The Kenya Pipeline Company Managing Director Joe Sang has resigned. Sang will leave his post in April next year. “The board received and accepted Sang’s letter stating that due to personal reasons he will not be seeking a second term,” chairperson John Ngumi said in a statement on Tuesday. The announcement comes in the wake of alleged irregularities in procurement that led to KPC losing 11.646 million litres worth Ksh 5.956 million in spillage and Ksh 5.69 million to pilferage between March 2017 and May 2018. “The board directed management to accord maximum cooperation to both the Director of Criminal…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Nigeria’s Fatu Ogwuche has joined Facebook London to serve as politics, government outreach manager for Africa. She will be in charge of 48 countries. “Grateful that I get to do the work of my soul, that I get to work with badass folks who are aligned with their purpose. So, as I begin this new adventure with Facebook, I am reminded that I’m surrounded by so much love, great friends, beauty, joy in abundance, and I’m totally totally surrendering to the future,” she says. https://twitter.com/fatuogwuche/status/1069533607792922624 According to her Linkedin page, Fatu is an elections and technology consultant and a Mandela…
Kenyan listed banks recorded a 16.2% average increase in Core Earnings Per Share (EPS), compared to a decline of 9.3% in Q3’2017. According to Cytonn Investments November 2018 highlights, all the banks recorded positive growth except for NIC Group and HF group that recorded declines in core EPS. “NIC recorded a decline of 3.3%, and HF recording a decline to a loss per share of Kshs 0.9 from core earnings per share of Kshs 0.5 in Q3’2017. National Bank recorded the highest growth of 303.2% y/y,” Cytonn Notes. The Central Bank of Kenya during its MPC meeting in November reiterated…
Kenya’s core inflation edged higher in November to 5.8% from October’s 5.5% due to an increase in the pump prices of petrol and public transport fares, data showed on Friday. The Kenya National Bureau of Statistics said on a monthly basis, the consumer price index decreased by 0.18% from 192.60 in October 2018 to 192.25 in November 2018. The year on year food inflation in November 2018 was 1.72%. KNBS further said housing, water, electricity, gas, and other fuels’ Index, decreased by 1.24% in November 2018 compared to October 2018. “The drop was mainly due to lower costs in prices…
Housing Finance Group Plc on Friday issued profit warning that their earnings will be lower for FY 2018 compared to FY2017 after posting a 9-month loss. It cited tough operating circumstances that led to a decline in interest income after the Central Bank Rate (CBR) was revised from 9.50% to 9.00% in July. “Further, the trading environment continued to be unfavourable, leading to a slowdown in the real estate sector credit growth. The tough operating circumstances have led to an increase in the non-performing loans position, which has also adversely affected the business performance,” said Sam Waweru, the Acting Group…
Presiding Magistrate Julius Nang’ea has denied bond to three Chinese nationals charged with bribery allegations. The three Chinese men work for the China Roads and Bridge Corp. at the Standard Gauge Railway in Mombasa, Noordin Haji, Director of Public Prosecutions said in a statement. They are charged with giving a bribe of KSh900,000. According to the ODPP, “The three, Mr. Li Gen the in-charge of Transport, Mr. Li Xiaowu-security manager and Mr. Sun Xin-staff, were offering DCI investigators bribe of Kshs 500,000 as an inducement to influence an ongoing criminal investigation at the SGR Miritini terminus.