Author: Muindi

Dalberg Implement, known for its on-the-ground program implementation expertise, and Axum, a leading Afrocentric impact firm, have merged. This strategic move aims to tackle critical issues facing the world through innovative, locally-driven solutions. The merged entity boasts a team of 10 partners and over 70 staff with proven expertise in strategy, program design, delivery, and innovative financing. Collectively, they bring over 150 years of experience designing and implementing successful solutions across more than 50 African countries and 100+ globally. The merger amplifies the impact and empowers communities by leveraging combined expertise in collaborative and sustainable initiative-building. Steve Kisakye, Global Managing…

Standard Bank Group successfully executed $1.5 billion in Eurobond issuance for the Republic of Kenya, facilitating debt management through innovative tender offers. The Group served as joint lead manager and bookrunner for the Republic of Kenya’s new $1.5 billion Eurobond, marking its first foray into the capital markets since 2021. Concurrently, the Standard Bank Group acted as joint dealer manager for a $1.4 billion tender offer to repurchase outstanding Eurobonds maturing in June 2024. The Eurobond, issued on February 16th with a 9.75% coupon and 10.375% yield, matures in 2031. Its six-year weighted average life features principal amortization in equal…

Frank Mwiti has been appointed the new Chief Executive Officer of the Nairobi Securities Exchange, replacing Geoffrey Odundo, who retires after nine years. Kiprono Kittony, the Chairman of the NSE Board, disclosed the appointment in a public notice dated February 19. Mwiti is expected to assume his new role on May 2, pending regulatory approvals by the Capital Markets Authority. “The appointment follows a comprehensive and rigorous recruitment process,” Kittony said Monday. He described Frank Mwiti as a dynamic and accomplished business leader with over two decades of diverse international professional experience in strategy, governance, business development, risk management, corporate finance,…

Remittances sent home by Kenyans living abroad jumped significantly in January 2024, reaching $412.4 million. This is an impressive 5.3% increase compared to the same period in 2023 and 18% higher than December 2023. According to the Central Bank of Kenya (CBK), Kenyans living abroad sent Sh53.9 billion ($372 million) in December last year, 18% higher than in January 2023. The United States remains the largest source of Kenyan remittances, accounting for 54% of all inflows last month. The cumulative inflow for the 12 months to January 2024 totalled Sh616.7 billion ($4,253 million) compared to Sh585.7 billion ($4,039 million) in…

Fuel prices in Kenya have dropped by one shilling, according to the latest Energy and Petroleum Regulatory Authority (EPRA) review. In Nairobi, super petrol, diesel, and kerosene will sell at KSh 206.36, KSh 195.47 and KSh 193.23, respectively, for the next 30 days – 15th February to 14th March. The fuel prices include a 16% value-added tax (VAT). According to EPRA, the average landed cost of imported super petrol decreased by 1.71% from US$ 677.78 per cubic metre in December 2023 to US$ 666.16 per cubic metre in January 2024. Diesel cost decreased by 3.08% from US$ 751.15 per cubic…

Cash-strapped Uchumi Supermarket Plc is set to host a creditors and members meeting virtually on Thursday, 29th February 2024. This meeting follows a similar virtual gathering held on 30th May 2022. Uchumi has called for a creditors meeting Feb 29. How is Langata branch doing? https://t.co/AW3R940iCm pic.twitter.com/EOdQ3SroMQ — David Indeje 🇰🇪 ( He/Him/His) (@David_Indeje) February 8, 2024 Uchumi closed down, was placed in receivership in June 2006 after 30 years of business, and was de-listed from the Nairobi Securities Exchange. According to People Daily, Uchumi Supermarket Plc has embarked on a recovery program. The company aims to make a breakthrough…