Author: Muthoga Mungania

Kenbe Investments, an investment fund controlled by William Byaruhanga, former Ugandan Attorney General, has acquired half of the shares of an investment vehicle called Bakki Holdings Company from Centum Investments for 1.03 billion Ksh (approximately 7.95 million USD). As a result, Mr. Byaruhanga and his company now own 14.63% of the shares belonging to Centum Investment in the Kenyan Sidian Bank. The lawyer, who served as Uganda’s Attorney General from 2016 to 2021, is now the fourth largest shareholder of the bank. “Our stake in Sidian Bank has decreased from 20% to 14.63%, with a current book value of 7.71…

Kenyan bank Equity Group Holdings has started negotiations to enter the Ethiopian market after a meeting held on September 12, 2025 between its CEO and sector authorities in Addis Ababa. Indeed, James Mwangi, CEO of Equity Group, met with Zeleke Temesgen, President of the Ethiopian Investment Commission (EIC), to discuss the regulatory environment in which...

Access Bank Kenya has announced the appointment of Ralph Chinedu Opara as the country’s Managing Director for Kenya, effective September 8, 2025 after approval from the Central Bank. The banker joined the Nigerian group in 2014 as the regional head of commercial banking before rising to the position of group head of commercial banking in...

South Sudan has strengthened insurance sector rules for new and existing businesses as part of its reforms to stabilize the sector. The central bank stated in a press release dated September 8, 2025, that foreign companies wishing to establish themselves in the country must have a minimum capital of $5 million or the equivalent in...

Regional insurer and investment company Jubilee Holdings recorded a 21.7% increase in its net profit for the six months ending in June 2025, at 3.06 billion Ksh ($23.64 million), attributed to higher insurance revenues. This growth in net profit of 2.51 billion Ksh ($19.37 million) comes at a time when insurance service revenues increased by...

Standard Chartered Bank Kenya has assured its shareholders that it will comply, without risk, with the Supreme Court decision to pay 7 billion Kenyan shillings, approximately $54.2 million in compensation to beneficiaries in a pension calculation error case. Indeed, the bank has been involved in a legal battle worth several billion shillings for 16 years...

New York, Geneva, and Dubai are the favorite international destinations for Kenyan officials, according to new data from the Controller of Budget (CoB). It is estimated that $22.5 million was spent on foreign trips between January and June 2025. According to the data, State officials spent $1.1 million (147 million Ksh) on trips to Geneva,...

Taag Angola Airlines has launched direct flights between Nairobi and its capital Luanda in order to boost tourism and business between the two countries. This route was suspended since 2020, but Taag is now counting on it to increase its regional market share. The Angolan airline, it is said, will operate three direct non-stop flights...

Meta, the parent company of Facebook, is set to finance and take a stake in Safaricom’s underwater fiber optic cable connecting Oman to the coastal city of Mombasa in Kenya. According to regulatory documents filed by the National Environment Management Authority of Kenya (NEMA), Edge Network Services Ltd, a Meta-affiliated company based in Ireland, is...

Savannah Cement has been sold to a group of milling magnates and associates of bread manufacturers, according to information presented on Tuesday, August 26th, at the Kenyan Parliament. The investors are linked to the country’s major millers, namely Mombasa Maize Millers, Kitui Flour Millers, and Eldoret Grains Limited. The Director-General of the Competition Authority of...

Old Mutual Holdings Plc, a regional insurance company, is preparing to sell its entire real estate portfolio in East Africa as it exits the underperforming real estate market. Among the assets up for sale is the iconic 31-story Old Mutual Tower located in the Upper Hill district of Nairobi, Kenya. This decision is part of...

Kenya Airways (KQ as IATA code) is seeking to finalize projects to raise approximately $500 million in additional capital to expand and enhance its fleet by the first quarter of next year, the airline announced on Tuesday, August 26. According to the company’s CEO, Allan Kilavuka, 33% of KQ’s wide-body aircraft have been grounded during...

Etihad Airways will more than triple its weekly flights on the Abu Dhabi-Nairobi route as part of its African expansion strategy. Plans also include the launch of new routes, increased frequencies, and strengthening partnerships with other carriers. The airline has indeed announced its intention to operate 14 weekly flights between Nairobi and Abu Dhabi by...

Securities brokers at the Nairobi Stock Exchange are expected to earn high commissions, with the value of bonds reaching 1,390 billion Kenyan shillings ($10.74 billion) in the first six months of the year compared to last year. In contrast, in the first half of 2024, the value of bonds stood at 781.8 billion Kenyan shillings...

All airlines from Tanzania, Sudan and the Democratic Republic of Congo (DRC) among 17 other states, have been blacklisted by the European Commission from operations within EU airspace due to safety concerns. Air Tanzania joined the list towards the end of last year of the other African carriers like Air Zimbabwe, Congo Airways (DRC), Eritrean...

Kenya, Rwanda and Uganda have been supporting the smuggling of gold mined from Sudan, South Sudan and the Democratic Republic of Congo (DRC) for a decade, according to a new report by SwissAid. The report, released at the end of last month, shows that the countries above, specifically Kenya, have, over the last 10 years,...

Brand Africa which is best known for its annual Top 100 Most admired African brands index has revealed the listed multinationals Nike, Adidas, Samsung, Cocacola and Apple topped the top five list respectively similar to the standing in 2024. Africans love for Italian luxury brand Gucci saw it retain its sixth place from the previous...

Kenya paid $48 million to a French consortium without the approval of the Parliament for breach of a construction contract. The consortium involved three French firms; Vinci Highways SAS, Meridian Infrastructure Africa Fund, and Vinci Concessions SAS that were set to construct a mega highway project, however the contract was cancelled in favour of Chinese...

Nigerian based Moniepoint Inc is planning to buy a 78 percent stake in Kenya’s Sumac Microfinance as it expands its offering in the country. This adds to the trend of recent acquisitions in Kenya’s micro lending space. The Competition Authority of Kenya (CAK) said the transaction is set to proceed to the Central Bank of...

Ethiopian Airlines is expanding its domestic fleet and replacing the older aircrafts with the addition of two new Airbuses as it looks for additional ones upon high demand, the chief executive officer Mesfin Tasew has said. The airline acquired a pair of new Airbus A350-9005 originally destined for Chinese carrier Sichuan Airlines to keep the...

The South Sudan government is looking at a $74.32 million fine over a failed agreement with Vivacell, a telecommunications company it fell out with over an operating license. This follows a ruling from the International Chamber of Commerce (ICC) tribunal, delivered on May 26, 2025, ordering the South Sudanese government to pay Vivacell the amount,...

Kenya’s ministry of finance plans to sell a big stake in Safaricom before the fiscal year ends in June, the government has said, in efforts to raise about $1.15 billion (Ksh149 billion) from the privatization of state firms. John Mbadi, the mister for finance has said Safaricom is the only company that could help the...

IHS Towers, one of the largest independent owners, operators and developers of shared communications infrastructure in the world by tower count, has agreed to sell their entire business in Rwanda to Paradigm Tower Ventures, the company has confirmed. The acquisition is set to close in the second half of 2025, subject to customary closing conditions...

The Common Market for Eastern and Southern Africa (Comesa) has called for its member states affected by US tariffs to take a unified stance as they look for ways to navigate trade relations under Donald Trump’s regime. This comes as eight member countries stare at trade difficulties occasioned by the tariffs. The reciprocal tariffs instituted...

Rwanda’s national carrier has abandoned three of its West African routes and shifted to other parts of the continent as it broadens its flight frequencies. This comes after a February ban by the Democratic Republic of Congo (DRC) from using its airspace citing ‘insecurity due to armed conflict.’ RwandAir is looking to focus on the...

Rwanda’s Central Bank has maintained its key interest rate at 6.5 percent in its latest Monetary Policy Committee meeting, citing stable inflation within the target range of two and eight percent. This decision underscores the bank’s confidence in its current policy stance to support economic stability. “The MPC has decided to maintain the central bank...

Alterra Capital, a fund backed by Africa’s richest man Aliko Dangote has acquired Kenya’s old company, Pollman’s for $30.95 million (Ksh4 billion). In a notice from the Competition Authority of Kenya (CAK), Africa Travel Limited will acquire 100 percent stake in Pollman’s Tours and Safaris. Alterra Capital Partners, an Africa-focused private equity firm, is behind...

Kenya is considering a ban on cashless payments for routine consumer transactions under a new amendment to the Central Bank of Kenya Bill 2025. The change will make it mandatory for businesses to accept physical cash for payments below Ksh100,000 ($775). This measure is designed to guarantee that all individuals including those who may lack...

Kenya’s largest telecom, Safaricom Plc, has reported a net profit of $354.3 million (Ksh45.8 billion) for the year ended March 2025, representing a 7.3 percent growth from the previous year. The company faced an income tax expense of $384.5 million (Ksh49.7 billion) from its Ethiopian business, which reduced its profit before tax to $720.99 million...

Warren Buffett, the world’s sixth richest person, has donated billions to Kenya after United States President Donald Trump slashed off funding to some of the critical sectors including healthcare. In new disclosures from the National Treasury, through Buffett’s foundation, named after his first wife Susan and run by his children, Kenya will receive $29.4 million...