Uchumi sends Ciano packing as it launches forensic audit

Uchumi Supermarkets’ board has let go of chief executive Jonathan Ciano even as it opened a forensic audit into the cash flow problems that have in recent weeks left the retail chain with empty shelves. Owino Ayodo, the general manager, operations, has been appointed the acting chief executive of the listed retail chain as the hunt for a new head and CFO begins [...]

Rotich tells public agencies to upload purchase plans

All public agencies must upload purchase lists showing goods and services to be supplied in the next financial year as indicated by Treasury secretary. This means all interested parties will be able to know what is required and the prices at which goods are finally supplied. Ministries, departments and agencies (MDAs) of government will be required to start the e-procurement goods early enough in the financial year to promote accountability, a move will also enable the government to monitor the contracts [...]

National Bank in Sh1.2bn buildings sale to shore up capital

National Bank of Kenya has suspended payment of dividends and put on sale 12 of its branch buildings as it attempts to raise Sh1.2 billion to shore up its capital base in the wake of the delayed rights issue.The bank’s Sh13 billion rights issue, approved by shareholders in 2013, has not received the endorsement of the Capital Markets Authority (CMA). The delay has affected National Bank’s performance, with thinning capital ratios slowing down its lending capacity and expansion plans[...]

Mid-tier lenders grab market share from small banks

Mid-tier lenders have snatched assets, customer deposits and market share over the past two years from large and small-tier counterparts, data from Central Bank of Kenya shows.According to sector analysts, the Kenyan banking industry has been evolving from a high growth phase driven by innovation and low financial inclusion into a more mature sector, thus the mid-tier banks that have been aggressively targeting or operating in new growing markets are in a position to see better growth. The top four banks in the category are CfCStanbic, Diamond Trust Bank, NIC and I&M [...]

CMA gets Sh165 million for training

British NGO Financial Sector Deepening Africa (FSD Africa) will give the Capital Markets Authority of Kenya (CMA) Sh165 million for training staff and funding promotion of Islamic finance[...]

American firm to invest in sugar milling and 5,000-acre cane farm

American Dominion Farms plans to set up a sugar factory in Siaya to be supported by a 5,000-acre sugarcane plantation.The company intends to convert part of its 17,000-acre land at Yala Swamp to establish the plantation and develop a mill. Dominion entered a 25-year lease with the community around the Yala Swamp for the conversion of the swamp for agricultural activity in return for job opportunities [...]

Airtel renews calls for regulators to declare Safaricom dominant

Airtel Africa CEO, Christian de Faria, has hit out at Kenya’s competition and telecommunication regulators for not declaring Safaricom a dominant provider, which he says has made it difficult for the company to compete and become profitable.Airtel is also demanding allocation of 4G frequency spectrum, arguing that Safaricom is already enjoying the first-to-market advantage having been allocated the bandwidth last year [...]