(NAIROBI, KENYA) – Access Bank Kenya will close a KES 2.11 billion ($16.30 million / GBP 12.28 million) capital shortfall through its merger with National Bank of Kenya (NBK), as its parent firm consolidates Kenyan operations amid higher regulatory capital requirements. The Central Bank of Kenya (CBK) said on WednesdayContinue Reading
(NAIROBI, KENYA) – Local contractors and truck owners have sued the Kenyan government to force it to publish tax and duty concessions granted to Chinese contractors on infrastructure projects. The petitioners say the unpublished exemptions give foreign firms an unfair edge, creating a 25% to 35% cost gap in theirContinue Reading
(NAIROBI, KENYA) – Kenya’s Capital Markets Tribunal (CMT) has been unable to hear cases for close to five months because it lacks the quorum required to sit, leaving high value corporate disputes and regulatory appeals unresolved. Sources told The Daily Handle the Tribunal has been without the quorum needed toContinue Reading
(NAIROBI, KENYA) – Kenya has ordered an inquiry into the financial health and governance structures of the NHIF Sacco, following a warning over the possible liquidation of the troubled Metropolitan National Sacco over its poor cash position. Commissioner for Co-operatives David Obonyo told The Daily Handle on 22nd September theContinue Reading
(NAIROBI, KENYA) – Nairobi Hospital has told the High Court it remains financially stable, well capitalised and able to support its current operations and future growth, rejecting claims by petitioners that the institution faces financial collapse. The hospital made the submission in response to a petition by Busia Senator OkiyaContinue Reading
(NAIROBI, KENYA) – Kenya received more diaspora cash from Tanzania than from Saudi Arabia in August for the first time, as new foreign worker rules in the Gulf kingdom cut earnings and transfers from one of Kenya’s biggest remittance markets. Cash sent home from Tanzania reached a record $11.72 millionContinue Reading
(NAIROBI, KENYA) – The Agricultural Society of Kenya (ASK) on Sunday held a Harvest Festival thanksgiving service at the ACK All Saints Cathedral in Nairobi, bringing together farmers, exhibitors and other agricultural sector stakeholders ahead of the Nairobi International Trade Fair. The thanksgiving service, which celebrates farmers’ contribution to foodContinue Reading
(DIANI, KENYA) – Kenya’s rapidly expanding satellite towns are coming under growing pressure to upgrade infrastructure and planning, as developers increase housing supply without a corresponding expansion of roads, drainage, water and other essential services. Built environment professionals are calling for a shift in how new housing and infrastructure projectsContinue Reading
(NAIROBI, KENYA) – Kenyan banks with core capital below 8.625% of their loan book will be blocked from paying any dividend to shareholders under new regulatory proposals aimed at controlling risk in the banking sector. The Central Bank of Kenya (CBK) wants lenders to hold significant levels of common equityContinue Reading
(NAIROBI, KENYA) – Kenyan investors will not take part in Africa’s largest ever initial public offering after the listing of Nigeria’s Dangote oil refinery was restricted to the domestic market. Local investors had been expected to raise as much as KES 64.8 billion ($500 million / £392 million) of theContinue Reading
