Author: James Wambua

Illicit alcohol in Kenya
EconomyNews
James Wambua

Advance excise duty payment plan will choke alcohol makers, drive up illicits

Alcohol manufacturers in Kenya have protested President William Ruto’s administration’s decision to require them to pay excise duty in advance, arguing that doing so will not only strain their businesses but also drive up the prevalence of illicit liquor. Alcoholic Beverages Association of Kenya (ABAK), the industry lobby, claimed that forcing alcohol producers to pay excise duty within 24 hours after removing their products from the stockroom was a policy declaration that would punish innocent players due to failures in tackling illicit alcohol in Kenya. They claimed that although the plan was intended to assist stop the trafficking of illicit alcohol, it is more likely…

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WRC KCB
NewsSports
James Wambua

WRC Safari Rally 2023 is off to a great start

The 2023 World Rally Championships (WRC) Safari Rally got off to a thrilling start today for the much anticipated 4-day event that will be held at Naivasha, Nakuru County as bigwigs go head-to-head. As the official financial partner, KCB Bank Kenya will provide Kes150 million to this year’s race, which will mark 20 years since the regional banking giant began supporting racing in Kenya. A total of Kes100 million of the sponsorship money will go directly to the 2023 WRC Safari Rally event, while Kes50 million will go toward sponsoring three local drivers, brand activations, and customer engagements.  Nikhil Sachania, Evans Kavisi, and KNRC champion…

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Transcentury CEO
CorporateNews
James Wambua

East African Cables administration halted

Equity Bank has been barred from assigning an administrator to East African Cables. The injunction is based on the fact that while the parties were in negotiations, Equity Bank went ahead to appoint an administrator. “I am glad that the brief setback that this unfortunate action had brought to the business is behind us and we can now focus on what we do best, providing quality cables to our customers across the region Said Dr. M. G Waweru on receiving the injunction. Just one day prior, sister firm TransCentury got a similar injunction after Equity Group announced Messrs. Muniu Thoithi and George Weru from PricewaterhouseCoopers…

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Subsidy fertilizer
CountiesNews
James Wambua

Ruto’s financial incentives for manufacturers and farmers

Prof. Njuguna Ndung’u, the Treasury Cabinet Secretary, has outlined a variety of initiatives to revive Kenya’s struggling manufacturing sector and encourage farmers to increase their output. President William Ruto’s administration has targeted manufacturing and agriculture as industries for reforms that might spur economic growth and the creation of jobs for the young since taking office in September of last year. According to the Economic Survey 2023, the agricultural sector in Kenya continues to be the foundation of the nation’s economy, contributing an average of 21.4 percent of GDP directly and up to 33.0 percent indirectly. However, due to a lack of government action and problems…

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Equity Group CEO
CorporateNews
James Wambua

Equity buys Rwanda’s Cogebanque for Sh6.7 billion

Regional bank Equity Group will purchase the majority stake in Rwanda-based lender Cogebanque for a total cash payment of Kes6.7 billion (about $48.1 million). The Compagnie Generale de Banque (Cogebanque), often known as Cogebank, is the fifth largest commercial bank in Rwanda. On Wednesday, Kenya’s Equity Bank stated that it has entered into a legally binding agreement to purchase 91.93 percent of the outstanding share capital of Cogebank. Dr James Mwangi, Group Managing Director and CEO, Equity Group Holdings Plc said, “Rwanda’s five-year average GDP growth rate at 6.5 percent ranks it amongst the 10 fastest growing countries in the world.” He added, “Rwanda’s economic…

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