Author: Muindi

Nigeria’s biggest lender Access Bank Plc has pumped KSh1 billion ($7.5 million) into its Kenyan subsidiary Access Bank Kenya. “As a leading financial institution in the continent, we remain foresighted in our approach to our growth and capitalization needs,” noted Access Holdings Group CEO Herbert Wigwe. “This investment is a capstone initiative following the KSh71.2 billion ($500 million) additional Tier 1 capital raised by the Bank in 2021 and advances its vision to be the World’s Most Respected African Bank.” The funding is expected to supplement Access Bank (Kenya) Plc’s capital needs and improve the bank’s shareholder funds and capital ratios. Access Bank…

The Kenya Government has approved a proposal to revive and commercialize the National Oil Corporation of Kenya (NOCK), a state-owned company that operates in the oil and gas sector. The proposal by the Office of the President aims to restructure NOCK into three subsidiaries that will focus on different segments of the petroleum product value chain. The three subsidiaries are NOC Upstream Limited, which will deal with exploration and upstream production activities and services. Secondly, NOC Downstream Limited will handle the marketing and distribution of petroleum products. Finally, NOC Trading Limited will specialize in holding strategic stocks of petroleum products…

Norsad Capital, an impact investor and private creditor provider, has structured a facility to help Ruai Family Hospital (RFH) improve access to affordable oncology healthcare for Nairobi residents. The facility will enable Ruai Family Hospital to complete the construction of an oncology centre that will provide high-quality cancer diagnosis and treatment. “The growing demand for affordable cancer diagnosis and treatment and the overflow of public hospitals, due to the lack of critical equipment, has prompted us to deliver this service to the Kenyan populace,” says Dr Maxwel Okoth, Founder and Group Managing Director at RFH.  Highlights Cancer ranks as the…

The Intergovernmental Authority on Development (IGAD) held a regional ministerial meeting in Nairobi, Kenya, on 9th August 2023. Its objective was to explore ways of improving risk transfer mechanisms and transboundary pest management in the region.  The meeting was facilitated by the Government of the United States of America and the World Bank. The ministers expressed their concern over the region’s vulnerability to climate change and its effects on food security and livelihoods. They noted the high levels of food insecurity in the region, caused by various factors such as climate shocks, conflict and insecurity, and economic shocks. The ministers…

Stanbic Bank Kenya has announced its 2023 half-year results, showing a 47% growth in profit after tax to KES 7.1 billion, up from Ksh 4.8 billion in the same period in 2022. The bank attributed the improved performance to its diversified revenue streams, cost management, and digital transformation. Despite the negative effects of global and local economic trends on the business environment, Stanbic Kenya and South Sudan’s Chief Executive, Dr Joshua Oigara said that the Group achieved strong results by executing its strategy effectively. “We faced challenging market and geopolitical conditions that created monetary and fiscal pressure. However, we used…

Kakuzi, a listed agribusiness firm, has unveiled a new corporate identity and a range of private-label products for the local market. The products include macadamia nuts, flour, oil and blueberries. Kakuzi is close to launching a large-scale Blueberries production venture that will cost an estimated Ksh 4 Billion. The firm has also started operating a Macadamia Oil Extraction Plant to cater to the increasing demand for value-added products in its superfood portfolio. Kakuzi Chairman Nick Ng’ang’a said the new identity reflects the firm’s commitment to agricultural development and value addition. Crop Development PS Phillip Harsama said the government supports Kakuzi’s…