prof George Magoha will lead to the issuance of a new school calendar in line with the recent Presidential directive to re-open schools in September this year.

To keep track of today’s resolutions, the summit resolved to reconvene on Wednesday next week to among other matters, review: guidelines for the gradual re-opening of the economy; containment measures currently in place; and protocols for the progressive re-opening of places of worship.

In his remarks, President Kenyatta urged the two levels of government to work very closely with each other so as to find proper solutions to the Covid-19 economic and health crisis.

The President said the framers of the 2010 Constitution understood the desire for Kenyans to have proper and well-equipped health services closer to them and that’s why they decided to devolve healthcare.

However, the Head of State pointed out that the same drafters of the constitution were aware that as a country, in times of crisis, the two levels of government would need to sit down and come up with solutions for emergencies such as the Covid-19 pandemic.

“When this summit sits, its only business is Kenya. No party affiliations; no political distancing; and no ethnic divisionism. The summit becomes the soul of Kenya. That is why the pronouncements of this gathering, whenever we meet, become articles of our faith in ‘Project Kenya’,” President Kenyatta said.

He said the Covid-19 health crisis offers the best opportunity for the improvement of healthcare in the country.

“… this opportunity is also a blessing in disguise. We must embrace it and grow it. If we fight Coronavirus from the ground up; from the County up to the National levels, we cannot fail.  We will succeed,” the President said.

Health Cabinet Secretary Mutahi Kagwe applauded Governors for working closely with his ministry in the fight against Covid-19, saying cooperation is key in ensuring the country succeeds in dealing with the health crisis.

Mr Kagwe urged the County bosses to emulate Machakos County which he said has commissioned Jua Kali artisans to fabricate Covid-19 isolation beds.

“The Ministry of Health will continue to work very closely with County Governments so as to ensure we have win-win outcomes in every part of the country,” CS Mutahi said.

Treasury CS Ukur Yattani said his ministry was in the process of assessing the impact of the Covid-19 crisis on the economy.

In his technical briefing, acting Director General of Health Dr Patrick Amoth said community preparedness is crucial in defeating Covid-19.

“Homecare as prescribed by the World Health Organization (WHO) is the way to go now so as to ease the strain of the rising infections on our health facilities.

“WHO has provided guidelines on how to go about it (homecare), that we are translating into Swahili so as to ensure Mwananchi understands what is required of them,” Dr Amoth said.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
BusinessLatest News

CS Munya Caught up in Miraa Funds Scandal

by Mustafa Juma
written by Mustafa Juma

A miraa lobby group is at war after its members were sidelined by the national government budget. Nyambene Miraa Traders Association or Nyamita is pushing for Miraa Fund under the custody of Agriculture ministry moved to Commodity Fund for miraa Saccos to benefit.

In a letter to Agriculture cabinet secretary Peter Munya, Meru senator Mithika Linturi and five MPs say they want money to assist farmers and traders. The letter is signed by Nyamita chairperson Kimathi Munjuri.

The association proposes the money at hand for this purpose in the 2019-2020 financial year be transferred to the Commodity Fund.

Saccos can then borrow, disburse and recover the monies from their members using the Commodity Fund. It has since emerged that officials from Kilimo House in Nairobi were in Nyambene mobilizing miraa stakeholders, and claiming their funds will be channeled to one Sacco.

According to a local daily, the officials are working with a Sacco launched in 2019, to access the fund.

“Why Kilimo needs to specifically mobilize and train for this one entity is beyond us,” the letter reads.

If farmers and traders against the Sacco fronted by the officials from the ministry are sidelined, it is feared, they will become agitated and cause conflict over the miraa kitty.

“By writing to you, we are keen to evade all the traps that are being set to ensnare us into a confrontation that may cause delays in disbursement and realization of this fund this financial year which has barely a month to end,” reads the letter in part.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
BusinessPolitics

Moses Kuria’s Property to be Auctioned Over Rent Arrears Amounting to Ksh 7.2M

by Mustafa Juma
written by Mustafa Juma

Gatundu South Member of Parliament Moses Kuria is just not yet with his woes.

Just a few days ago, the controversial MP received a letter from the newly installed Majority whip in the National Assembly Emmanuel Wangwe, giving him Seven (7) to explain why he should not be kicked out of powerful parliamentary committe.

Mr Kuria’s property is now facing auction over Sh7,250,000 in rent arrears.

Through a demand letter by Mputhia Advocates dated June 2, a go-ahead was issued to Keysian Auctioneers to recover all rent arrears that have accumulated for about 29 months since January 2018.

The property is located at Jambo Village Grevilla Groove, Westlands Nairobi.

“Hon Moses Kiarie Kuria is in arrears amounting to Ksh 7,250,0000 as per today (June 2), being arrears for 29 months from the period commencing January 2018. Kindly proceed with speed to recover all rent arrears plus your charges from the tenant,” read the letter in part.

The demand letter further urged the auctioneers to comply with the Distress for Rent Act, Chapter 293 as in the Kenyan constitution adding that they were protected as they went ahead with their duties.

“Our client undertakes to indemnify you against a liability that this instruction may cause to yourself as long as the execution is done in strict compliance with Distress Act,” the letter further read.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
Business

Nzoia Sugar Applauds Government’s Move to Set New Rules in The Industry

by Pauline Waswa
written by Pauline Waswa

Nzoia sugar Company Chairman Joash Wamang’oli has applauded the move by the Ministry of Agriculture to set up new rules and regulations in Sugar industry saying that it will bring sanity in the industry.

Nzoia sugar Company has a total of 7,000 acres of land with a total of 64,000 workers who are employed by the Company.

Addressing the press on May 30,2020 Wamang’oli said that for the past 20 years the sugar sector has been suffering but this is the time farmers will benefit fully from this sector, adding that the sector has been running without laws, condemning those spreading gossips to the public that Nzoia Sugar is dead.

He applauded the Cabinet Secretary for Agriculture Peter Munya for gazetting new rules and regulations in the sugar industry that this will help in the smooth running of Sugar Millers and timely payment of farmers.                

‘’I take this single moment to single out our Agriculture Cabinet Secretary Peter Munya for identifying problems facing the sugar Millers, I hope that this will make Nzoia shine more,’’ he said.

He called on President Uhuru Kenyatta’s intervention to pump in some funds to sugar industries saying that Sugar is the only commodity that earns much money urging the Government of Kenya to stop importing sugar which lowers the Market for our own sugar.

‘’The government of Kenya should stop importing sugar from other Counties, it makes ours not to fetch more on the market,’’ he pleaded.

His sentiments were echoed by Nzoia Managing Director Wanjala Makokha who assured farmers that the Company is now back to its road mark in ensuring that farmers enjoy total profits from their raw materials they have supplied to the sugar Miller for processing.

The Managing Director however, added that the County Governments have been given the mandate in the sugar industry to form a task force which will be deciding on the pricing of sugar, calling on farmers to approach the management whenever they have issues to solve.

He added that the Company is on up and runs to find funds and pay farmers who have not been paid.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
BusinessCrime & InvestigationsLatest News

Exposed: How Ruto Colluded With 2 Firms to Grab Multi-billion Hotel Land

by Mustafa Juma
written by Mustafa Juma

Details have emerged of how Deputy President William Ruto-owned Weston Hotel colluded with two firms to grab the hotel land in Lang’ata, that is now valued at billions of money.

According to Court documents filed by Kenya Civil Aviation Authority (KCAA), Ruto’s Weston Hotel colluded with Priority Ltd and Monene Investment Ltd to obtain the land.

In a detailed report by the Standard Newspaper, KCAA in its new case filings claim that inconsistencies in the documents produced by Weston, failure to produce any valid sale agreement and transfer instruments, and allegedly ignoring the Ndung’u report’s red flag on grabbed public properties indicated it played a part in grabbing the land.

According to KCAA, there is no consent from the Commissioner of Lands approving the alleged sale, and no stamp duty was paid to seal the purchase process.

“Other questionable circumstances show that the second respondent (Weston) was actually a party to fraud perpetrated by the third and fourth respondent (Priority and Monene) …. This court cannot defer to individual claims by land grabbers where it is proved that the title was issued to grab a public land, in this case, public land entrusted to Directorate of Civil Aviation (DCA) for the public to ensure safety in air navigation and incidental purposes,” the aviation authority argues in its court papers filed in the Lands Court in Nairobi.

KCAA says two development plans submitted by Weston contradict each other.It claims that although the two plans were issued on the same day, October 17, 1997, they are for different plots.It further claims the ownership record is deliberately scrambled to conceal the fraud.

KCAA further notes that Priority was still applying for permit approvals in April 2008, a year after the same land was registered in favour of Weston.

The contested property, LR No 209/14372, was registered under Weston on June 13, 2007.KCAA lawyers Otiende Amolo and Stephen Ligunya argue that Priority could not have continued to deal with the same property after its legal interest in the land ceased.

Weston, in its reply to the case, had attached a payment receipt as proof that it had paid survey fees for the contested piece of land.

However, the civil aviation agency argues that the receipt indicates that the paid amount was for an unsurveyed plot, and is a different property. 

According to the authority, its land had been previously surveyed and had a reference number .KCAA questions how Priority and Monene managed to get a survey document (a deed plan) for the contested land more than a year before they paid for the survey, a pointer to fraud.

According to the aviation authority, receipts in Weston’s replying affidavit indicate that it paid for the survey on April 30, 2002, while a deed plan number 234961 in favour of Priority and Monene is dated April 12, 2001.

In a fresh twist to the case, KCAA says Priority and Monene illegally got an allotment for 0.7 hectares of the land, but in their final survey document, the piece mysteriously increased to 0.7733Ha.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
Business

Nzoia Sugar Farmers Threaten To Protest Over Alleged Misuse Of Resources

by Pauline Waswa
written by Pauline Waswa

Nzoia Sugar Company farmers have condemned the management of the Company on what they have termed as misuse of funds in relation to 228 bags of sugar which went missing under unclear circumstances.

The Company which was one of the leading sugar producing industries in Africa and even awarded as the best company in the year 2015 has since been facing various hurdles in its operation.

Sources have revealed that the 228 bags of sugar were lost to fraudsters yet farmers have not been paid for the past one year.

Addressing the press on Wednesday May, 27, 2020, Juma Lubakaya, a farmer condemned the Company’s Management for insufficient service delivery to the people and so prompting the job to protest for the next seven days.

‘’This is very bad,as farmers we are very annoyed with such management and if they are not going to pay farmers their money, we will have peaceful protest,’’ he ranted.

He however, added that since the new Managing Director Michael Wanjala was given mandate to run the Company it has experienced much political pressure which has lowered the performance of the Company as well as corruption.

‘’This management and the board has been misusing farmers money through many travels, seminars and workshops around the country as well as abroad, this eventually left it insolvent,’’ he said.

Wanjala, the Managing Director said that the matter is already in the public domain urging the DCI and the police to investigate the matter and establish the truth.

The Managing Director added that the Company has many employees and when something goes wrong the Company needs to investigate the matter before clear information is given to the public.

“Let it be known please that I don’t work with angels and as human beings we mess,”he said.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
Business

Co-op Bank Renews Special Vehicle Purchase Scheme For SMEs

by Mustafa Juma
written by Mustafa Juma

Co-operative Bank has for the fifth year running renewed a special motor vehicle purchase scheme with motor dealers Isuzu East Africa and Simba Corporation to enable small businesses acquire vehicles at highly negotiated terms.

The bank provides up to 95 per cent financing of the vehicle purchase price.In addition, customers can apply for a Sh500,000 working capital facility to support their businesses, especially during the difficult Covid-19 pandemic.The loan has a repayment period of five years with a further 60 days’ grace period and a negotiated motor vehicle insurance cover.

“As partners, we had to renew this joint scheme due to its huge popularity among SMEs, who have told us the scheme is currently the most affordable means of acquiring a wide selection of vehicles such as the popular Isuzu TFR and Mitsubishi Fuso for their various transport needs,” said Co-operative Bank Head of Business Banking Moses Gitau. 

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
Business

Co-op Bank Records Ksh 3.6 Billion Profit in 2020’s First Quarter

by Mustafa Juma
written by Mustafa Juma

Co-operative Bank has posted a profit of Ksh 3.6 billion in the first three months of the year. This has also seen the Bank’s shareholders grow their wealth by 12.7 % within the same period.

The Gideon Muriuki led bank has attributed the growth to its strong digital channels and a 12.5 per cent growth in operating income catapulted by activities of vibrant Sacco movement in the country.

Most Saccos paid dividends to members during the quarter under review.

The fourth largest Bank in the country has successfully moved almost 90 per cent of all customer transactions to alternative delivery channels and expanded 24-hour contact centre, mobile banking, 584 ATMs, internet, and over 16,700 Co-op Kwa Jirani banking agents through its multi-channel strategy.

The lender’s MCo-opCash Mobile Wallet played a pivotal role in the growth of non-funded income with 5.6 Million customers registered and loans worth over Sh16 billion disbursed during the quarter.

The Group’s gross profit stood at Sh5.1 billion with operating income rising to Sh12.5 billion compared to Sh11.1 billion in the corresponding quarter last year.

Total non-interest income increased by 19 per cent to Sh5 billion compared to Sh4.2 billion.

The lender’s operating expense, however, grew 20.6 per cent to Sh7.3 billion compared to Sh6 billion on account of higher loan provision and staff expenses.

‘’The Group notes the strong performance in the first quarter of this year, and continues to pay close attention to the enormous challenge posed by Covid-19 with a view to sustaining full and uninterrupted business operations in the days ahead,’’ Coop Bank Group managing director Gideon Muriuki said.

He added that the group has noted the historically unique operating environment occasioned by the pandemic, which has brought about unprecedented economic and social disruption throughout the world.

‘’In this regard, we continue to leverage our digital channels while ensuring that all branch outlets remain open to offer service, with due regard to the health and safety of both customers and bank teams,’’ Muriuki said.

In March, the Central Bank of Kenya approved the Group’s plan to acquire 100 per cent of Jamii Bora Bank Ltd whose total assets sit at Sh12.5 billion.

This could see Coop Bank close its asset gap with third-placed NCBA, which on Wednesday reported asset growth to Sh509.6 billion in a quarter, ended March 31, 2020.

Coop Bank Group’s total assets grew by 10.5 per cent to Sh470.4 billion in the quarter under review compared to Sh425.7 billion the same period last year.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
BusinessLatest News

World Bank Approves Sh106 Billion Soft Loan to Kenya

by Mustafa Juma
written by Mustafa Juma

Kenya has yet again been granted a multi-billion loan.

The World Bank has approved a $1 billion (Sh106 billion) soft loan to tyhe Country.

The move is likely to strengthen the country’s dwindling foreign reserve and support weak shilling.

The grant is coming just a week after IMF gave Kenya $739 million (Sh79 billion) Rapid Credit Facility to help the country international cover the balance of payments shortfalls this year.

” WB Board gives full approval to Kenya’s DPO of USD 1Billion. This is the largest DPO we’ve ever received. The fact that World Bank does not provide budget support to countries with weak Macro framework is a testimony of the confidence levels of the bank in our new policy reforms,” Treasury CS Ukur Yatani tweeted.

1 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail
Load More Posts