AI & Development Finance

 AI & Development Finance

AI is revolutionizing the development finance industry by enhancing operational efficiency and decision-making processes.

The integration of AI technologies in development finance is transforming how financial institutions operate, enabling them to streamline processes, reduce costs, and improve accuracy. AI-powered automation tools are handling repetitive tasks such as data entry, document processing, and reporting, freeing up employees to focus on higher-value activities

In a recent Mckinsey research article,  Generative AI is providing new insights and capabilities for financial institutions. Generative AI models are being used to supercharge customer-facing chatbots, prevent fraud, and speed up time-consuming tasks like developing code and summarizing regulatory reports. This technology is helping banks and other financial institutions to enhance their services and improve customer experiences

AI is boosting productivity in software development within the banking sector. Large language models are significantly increasing the productivity of programmers, with studies showing productivity boosts ranging from 30% to 55%. Financial institutions are leveraging these models to improve their software development processes, resulting in faster and more efficient project completion - Deloitte reports

The adoption of AI in development finance is driving innovation and efficiency. As AI continues to evolve, its adoption in the development finance industry is leading to new levels of efficiency, personalization, and monitoring. Financial firms are using AI to mitigate risks, detect fraud, and enhance customer experiences, positioning themselves for future growth and success

#AI #DevelopmentFinance #GenAI

IEBC Kenya in Limbo - The Commissioners Debacle and Its Impact on Electoral Integrity

IEBC Kenya in Limbo: The Commissioners Debacle and Its Impact on Electoral Integrity

Why It Matters

The ongoing controversy surrounding the reconstitution of Kenya’s Independent Electoral and Boundaries Commission (IEBC) is not just a political crisis—it is a threat to the integrity of the country’s electoral system. After the hotly contested 2022 General Elections, the appointment of new IEBC commissioners has been marred by disputes and delays. With the 2027 elections looming, these unresolved issues raise concerns about Kenya’s ability to organize free and fair elections, deepening public distrust in the electoral process.

Digging Deeper

The debacle began after opposition leader Raila Odinga accused President William Ruto of trying to manipulate the reconstitution of the IEBC to favor his potential re-election bid in 2027. This accusation came when Ruto was expected to appoint a Selection Panel to recruit new commissioners—a move that faced resistance, leading to the panel’s dissolution. The dispute escalated, with both political factions accusing each other of trying to capture the electoral body to tilt future elections in their favor.

In an effort to resolve the standoff, a National Dialogue Committee (NADCO) was formed, bringing together representatives from both the opposition and the government. NADCO’s mandate was to address contentious issues, including how the IEBC commissioners should be selected to ensure neutrality and credibility. However, progress has been slow, with ongoing political bickering delaying the resolution of these critical issues.

In a bid to reform the electoral management system, President Ruto signed the IEBC Amendment Bill 2024 into law. This legislation seeks to establish a more transparent process for managing the country’s elections, including clearer guidelines on how commissioners are appointed. Yet, even with the new law in place, the appointment of a selection panel has hit a major roadblock. A fresh case challenging the ruling of the Political Parties Disputes Tribunal (PPDT) has been filed in court, further delaying the process and leaving the IEBC in a state of paralysis.

Behind the News Headlines 

The battle over IEBC appointments is not just about who will oversee future elections—it reflects a deeper power struggle between political factions vying for control over Kenya’s democratic processes. Both sides are acutely aware that the composition of the IEBC is critical to shaping electoral outcomes. The opposition, led by Odinga, has voiced strong concerns about the neutrality of the recruitment process, fearing that Ruto’s administration may attempt to fill the Commission with loyalists. On the other hand, Ruto’s supporters argue that delays in appointing commissioners are politically motivated, designed to disrupt his governance and undermine his legitimacy ahead of the next election.

The situation has created a legal quagmire, with the recent court case further complicating matters. The Political Parties Disputes Tribunal, a key player in resolving electoral conflicts, has become a battleground for political factions seeking to challenge the process. As a result, the IEBC’s ability to function effectively is at risk, with major tasks such as voter registration and boundary delimitation already in jeopardy.

What Lies Ahead

With the selection panel’s appointment stalled in court and NADCO’s efforts yet to yield concrete results, the reconstitution of the IEBC remains in limbo. This ongoing uncertainty threatens to derail electoral preparations for 2027, raising the specter of disputed elections and political unrest. Restoring public confidence in the electoral process will require a transparent and inclusive approach to the appointment of commissioners—one that can withstand political scrutiny from both sides of the divide.

The IEBC Amendment Bill 2024 offers a potential path forward, but its effectiveness depends on the swift resolution of legal challenges and political compromise. Kenya’s electoral future hangs in the balance, and the decisions made in the coming months will shape not only the 2027 elections but the long-term health of the country’s democracy.

Impeached - Kenya National Assembly Impeaches Kenya Deputy President

Impeached - Kenya National Assembly Impeaches Kenya Deputy President

Developing News

Kenya's Deputy President Rigathi Gachagua was impeached by the National Assembly on October 8, 2024. The impeachment motion garnered significant support, with 281 members voting in favor and 44 opposing it. The decision follows allegations of corruption, ethnic incitement, and undermining the government, among other charges.

Digging Deeper
Gachagua, who has served since September 2022, was accused of several violations, including unfair resource distribution and neglect of public service equity. The rift between him and President William Ruto has been widely publicized, with Gachagua claiming he has been marginalized within the administration. The impeachment was spearheaded by MP Mwengi Mutuse, who presented a list of 11 charges based on constitutional grounds​

What We Know
Gachagua’s impeachment reflects growing political tensions within Kenya’s ruling party. His supporters argue the charges are politically motivated, while opponents assert that his removal is necessary for national stability. The impeachment vote is unprecedented for a Deputy President under Kenya’s 2010 Constitution.

Next Steps:
The Senate will now hold a trial to either uphold or overturn the impeachment. If the Senate confirms the National Assembly’s decision, Gachagua will be removed from office. This process must conclude within 30 days, during which both sides will present their arguments.

The Senate's Role
The Senate trial is crucial, as it represents the final step in the impeachment process. Senators will evaluate the evidence and make a decision based on a majority vote. This case is being closely watched, as it could set a precedent for high-level political accountability in Kenya​

Zooming In
The impeachment also raises questions about the dynamics within Kenya’s political elite. Observers believe this could be indicative of deeper fractures within the ruling United Democratic Alliance, potentially impacting future elections. Furthermore, the public response has been mixed, with demonstrations both in support of and against the Deputy President taking place across the country​

Deputy President Gachagua’s Bold TV Interview - The Moutain Imeguzwa!

 Murima Imeguzwa!

In the News

Deputy President Rigathi Gachagua’s Candid TV Interview Sparks National Debate

In a recent television interview with Citizen TV, Kenya’s Deputy President Rigathi Gachagua addressed several pressing issues, shedding light on his current political challenges and his relationship with President William Ruto. The interview, which aired on September 20, 2024, has since sparked widespread discussion across the nation.

Digging Deeper

Impeachment Proceedings: Gachagua openly discussed the ongoing impeachment proceedings against him, attributing them to his outspoken nature and his commitment to speaking truth to power. He emphasized that his troubles are a result of his blunt and bold approach to politics.

Relationship with President Ruto: In a surprising revelation, Gachagua linked his current woes to President Ruto, suggesting that his experience as Deputy President has been more challenging than what Ruto faced under former President Uhuru Kenyatta. This candid admission has raised eyebrows and fueled speculation about potential rifts within the Kenya Kwanza administration.

Corruption Allegations: Addressing the corruption allegations that have plagued his political career, Gachagua reiterated his innocence and expressed his willingness to share his wealth details with the public. He maintained that the charges against him were politically motivated and aimed at tarnishing his reputation.

Public Perception: Gachagua’s interview also touched on his public image, with the Deputy President asserting that he remains committed to his natural and unfiltered style of communication. He stated that he would not change his approach, despite the controversies it has generated.

Why It Matters

The interview has elicited mixed reactions from the public and political analysts. Some have praised Gachagua for his transparency and courage in addressing sensitive issues, while others have criticized him for potentially deepening divisions within the government. The Deputy President’s remarks have undoubtedly added a new dimension to the ongoing political discourse in Kenya.

Behind the Scenes

Gachagua’s candid interview has provided insight into his personal and political struggles, highlighting the complexities of Kenya’s current political landscape. His willingness to speak openly about his challenges and his relationship with President Ruto offers a rare glimpse into the inner workings of the Kenya Kwanza administration.

What Next

As the impeachment proceedings continue, all eyes will be on Gachagua and the Kenya Kwanza administration to see how they navigate this turbulent period. The Deputy President’s approach and the public’s reaction to his interview will play a crucial role in shaping his political future and the stability of the current government.

Shielding the Skies: How Israel's Advanced Air Defenses Neutralized Iran's Missile Threat

In recent events, Israel’s air defense systems intercepted and successfully neutralized Iranian missiles, underscoring the country’s advanced defensive capabilities. The incident highlights Israel's ability to respond swiftly to missile threats, using cutting-edge technology that has evolved over the years.

The Missile Threat

Iran has been developing its missile arsenal, which includes ballistic missiles capable of reaching targets across the region. These missiles can cause significant damage if left unchecked. In this particular case, Iran launched missiles directed towards Israel, creating a potentially dangerous situation. However, Israel’s air defense systems were already on high alert, anticipating such moves due to the ongoing geopolitical tensions in the Middle East.

Israel's Defense System in Action

Israel’s air defenses, specifically the Iron Dome, David's Sling, and the Arrow Missile Defense System, played a crucial role in neutralizing the threat. These systems are designed to detect, track, and destroy incoming missiles before they reach their intended targets.

• Iron Dome: Known for intercepting short-range rockets, the Iron Dome system engages missiles that are likely to hit populated areas, diverting them mid-air to prevent ground impact.
• David’s Sling: Targets medium to long-range rockets and missiles, serving as a second layer of defense.
• Arrow System: The final tier, used to counter long-range ballistic missiles. Its latest version, Arrow 3, is particularly suited for intercepting missiles in space, adding a critical layer of protection against long-range threats.

When Iran's missiles were launched, these systems immediately sprang into action, with each layer of defense working in coordination. The Iron Dome intercepted any missiles headed towards populated areas, while David’s Sling and Arrow targeted longer-range ballistic missiles, ensuring comprehensive coverage.

 Digging Deeper

Israel’s defense systems have evolved over decades, with each layer serving a specialized role. The Iron Dome is designed to counter short-range threats like rockets, which are often launched in barrages, while David’s Sling and the Arrow system target more sophisticated threats, such as medium- and long-range missiles. Each of these systems is integrated into Israel’s broader defense strategy, which involves real-time detection and interception. In this case, it wasn’t just about neutralizing the missiles but demonstrating how multiple defense layers work together to provide 360-degree protection. The coordination between radar, command centers, and missile interceptors reflects years of fine-tuning the country's defensive apparatus.

Zooming In

On a more granular level, Iran's missile attack likely involved Fateh-110 or Zolfaghar ballistic missiles**, both of which are part of Iran’s growing arsenal. These missiles are known for their speed and precision, making them difficult to intercept. Israel’s Arrow 3, specifically designed to handle threats from space, was crucial in intercepting ballistic missiles before they re-entered the atmosphere. The Iron Dome, with a proven track record, kicked in to stop short-range rockets that might have targeted civilian areas. Every missile defense system has its coverage zone, and in this case, they operated flawlessly to protect urban centers and military bases, neutralizing multiple missile types in one coordinated effort.

Between the Lines

This confrontation goes beyond just defense technology; it reveals the broader geopolitical chess game between Israel and Iran. Iran’s missile program has been a growing concern for both Israel and its Western allies, particularly as these missiles become more accurate and longer-ranged. Israel’s air defenses sending a clear message: despite Iran’s advancements, Israel can handle even the most sophisticated missile attacks. Furthermore, the timing of the attack and interception could be seen as a test of Israel's readiness, not only by Iran but by other actors in the region watching closely. It's a display of military prowess and political resilience under pressure.

Why It Matters

This interception underscores Israel's vital role in the regional security architecture. Its ability to thwart missile attacks is not just about self-defense; it signals to allies and adversaries alike that Israel can protect not only itself but potentially its neighbors, should the need arise. The success of these defense systems reinforces Israel's standing as a military and technological powerhouse. With tensions escalating across the Middle East, from Syria to Lebanon, maintaining such a formidable defense is crucial for deterring future attacks and keeping regional conflict from spiraling out of control.

Back Story

Israel’s missile defense systems were born out of necessity. The Iron Dome was first deployed in 2011 in response to constant rocket fire from Gaza. The success of the system in intercepting those rockets led to the development of additional layers like David's Sling and Arrow 3. These systems were further refined after the 2006 Lebanon war, where Hezbollah’s missile strikes highlighted the need for multi-tiered defense. Since then, billions have been invested in these systems, with heavy support from the United States. The Arrow system, in particular, is a collaborative effort with the U.S., cementing the deep military ties between the two nations. Each layer of defense has since become more sophisticated, responding to the evolving missile threats in the region.

JKIA Takeover: Adani Group’s Proposal Stirs Hope, Fear of Corruption in Kenya

JKIA Takeover: Adani Group’s Proposal Stirs Hope, Fear of Corruption in Kenya

In a bold move, Indian multinational Adani Group has set its sights on taking over the management of Kenya’s largest airport, Jomo Kenyatta International Airport (JKIA). With promises of modernization, efficiency gains, and economic boosts, the proposal has sparked excitement among some, but also raised significant concerns. The deal’s transparency is under scrutiny, as critics worry that this high-profile acquisition could open doors to corruption, echoing past controversies in Kenya's privatization efforts. As negotiations unfold, questions loom over whether this deal will truly benefit the country or if it risks entrenching cronyism in its most vital infrastructure.

Why it matters

Adani Group, an Indian conglomerate, has proposed to take over the management of Jomo Kenyatta International Airport (JKIA), Kenya’s largest and most strategic airport. This move, if approved, could reshape the nation's aviation industry, significantly impacting trade, tourism, and the local economy. However, concerns over transparency and the potential for corruption loom large, as Kenya has historically struggled with governance issues in public-private partnerships.

Zooming in 

The Adani Group's proposal comes at a time when the Kenyan government is keen to revitalize its infrastructure and improve the management of key public assets. The group, known for its global presence in logistics and infrastructure, promises to modernize the airport, enhance operational efficiency, and boost revenues. However, questions are being raised about the transparency of the bidding process and whether Kenyan interests will be protected. Some worry that a lack of accountability may open doors for backroom deals, especially given the influence of powerful elites in such projects.

Backstory

JKIA, located in Nairobi, is a critical hub for East and Central Africa, handling millions of passengers and tons of cargo each year. In the past, attempts to privatize or enter into public-private partnerships with such vital infrastructure have been marred by accusations of corruption, cronyism, and kickbacks. The concern now is whether the Adani Group’s offer will follow a similar path. Historically, Kenyan institutions have faced scrutiny over awarding contracts to foreign entities, with critics citing favoritism, inflated costs, and poor oversight.

Digging deeper

Corruption in such deals often hides in plain sight, from ambiguous tendering processes to opaque negotiations between government officials and private bidders. In this case, watchdogs and civil society groups are already calling for greater transparency in the decision-making process. They argue that the involvement of Adani, a company with its own share of controversies abroad, should be closely monitored to prevent a scenario where powerful individuals profit while public assets are compromised. If corruption infiltrates this deal, it risks undermining public trust in Kenya's ability to manage its resources responsibly.

The next steps for the Kenyan government will be critical. They must ensure that the process is competitive, transparent, and in the best interest of the country, as the outcome could set a precedent for future infrastructure deals in the region.

Going Forward

As the Kenyan Senate prepares to debate Adani Group's proposal to take over Jomo Kenyatta International Airport (JKIA), discussions are expected to focus on the economic benefits, legal implications, and the safeguards required to protect Kenya’s interests. While proponents argue that Adani’s expertise could modernize and boost the airport's efficiency, critics are wary of the risks posed by potential corruption and lack of transparency. The Senate will need to weigh these factors carefully, ensuring that any deal aligns with the country’s long-term goals and safeguards public assets.

The possible outcomes include approval of the proposal under strict terms, a demand for greater transparency in the bidding process, or outright rejection if concerns over corruption and governance cannot be sufficiently addressed. Whatever the decision, it will set a significant precedent for future public-private partnerships in Kenya, shaping the nation’s approach to infrastructure management and foreign investment.

Impeachment in Motion: The Fall of Kenya’s Deputy President Gachagua

Kenya's Vice President to be Impeached

Why it matters - Deputy President Rigathi Gachagua faces a high-stakes impeachment process that could set a historic precedent in Kenya. The allegations against him, including corruption, money laundering, and fueling ethnic tensions, pose serious questions about governance and leadership accountability. If successful, Gachagua would be the first Deputy President to be removed under the current constitution.

Zooming in - The impeachment motion, spearheaded by MP Mutuse Mwengi, outlines 11 charges against Gachagua. These include the unlawful acquisition of KSh 5.7 billion in assets and misconduct related to his role in government. The motion has garnered overwhelming support in Parliament, leaving Gachagua politically vulnerable as even key allies in President Ruto's camp have distanced themselves from him.

Backstory Gachagua has always been a divisive figure in Kenyan politics. His bold, often inflammatory remarks have triggered ethnic sensitivities, making him a lightning rod for criticism. The current impeachment follows a deepening rift between him and President Ruto, suggesting that Gachagua’s confrontational style may have alienated the very political base that helped him rise to power.

Digging deeper This impeachment could become a watershed moment in Kenya’s political landscape. It underscores the growing demand for accountability, even among the country’s highest-ranking officials. The process will now move to the Senate, and if passed, it could reshape the future dynamics of Kenyan leadership, signaling a strong stance against corruption and abuse of power in the executive branch.

Ruto Meets Grassroot leaders from Transmara - Narok County

During a meeting with grassroots leaders from Transmara, Narok County.

Leaders present were MPs Johana Ng’eno, Gabriel Tongoyo, Soipan Tuya, David Ole Sankok, Korei Lemein, Lemanken Aramat, Narok Deputy Governor Evalyn Aruasa and former Narok Senator Stephen Ntutu. pic.twitter.com/n6geb0s8fW

— William Samoei Ruto, PhD (@WilliamsRuto) October 5, 2021

 

 

Twitter bans Donald Trump's Twitter Account

 Twitter has suspended President Trump from its platform, the company said Friday evening CNN reports

"After close review of recent Tweets from the @realDonaldTrump account and the context around them we have permanently suspended the account due to the risk of further incitement of violence," Twitter said.

"In the context of horrific events this week, we made it clear on Wednesday that additional violations of the Twitter Rules would potentially result in this very course of action."

Twitter's decision followed two tweets by Trump Friday afternoon that would end up being his last. The tweets violated the company's policy against glorification of violence, Twitter said, and "these two Tweets must be read in the context of broader events in the country and the ways in which the President's statements can be mobilized by different audiences, including to incite violence, as well as in the context of the pattern of behavior from this account in recent weeks."

The first tweet was about Trump's supporters.

"The 75,000,000 great American Patriots who voted for me, AMERICA FIRST, and MAKE AMERICA GREAT AGAIN, will have a GIANT VOICE long into the future. They will not be disrespected or treated unfairly in any way, shape or form!!!"

Upper Hill Based Radisson Blu Hotel Closes

 Global hotel brand Radisson Blu has halted its operations in Nairobi’s Upper Hill and sent most of its staff home as bookings remain low due to Covid-19 pandemic.

The closure comes at a time the Central Bank of Kenya (CBK) survey on hotels has shown that bed occupancy remains low, averaging 23 percent in November and October, compared to 24 percent in September.

A Radisson Blu Hotel spokesman confirmed the development to the Business Daily, saying the decision to send employees home was aimed at mitigating the economic impact of Covid-19 on the business.

“To mitigate some of the economic impact of the pandemic, coupled with the uncertainty of Radisson Blu Hotel Nairobi Upper Hill’s reopening date, we have had to make the difficult decision to reduce the size of our workforce at the hotel,” said the spokesperson.

“We understand this is an extremely difficult time for those affected and we will provide support to them throughout the process.”

The decision mirrors what was taken by the Fairmont Hotels and Resorts in late May when they closed Fairmont The Norfolk and Fairmont Mara Safari Cub due to low business and laid off all employees.

Persistent infections 

Persistent Covid-19 infections forced Norfolk to renege on a March deal that had promised its workers half pay in April and May and a fresh deal from June.

Radisson Blu hotel has been paying employees since mid-March when Covid-19 hit Kenya and was hoping to reopen this month but failed to do so.

The information on the hotel’s website now puts the tentative date of reopening to end of March next year.

President Uhuru ground breaks 50 Floor Ugatuzi Tower - Africa's Tallest Building

President Uhuru Kenyatta on Friday commissioned the construction of what will be Kenya's tallest building when completed.

The 50-storey G47 Ugatuzi Tower will be erected in Nairobi's Hurlingham area which will be 19 floors higher than the current tallest building in Kenya, Britam Tower which stands at 31 storeys and 200.1 metres.

President Uhuru Kenyatta commissioned the construction of the G47 Ugatuzi Tower in Hurlingham, Nairobi County on Friday, December 4, 2020. 

The groundbreaking ceremony was held alongside the launch of the County Covid-19 Socio-economic Re-engineering and Recovery Strategy. 

The 50-storey building will host the Ministry of Devolution headquarters and Council of Governors Secretariat. 

It will feature a Devolution National Conference Centre with a capacity to hold 1,200 people. 

The conference centre will have unique capabilities to host the annual national summit in a more interactive manner including the legislative arm at national and county levels, executive arm and a gallery for observers, dignitaries such as the diplomatic corps

KCB Bank to buy banks in Rwanda and Rwanda

KCB Group has signed a deal with London-listed financial services firm Atlas Mara Limited to buy stakes in it's banking units in Rwanda and Tanzania, its chief executive Joshua Oigara announced on Thursday.

The proposed transaction will see Kenya’s biggest lender by assets acquire Banque Populaire du Rwanda Plc (BPR) and the African Banking Corporation Tanzania (BancABC).

Under the proposed deal KCB said it will the acquire a 62.06 per cent stake in Banque Populaire du Rwanda Plc and a 100 per cent stake in African Banking Corporation Tanzania.

The transaction is subject to obtaining shareholder and regulatory approvals in Rwanda and Tanzania.

Mr Oigara said the transaction is part of KCB’s "ongoing strategy to explore opportunities for new growth while investing in and maximising returns from the Group’s existing businesses."

“The transaction fits within the Group’s expansion strategy and will see us increase our market share and distribution network across Rwanda and Tanzania and improve our operating leverage by enabling us to deliver our existing product offerings to a wider base of customers while positioning the bank for sustainable growth in the long-term,” said Mr Oigara.

Reported by Business Daily 

Embakasi Train Chronicles - Part I

Most recently, President Uhuru Kenyatta launched the refurbished rail network inNairobi that serves Embakasi, Ruiru, Kikuyu and Syokimau lines. 

I commuted using the Embakasi - CBD train today 19th November 2020 and one thing I wasn't happy about is purchasing tickets at the Embakasi Fedha/Pipeline station. 

By 7AM the queue had stretched all the way to the Avenue Park gate. Shortly after 7.05AM passengers could not contain the anxiety of missing the morning train (mark you only 2 staff were selling tickets through a square inch window) - and with lot's of loose change issues. 

Murmurs grew by the minute as 7.10AM boarding time approached. At exactly 7.09AM this writer loudly called out "let's board the train, we'll get tickets in there".. like it was a war cry, passengers over ran the one-person-at-a-time entry in time to board the 7.10AM train. 

Surprisingly, inside the train there were ticket people in almost 1 for every 2 coaches, selling tickets at Kes. 40.00 one way ticket. 

The Embakasi line train starts the journey from Nyayo Embakasi (on the by pass side), makes stops in Pipeline/Fedha, Donholm and Makadara stations arriving at the central railway station at the central business districts some few minutes to 8AM.

At the CBD, commuters choose to either board Nairobi Commuter Buses to Upper Hill, Westlands or Ngong Road or board public buses (Matatus) available across town. 

The Nairobi Commuter Buses at the time of this article charge Kes 50.00 - passing through Hailey Sellasie Avenue, Uhuru Highway and on to Ngong Road for those heading to Upper Hill and through Waiyaki Way for those heading to Westlands. 

For me, I work at Westlands and so it worked perfectly, the bus stopped at Delta Corner.

It is quite a hustle for those who have to alight up the road opposite ParkInn by Radisson and walk back now that the elevated road is under construction

Is Blue Band a Molecule Away from Plastic?

Is Blue Band a Molecule Away from Plastic?

Blue Band Margarine

A viral video of popular margarine Blue Band manufactured by Unilever which does not melt in water has surfaced online this morning.
A quick search on the web revealed older videos of the same product in some blogs in Nigeria. Comments were varied and some bordering on hilarious.


This video comes amid other contraband products that have been netted by Kenya Revenue Authority. Some of these products include Fruit Juices, Sugar (allegedly containing high proportions of Mercury and other elements - known not fit for human consumption)

In February 2014, Unilever had posted a position for a spy to help it fights fakes riding on their brands. Demand for security experts is rising in corporate Kenya as companies move to guard their business secrets from aggressive competitors and prevent fraud from eating into their revenues according to the article on Business Daily.

As old as 2009 - news of Blue Band Margarine not melting has appeared on the web - like this post on Wazua Forums 
And more recently, the Consumer Protection Council of Nigeria opened an inquiry on the alleged margarine not melting in hot water (Read post here)
 

Watch the Viral Video Here

Now back to the question - Is Blue Band a Molecule Away from Plastic?  - I went to this article on the Huffington Post to understand whether Blue Band is a molecule away from plastic

“Margarine is one molecule away from plastic.”
This is by far one of the more popular myths. Simply put: This is not true. Many substances share similar chemical structures or compositions, but it’s the variations in these structures or ways they are arranged that make a difference in their properties and to the end product. Most types of margarine are blends of vegetable oils, while plastics are usually a polymer (chain of repeating molecules) of ethylene molecules (four hydrogen atoms and two carbon atoms). Even if they were both made from vegetable oil the variation in their chemical structures would result in different end products. So adding another molecule to margarine does not turn it into plastic. The bottom line is that many substances share similar chemical properties but even the smallest variation can set them a world apart in terms of what they are.

Nairobi's UpperHill Business District Skyline is Changing

By Hilda Wanjiku, Upper Hill News Writer 

 Nairobi's UpperHill Business District Skyline is Changing

Nairobi is among the fastest growing cities in Africa. With it comes Upper Hill, a business district found in the largest capital city in Kenya. Upper Hill have been in the mouths of many across the globe due to its continued growth in the last few years. Upper Hill plays host to the iconic buildings in Africa and the world at large. Its massive growth has made local and international architects, investors, and developers to land in this business district for greener business opportunities. Upper Hill plays host to five mega projects namely; KCB Towers, UAP Old Mutual towers, Britam Towers, Hazina towers, and lastly the one that has sent tongues wagging across the world, the Hass Twin Tower. Among other companies who have moved their Headquarters offices in Upper Hill are Coca Cola, PriceWaterHouseCoopers, World Bank, and International Finance Corporation[IFC]. Generally, Nairobi has recorded massive change and rapid growth with Parliament Towers, Prism Towers and,4^th and 5^th avenue Ngong being built though not in Upper Hill but in other business districts within Nairobi city.

Prism Towers Nairobi (Google Images)

Hass Twin Towers, the most talked about in Kenya and across borders, is set to outdo Carlton Centre in Johannesburg South Africa, and take the crown of the highest building in Africa. The tower is also set to dwarf other buildings in Nairobi and be the tallest standing building in the city. That being not enough, the tower will earn itself a place among the tallest buildings in the world. The construction of the 70 floor tower commenced on May 23^rd 2015 and set for completion in 2020. The KSH.20 Billion project was designed by a joint group of re-known designers namely; Arch group Mein hart group and White Lotus group. Hass tower with 70 floors stands on a height of 300m[980ft], and a second tower which will be 45 floored tower. That justifies why many are referring to it as the Hass Twin Tower. Upon completion, the 45 floored second tower will consist of a lavish hotel tower. The second tower, which is a 70 floored tower will present a class of retail space, a helipad a parking. In addition, the building carries with it 200 residential houses run by Hilton hotel, a one bedroom, two bedrooms and three bedrooms fully furnished apartments. Still inside, the building provides three floors of basement parking, gaming zone and a luxury mall. In a post by Capital Digital Media, Hass Petroleum Executive Chair East and Central Africa Abdunnasir A Hassan during the laying of the foundation of the 20 billion project has this to say, ’The building will also have a helipad, which will be at over 800 ft., again making it the highest in the continent. We thought it is wise to put the helipad here so that people can fly directly to the hotel and beat Nairobi’s hectic traffic.’’ The building will also comprise of a 5 floor shopping, entertainment, restaurant, health spa, a gym and a infincity.

Upper Hill also homes a 32-storey 200m[650ft] Britam Towers, a commercial tower owned by Britam Holdings Limited. Britam offers a wide range of financial products and services. Britam tower was designed by GAPP Architects and Urban Designers with its principal Architect being Chris Kroeser. The building sits on an area of 31,500 M² of offices space to let. The building is an indication of a better match towards Kenya’s vision 2030.According to a post by Business Review, in June 2014, the building costed KSH. 7 Billion, stands on a 1.5 acres of land along Hospital road in Upper Hill Nairobi. Britam Towers, comprises of an atrium, banking halls, shops, and restaurants on the ground and a mezzanine floor. In an interview done and posted by Business Review, Britam Managing Director Benson Wairegi said, ‘This is our flagship project within a property development portfolio and it is driven by rigorous research that showed a great need for grade A property in Nairobi. Acorn group a real estate firm owns which 25% stake, oversaw the management of the property’’.

UAP OLD MUTUAL TOWERS

TRIAD architect in association with BPM architects international from South Africa were the designers and the supervisors of the 3.9 billion project estimated cost. The project commenced 20^th June   2011 and ended on July last year. The 33 storey building comprises of grade A office with minimum space of 3,000 square feet going for ksh360,000 monthly. In Business Review CEO Peter Mwangi on April this year said that they expect a 35%occupancy hoping to full occupancy in December 2018.The building graces our eyes especially at night with its magical exterior lighting since it’s among the most visible structures in the whole of Nairobi. The building has an exterior lighting system surrounded by led bulbs which are evenly spaced. On Jamuhuri day of last year, the building was lit with the four colours of the Kenyan flag matching the occasion.

KCB TOWERS

KCB tower is another building still accommodated in Upper Hill Nairobi, standing at a height of 99m (325ft) with 21 floors. KCB tower was started in 2010 and completed almost five years later (2015) the completion of the tower saw Kenya commercial bank (KCB), moving its headquarter offices to Upper Hill. The plaza has spacious offices and a parking accommodating a good number of vehicles. In addition, the plaza has with it a solar panel for additional power supply. Though the main tenant is KCB, the plaza offers other facilities such as conferencing halls and workshops. On matters of efficient operations throughout the building, the visitors have six main lifts at their disposal with one specially left for VIP. The construction which in estimation costed KSH. 2.1 billion, had ARUP as their environmental design engineers and a Chinese company WU YI, as its main contractor.

Another construction of a skyscraper is underway, Hazina towers, a project by NATIONAL SOCIAL SECURITY FUND (NSSF). The KSH. 7billion project with 39 floor count was designed by Mruttu and Salman Associates. The main designer is CHINA JIANGXI international whose work is scheduled for completion in December 2018. During its construction, the building suffered some delays from the court. The project was bogged down by the court after its stalemate with Nakumatt holdings over the construction of the additional 36 floors. According to reports posted by the Standard Digital Media on 27^th October 2016, the project was stopped after Nakumatt denied the contractor access to the building. On its side, Nakumatt Holding said that their columns needed reinforcement to support the additional weight. The ministry of public works also indicated, that the existing structure beams do not have the capacity to support a building of such a magnitude.as of February 2017, reports by the informer had it that NSSF had been granted permission by the court to precede with the construction.

Central Bank of Kenya pension scheme CBK also decided not to be left behind in the scramble for a space in Nairobi. The building is situated next to prestigious offices such as the Deputy Presidents Office and police headquarters in Harambee Avenue Nairobi. The construction will cost the CBK PENSION SCHEME KSH.2.49billion whose developer is Greenfield Developers.

CBK Pension House, Nairobi (Source: www.skyscrappercity.com)

The building will have a big enough parking accommodating 83 vehicles. The first and the fifth floor of the building will still have parking lots. The fifth floor will hold restaurant and an auditorium. The sixth and the twenty fifth floor will host elegant opulent offices. To top it up is pent-house at the top most floor.

PRISM Tower

Just like the name, prism is one of a spectacular design with a shape of a prism. You remember years back in school when you heard of a prism? Now relate what you heard to the shape of the building. Prism tower is a building whose design looks rough, complex and at the same time carries with it a sense of sophistication. The tower is a 34 storey building with a standing height of 133m.It is located at Third Ngong Avenue offers us a world class amenity such as gym swimming pool and a jogging track around the building among other amenities. The prism tower with its classical design will have an energy efficient glass façade exterior to minimize heat gain, and an intelligent light controls. The brain behind this magical building is from Kings developers.

Parliament Towers

Parliament t towers is a tower meant for expansion and also in heightening the security of members of the august house. The tower is expected to swallow the area from the intercontinental and Haile Selassie Avenue, between Uhuru highway and Parliament road. Upon completion, the access to the area will be a restricted area. The building which is a storey of 20 floors will cost KSH 10 billion. Though not much said about it, it’s evident that parliament tower will sit on a big piece of land, considering the many companies it will consume. It is not known whether the owners of the building will let their buildings go without a bit of reluctance, but what is clear is that the building will go down. All eyes will on the building to see how things will play out.

With the rapidness Nairobi is growing, there is no doubt that the city will turn to be the Dubai in Africa. We expect to see more buildings going up within the city and its outskirts like Kasarani as many companies run to keep up with the pace of their competitors.

Breaking News - Kenya to go back to the polls

Breaking news - the Kenya Supreme Court has nullified the election of President Uhuru Kenyatta

Cytonn Investments first-half 2017 is 638.8 Million Shillings

Cytonn is a private equity firm, formed in 2014 and is based in Kenya, the largest economy in the East African Community It is headed by a team of young professionals with local expertise and a wide network of overseas contacts. The firm has, during the first two years of existence, established a subsidiary in the United States (Cytonn Diaspora), to cater to Kenyans who live overseas. Among its other subsidiaries is Cytonn Cooperative Savings Society and Cytonn Real Estate Investments Limited, a subsidiary dedicated solely to investing in real estate.

As at 31 December 2015, the firm's total assets were KES:6.5 billion (USD:65 million)^. In September 2016, the company applied to the Capital Markets Authority of Kenya to establish a subsidiary wholly and solely dedicated to wealth management.

Cytonn Investments released their first-half 2017 unaudited results for the group, delivering strong growth with revenue growing by 140.4% to Kshs 638.8 mn from Kshs 265.8 mn for first-half 2016, and group earnings more than quadrupled, growing by 415.9%, to Kshs. 299.2 million from Kshs. 58.0 million.

Below is the full statement obtained from Cytonn Investments Website

The strong growth in revenues and earnings was driven by a 36.7% growth in their real estate deal pipeline, from Kshs 60.0 bn as at H1’2016 to Kshs 82.0 bn as at H1’2017, coupled with strong sales of real estate developments. Balance sheet growth was also robust, with total assets growing by 24.5%, from Kshs 11.8 bn as at FY’2016 to Kshs 14.7 bn as at H1’2017.

The growth in total assets was driven by (i) an increase of 216.3% in Quoted Private Equity and Active Strategy Investments, from Kshs 0.3 bn as at FY’2016 to Kshs 1.0 bn as at H1’2017, and (ii) an increase of 15.9% in investment property, from Kshs 10.1 bn as FY’2016 to Kshs 11.7 bn as at H1’2017.
“Our strategy in 2017 remains growth in the firm across our four key pillars of people, products, processes and distribution, to position ourselves to consistently deliver on the attractive alternative investment opportunities, which exist in Kenya and the region,” said Edwin H. Dande, Cytonn’s Chief Executive Officer. “While the market was distracted in the first half of 2017, and with low valuations in the market, we have remained focused as a firm and built our investment portfolio, in both real estate and quoted private equity. In real estate, through coupling up real estate finance and real estate development onto one platform, we have carved up a niche with almost no competitor; we also managed to pick up several prime parcels of land at very attractive prices in the first half of the year. In financial services, we have taken advantage of the low market valuations to build strategic stakes in listed entities, the largest being KCB Group where we bought aggressively in February 2016 when the stock dipped to a low of Kshs 23.0 per share; it has now recovered to almost doubling to Kshs 45.0 per share, allowing us to book very attractive gains and have built our position to the 5^th largest local institutional investor” added Edwin.
“In a year when the macroeconomic environment was challenging, and the economy faced uncertainties due to the General Elections, our investors have so far realized excellent returns of (i) 21.2% p.a. in the Real Estate Development Portfolio driven by our investments in prime real estate developments in locations with compelling demographics, (ii) 58.2% p.a. in the Quoted Private Equity Portfolio driven mainly by increasing exposure to the undervalued financial services sector, and (iii) 18.0% p.a. in the Privately Placed Commercial Paper Portfolio. More importantly, with our adherence to strong corporate governance structures, our clients can be confident that their interests come first at all times,” said Elizabeth N. Nkukuu, CFA, Cytonn’s Chief Investment Officer and Head of Real Estate. “We continue to develop institutional grade real estate, aimed at reducing the housing deficit, estimated at 200,000 units annually. Cytonn’s real estate platform, with a strong focus on execution and delivery of quality real estate products, has a total investment portfolio of 10 developments, valued at Kshs 82 bn. With over 1,200 acres under development, combined with a strong private equity deal pipeline, evidenced by the purchase of a 25.0% stake in Superior Homes Kenya, we are confident in continuing to deliver superior returns to investors. All of our investments continue to address the housing shortage, create employment opportunities, with over 1,000 jobs having been created to date, help in deepening of the capital markets, and play a part in the growth of our economy,” added Elizabeth.
“We are proud to be able to continue to present strong financial results. We continue to make heavy investments in real estate, with a 15.9% increase in our investment property portfolio, from Kshs 10.1 bn as at FY’2016 to Kshs 11.7 bn as at H1’2017. Driven by our live real estate developments, revenue increased by 140.4% from Kshs 265.8 mn for H1’2016 to Kshs 638.8 mn for H1’2017. The investment property in the development pipeline of Kshs 11.7 bn had gains of Kshs 430.3 mn in H1’2017, which together with revenue growth of 140.4% highlights the attractive investment opportunity in real estate in Kenya and the region,” said Shiv Arora, Cytonn’s Financial Controller. “Group accounting profit came in at Kshs 299.2 mn, with economic profit of Kshs 346.9 mn after removing one-off provisions. This resulted in growth of shareholder equity of 7.7% from Kshs 5.3 bn in FY’2016 to Kshs 5.7 bn in H1’2017,” added Shiv Arora.
“For our shareholders and joint venture partners, 2017 is shaping up to be a great year, as can be seen by our financial performance. Cytonn has delivered great numbers, and management has continued to execute a growth strategy that will propel us to be the leading alternative investment firm in Africa,” said Prof. Daniel Mugendi, Cytonn’s Chairman. “While others have slowed down, we have continued investing heavily in growth of our people, products, processes and distribution. With the continued attractive investment opportunity in Kenya and the region, combined with a committed team at Cytonn, we shall continue to contribute to growing Kenya, creating jobs for Kenyans, and improving the standards of living across the country.” added Prof. Mugendi.

Equity Bank posts Pre-Tax Profit of Kshs 13.3B for the period ended 30th June 2017

Equity Group Holdings Limited (EGHL), formerly Equity Bank Group, is a financial services holding company based in the African Great Lakes region. EGHL's headquarters are in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.

EGHL is a large financial services conglomerate. As of 30 June 2015, it had estimated assets exceeding US$3.855 billion (KES:400.993 billion) and estimated shareholders' equity of more than US$624.875 million (KES:64.996 billion). 
EGHL has a customer base exceeding 10 million in the six African countries it serves, making it the largest commercial bank on the African continent by customer numbers

Equity Group Holdings Plc posted a 14% growth in assets to reach Kshs 504.9B up from Kshs 444.4B for the period ended 30th June 2017. This was largely driven by growth in deposits which went up by 13% to Kshs.363.6B up from Kshs 320.8B in the same period last year. This growth comes at a time when the banking industry growth rate has almost flattened out.

The Group’s deposit mobilization was boosted by growth in customer numbers which reached 11.7 million, a keen focus in adoption of the alternate delivery channels that include the Eazzy banking suite of products, agency banking model, mobile banking, and internet banking.

Equity’s superior performance enabled it to achieve a pre-tax profit of Kshs 13.3B for the period ended 30th June 2017. This was in part due to increased revenue from non-interest income and growing regional banking subsidiaries’ contribution to profits before tax. This saw the Group outperform the industry to register a Return on Equity of 22.3% and a Return on Asset of 3.8% despite a 12% reduction in interest income.

Speaking during the Investor Briefing, Equity Bank CEO, Dr. James Mwangi said “The Group’s business continues to demonstrate resilience. 2017 is proving to be an extension of the tough operating environment witnessed in 2016 but as a Group we have already developed and adopted a sustainable business model to cushion the business as well as boost value creation for shareholders. Innovation has proved to be a great enabler in driving growth. We are already registering efficiency gains from digitization.”

The Group continued to evolve its business model to weather the interest capping effects by focusing on growing the non-funded Income which constitutes 42% of the Group’s total income. This grew from Kshs. 10.8B to Kshs. 13B representing a 20% rise from the same period last year.  This was mainly driven by mobile banking commissions which grew by 337% to Kshs.649.7M from Kshs 148.8M. Trade Finance grew by 25% to hit Kshs 532.8M from Kshs 426.3M, Merchant commissions grew by 12% to Kshs 579.6M from Kshs 519.4M while Agency revenue grew by 27% to Kshs 424.5M up from Kshs. 333.8M in the same period last year. The Group also reaped benefits of regional diversification and saw the regional banking subsidiaries’ contribution to the Group’s pre-tax profit double from 5% to 10% with Uganda PBT growth of 139%, Rwanda 75%, Tanzania 55%, and DRC 20%.

Through cost optimization the Group continues to transform its cost structure especially on the delivery channels from fixed to variable cost channels with the bulk of transactions being processed via mobile, agency and merchants’ outlets. This has led to a cost income ratio of 44.5% for Kenya. The Group’s total costs reduced to Kshs. 17.6B down from 17.9B for the same period last year. Equitel platform Group’s MVNO banking transactions grew by 42% to 138.7M from 97.8M, Agency banking transactions grew by 10% to 33M from 29.9M while merchants transactions grew by 20% to 5.3M from 4.4M for the period under review showing the customers growing preference of alternate delivery channels.

The Group’s consistent pursuit of a sustainable business model that is heavily focused on innovation has seen Equitel market share grow to nearly 25% of the value of mobile banking transactions in Kenya.  The successful implementation of the digitization strategy is bearing fruits with Eazzy Banking products demonstrating a phenomenal uptake. EazzyBiz has hit Kshs11.1B per month in value of transactions, EazzyPay is moving Kshs 319.5M per month and now accounts for 30% of the mobile commerce market share, and EazzyBanking App’s transactional value stands at Kshs 6.5B per month after only six months of launch.
The Group also continues to concentrate on Asset Quality that has seen it achieve NPLs of 7.3% against an industry average of 9.9%. It has positioned itself for the future by increasing its liquidity to 54% and creating an agile balance sheet with government securities contributing 23% of the total balance sheet.

These results have been achieved during a very challenging period when inflation has been high above the target for the operating period. The Kenya shilling depreciated against the US Dollar from USD-KES 101.1 in H1’2017 to close at USD-KES 103.7 driven by increased food and oil imports. Interest rate was also capped by law at a maximum of 14% for loans and a minimum of 7% on deposits. Private sector credit in Kenya declined from a 18% high at the beginning of 2016 to almost 0% to date. The GDP growth projected by IMF and World Bank has reduced from 5.8% to 5.4%. In the social and political environment, there was uncertainty due to the general elections.
The Group’s performance is validated by the ranking by the Banker as the 37th Most Solid Bank of the Top 1000 large banks in the world and ranked 11th on Return in Assets. Moody’s Investor’s Service in its latest assessment assigned Equity Bank Kenya first time ratings with a stable outlook based on the Bank’s strength. The global local currency rating captured the Bank’s strong credit profile which is closely aligned with the B1 (stable) rating of the Kenyan government due to the Bank’s strong brand recognition, solid liquidity buffers and resilient funding profile, established domestic franchise and extensive adoption of digital and alternative distribution channels. At the same time, Moody’s has assigned a national scale rating of Aa1 which ranks Equity Bank Kenya the best credit rated bank in Kenya.

Equity Bank was also awarded Super brand status in 2017 for the 10th year in a row by Super Brands East Africa. A recognition which the financial institution owes to its loyal customers as well as shareholders.  This affirms the Bank’s commitment to offering customer focused products and services to its diversified clientele base.

According to the latest Global Credit Rating, Equity maintained its investment grade AA- with a stable outlook. Euromoney Awards of excellence also named Equity as Africa’s Best Bank in 2016 and Kenya’s Best SME Bank. Going forward the Group will focus on enhancing an agile balance sheet with strong liquidity and improved asset quality, brand investment and visibility as well as digitization and innovation for increased efficiency and customer convenience.